I have a mortgage on a property that was quit claim deeded to me 8 years ago by my parents when my dad had finance problems. The continued to live in the home paying rent to me to cover the mortgage. My dad died 5 years ago and I would like to quit deed the property back to my mom and have her carry the mortgage on the property. I have been told that we need to wait 6 months after filing the quit claim deed before my my can refinace (the preferred method) or take out a new mortgage loan. Is this wait really required? We did this in one fell swoop 8 years ago. The home is in the County of Los Angeles, California.

I have been told that we need to wait 6 months after filing the quit claim deed before my my can refinace (the preferred method) or take out a new mortgage loan. Is this wait really required? We did this in one fell swoop 8 years ago. The home is in the County of Los Angeles, California.Hello c:

Who told you that?? Interest rates are good NOW, so after the quit claim is filed, I'd apply TODAY... If there IS some sort of waiting period, the bank will know about it. If they don't know about it, and refinance the loan, then please don't snitch on them.

excon

I think you are looking at this backwards. What is happening here is you are selling the property back to your mother. So you should be handling this like a sale. Let mom obtain financing then you close on the house transferring the property and signng the mortgage papers.

I think you are looking at this backwards. What is happening here is you are selling the property back to your mother. So you should be handling this like a sale. Let mom obtain financing then you close on the house transferring the property and signng the mortgage papers.

Would she be able to assume my loan or would she need to get a completely new loan which would require a down payment in addition to closing costs?

Thanks for your help ScottGem and excon.

Would she be able to assume my loan or would she need to get a completely new loan which would require a down payment in addition to closing costs?

That is up to the lender.

But a new loan may not need a downpayment if there is enough equity. And a refi will also incur closing costs.