Posted on: 07th Nov, 2010 04:41 pm
a family member is quit claming a house over to me, i want to know how long it would be before i can take out a loan on the property? which would be better to take out a home equity loan or a mortgage? when the family quit claims the house over to me, they have no legal right to the house correct?
thanks
thanks
hi guest!
welcome to forums!
once you become the owner of the property, you'll be able to take out a mortgage on it. if the property is free and clear, then you can take out a normal conventional mortgage. if there is an existing mortgage, then you can refinance it or get a mortgage if there is equity in your property.
feel free to ask if you've further queries.
sussane
welcome to forums!
once you become the owner of the property, you'll be able to take out a mortgage on it. if the property is free and clear, then you can take out a normal conventional mortgage. if there is an existing mortgage, then you can refinance it or get a mortgage if there is equity in your property.
feel free to ask if you've further queries.
sussane