refinance on property

Guest 0.10 Dollars($)

My parents want to add my name to their property title and want me to move in there. Actually they want me take care of the property as they are getting old. Will I be able to refinance the property under my name and get cash out once my name is added?

Guest 0.10 Dollars($)

Hi Annie,

As long as your credit qualifies you will be able to refinance in that case.

Murphy

blue · Posted: Wed May 31, 2006 1:58 pm Post subject:

Hi Annie,

Yeah you can do so. However, you may find some lenders who would like to find that are on the title for at least 6 months before you apply.

helping_user

Hi Annie,

If you fulfill all the criteria required for refinance then definitely you can able to refinance the property under your name.

Generally, the lenders will look on this three major factor:

Capacity:
Your total housing expense and the total debt against your monthly income will be evaluated by the lender. So, the lender will be able to conclude your ability of repay the loan. The lender may also ask for the proof that you have the sufficient cash for closing costs and others related payments.
Credit:
To judge your credit worthiness, the lender will look your credit report, your credit payment details and other related documents.
Collateral:
The lender will find the worth of the home that you are putting as collateral.

If the entire above mentioned factor will satisfy the lender, then you will get the refinance.

Hope to get good news from you, that your refinance loan is approved. Very Happy

Thanks

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