Finance Questions

Question: How do I re-finance my parents' home if they want me to take it over?

I spoke with a mortgage broker and he said we need to do a quick claim deed first and then we can start the application process. Is that right? What if we do the quick claim deed and I don't qualify for the loan?

Answer: A quit claim is for transfer of ownership. It is effective on that day, so your parents will have to pay off the current mortgage. The best way is to call your parent's mortgage holder and ask if this is an assumable mortgage. If yes, then you are in luck. If not, then you need to pay closing costs for an actual mortgage.

Dial-A-Refinance Home Mortgages does not Work Rep. Waters