Posted on: 07th Jan, 2008 06:56 pm
if you want take a loan out against your equity, and you have your house appraised, do you have to sign a quit claim deed to get the loan?
Hi,
A quit claim deed is used to transfer ownership rights of property. So why will you need that for taking out a loan?
Has your lender asked you to do a quit claim?
A quit claim deed is used to transfer ownership rights of property. So why will you need that for taking out a loan?
Has your lender asked you to do a quit claim?
are you the only person on the title of the property or there are co-owners?
sometimes lenders might want only the borrower to be on the title. is it something like that for which the lender has asked you to sign a quit claim?
otherwise i am not aware of any other reason for which you may have to sign a quit claim deed in order to get a home equity loan. this deed is used only when you want to remove your name from the title or transfer the ownership rights to someone else.
sometimes lenders might want only the borrower to be on the title. is it something like that for which the lender has asked you to sign a quit claim?
otherwise i am not aware of any other reason for which you may have to sign a quit claim deed in order to get a home equity loan. this deed is used only when you want to remove your name from the title or transfer the ownership rights to someone else.
Typically, a lender will have you execute a Deed of Trust, also known as a mortgage, in order to secure a loan on property.
the straight answer is "NO"
when taking a home equity loan, as jheard noted, you will sign a mortgage deed that secures the loan.
the only purpose of a quit claim deed is to transfer an ownership interest in the property. you certainly don't want your lender to become a part-owner of your home!
when taking a home equity loan, as jheard noted, you will sign a mortgage deed that secures the loan.
the only purpose of a quit claim deed is to transfer an ownership interest in the property. you certainly don't want your lender to become a part-owner of your home!
No you don't have to sign a quit claim deed to get a home equity loan. You just need to be on title to the home. If you are not, you can be added to title. A title company can handle this for you at closing. Some lenders require you to be on title before application so check this out first.
please send me a sample letter of housing loan quit
Hi lorena,
It's not very clear what exactly you're looking for. As far as I know there's no such 'sample letter of housing loan quit'. However, if you're looking for a sample quit claim form, you can refer to the following page:
http://www.mortgagefit.com/predeal/quitclaim-stateforms.html
Thanks,
Jerry
It's not very clear what exactly you're looking for. As far as I know there's no such 'sample letter of housing loan quit'. However, if you're looking for a sample quit claim form, you can refer to the following page:
http://www.mortgagefit.com/predeal/quitclaim-stateforms.html
Thanks,
Jerry