Posted on: 21st Feb, 2009 05:18 pm
my in-laws are selling us their house. we were wondering if we could use a quit claim deed instead of refinancing. the house is nine years into the mortgage which would leave us a year more of the large interest payments. if we refinance, we will have to start paying interest all over again.
Hi hannah,
A quitclaim deed can transfer the title to the property from your in-laws to you. However, since the mortgage is in your in-laws name the lender might not allow a transfer if the house is not refinanced.
A quitclaim deed can transfer the title to the property from your in-laws to you. However, since the mortgage is in your in-laws name the lender might not allow a transfer if the house is not refinanced.