Posted on: 08th May, 2010 09:01 pm
my brother gifted a home to me using a quit claim deed and is keeping the mortgage. can i now take out a loan of my own for around 10k to make upgrades to the home, it's worth around 199k?
Welcome stevelarue,
You will have to check out if there is equity in your property. If there is no equity, then the lenders will not give you a mortgage to make home improvements.
You will have to check out if there is equity in your property. If there is no equity, then the lenders will not give you a mortgage to make home improvements.