Quit claim

if i transfer my property to by brother by quit claim deed can he go right to the bank after recording the deed and get a loan to pay off my mortgage and equity dollars

hello mikedb,

if you want to sign a quit claim to transfer the ownership rights to your brother, then you have to take your lender's consent before doing that.

as soon as you do this deed transfer, your lender might ask your brother to refinance the mortgage in his name.

what kind of a loan is your brother looking for to pay off this mortgage?

i think it is better to do a refinance because he might avail a comparatively low interest rate, depending upon his credit.

Hi mike,

Welcome to this forum.

I agree with Jenkin here. If you quitclaim and transfer the property to your brother, then he can refinance as soon as it is recorded in the county recorder office. But to quitclaim to your brother you, should let the lender know about it.

If you want to know more about quitclaim deed, you can check it out- http://www.mortgagefit.com/quitclaim-deed.html

Feel free to ask if you have any further questions.

Thanks,
Larry