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Mortgage Community Forums | Forums: Learn from other's experiences | quit claim refinance

quit claim refinance

Posted on: 25th Feb, 2007 03:04 am
When refinancing a property that his been quitclaimed, can the monthly installment payments made by grantee be used as equity?
hi sean,

have you got the property through quitclaim deed? now, if that is so, then when you refinance, the monthly payments you make towards the loan will help you to build up equity in your home. and, you can also borrow against that equity.

thanks,
jerry.
jerry
Posted on: 25th Feb, 2007 10:13 pm
Sean, as you continue making payments towards your mortgage, equity in the home will start to build. Equity is home's market value less sum of all debts against it. Your payments will reduce the mortgage balance and equity in the home will gradually develop.
Anonymous
Posted on: 26th Feb, 2007 11:55 am
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