Posted on: 22nd Jan, 2009 12:01 pm
hi,
can i quick claim a cottage to my daughter and then have her be able to get a home equity loan against it?
i currently have a small mortage balance on it and my own home equity lineof credit. the purpose of her getting a home equity loan is to pay off both of the other loans, and then it would be hers without any other leins.
can i quick claim a cottage to my daughter and then have her be able to get a home equity loan against it?
i currently have a small mortage balance on it and my own home equity lineof credit. the purpose of her getting a home equity loan is to pay off both of the other loans, and then it would be hers without any other leins.
hi nancy!
welcome to forums!
yes, you can quitclaim the property to your daughter. but once you transfer the ownership of the property your daughter, she will have to refinance the existing loan in her name. to know more about refinance, check out the following link:
http://www.mortgagefit.com/refinance.html
feel free to ask if you have further queries.
sussane
welcome to forums!
yes, you can quitclaim the property to your daughter. but once you transfer the ownership of the property your daughter, she will have to refinance the existing loan in her name. to know more about refinance, check out the following link:
http://www.mortgagefit.com/refinance.html
feel free to ask if you have further queries.
sussane