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Registered: ‎09-26-2013
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Refinancing after a quit claim deed

My mother would like to do a quit claim deed to me on her house.  She currently has a mortgage and she would like for me to take the house and refinance or get a  new loan so that everything is completely out of her name.  My question is, can I refinance the remaining mortgage balance or do I have to apply for a new loan.  She needs to get this house out of her name rather quickly.  We live in different states but both have the same lender for both our current mortgages.  I have really good credit and own two other homes so I don't think getting a new loan will be an issue.  I would just like to know what is the easiest and quickest route to take to transfer this property our of her name?

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Posts: 1,057
Registered: ‎09-29-2009
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Re: Refinancing after a quit claim deed

One of the experts will be along to answer your question but I don't believe it is going to be a quit claim deed that you need. I believe that what you will need to do is simply purchase the home in an amount that will satisfy her mortgage and any costs and she will gift you the equity. Now as to how fast that can be done is a question for whichever financial institution you are going to do the process through. If you are working with the bank that currently handles her mortgage I would guess the process would be easier.

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Posts: 8,837
Registered: ‎03-06-2010
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Re: Refinancing after a quit claim deed


HoldingOntoHope wrote:

One of the experts will be along to answer your question but I don't believe it is going to be a quit claim deed that you need. I believe that what you will need to do is simply purchase the home in an amount that will satisfy her mortgage and any costs and she will gift you the equity. Now as to how fast that can be done is a question for whichever financial institution you are going to do the process through. If you are working with the bank that currently handles her mortgage I would guess the process would be easier.


^^^Holding nailed it. Make it a purchase and not a QCD.  Going to the same lender won't necessarily make it any easier or faster. The quickest way to get it done is to go to a mortgage banker rather than a big box bank (they will take forever).

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