Posted on: 24th May, 2007 06:43 pm
hi,
my mother and i want to swap houses using a quit claim deed. we would then refinance her house in our name and she would pay off our current mortgage. can we get full market value price when we refinance or only a percentage? will this effect property taxes? would there have to be a home inspection for the bank?
my mother and i want to swap houses using a quit claim deed. we would then refinance her house in our name and she would pay off our current mortgage. can we get full market value price when we refinance or only a percentage? will this effect property taxes? would there have to be a home inspection for the bank?
Brandy, you can use a quit claim deed to swap house with your mother.
At the time of refinance you can get 100% financing option from many lenders. And regarding affect on property taxes, they may increase if re-evaluation occurs.
At the time of refinance you can get 100% financing option from many lenders. And regarding affect on property taxes, they may increase if re-evaluation occurs.
Hi Brandy,
Welcome to the forums.
If you wish to refinance just to pay off the existing mortgage, then the loan amount will be perhaps lower than the full market price. But if you go for a cash-out refinance which will allow you to take out more cash than your existing debt on the home, then the refinance loan can equal the full market price of the property.
Take Care
Welcome to the forums.
If you wish to refinance just to pay off the existing mortgage, then the loan amount will be perhaps lower than the full market price. But if you go for a cash-out refinance which will allow you to take out more cash than your existing debt on the home, then the refinance loan can equal the full market price of the property.
Take Care