My house is paid off in full. There is another owner, I want to buy his share. what is the loan called in order to do this? ..

Asked 5 months ago - Seattle, WA

I have no mortgage! Do I still need to "refinance"? Could I get a home equity loan for half the amount that Tue house is worth if I have perfect credit, disability checks but no full time job & a cosigner? I only have a newly attained part time job. I am still living below poverty level. Cosigner is making middle income h just aquired credit in the last 6 months. How do I go about this so ill know before I talk to any mortgage lenders. I'd like to be informed h I'm having a hard time w internet searches for this topic. I need to qualify for 130k. But ill want to sell the home within 4 years or fix it up nice..

Attorney answers (2)

  1. James S. Tupitza

    Contributor Level 18

    3

    Lawyers agree

    1

    Answered . This is technically not a refinance. It is a purchase. With 50% equity it should not be a problem. A purchase mortgage may be better than a Home Equity loan because you can fix the rate over a longer term.

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  2. Shawn B Alexander

    Pro

    Contributor Level 20

    Answered . I agree with the previous answer and you should go to a local credit union or two and talk with a lender about your intent and see what you can qualify for using your ownership.
    Good Luck

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