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


    Lawyers agree


    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.

    DISCLAIMER The response given is not intended to create, nor does it create an ongoing duty to respond to... more
  2. Shawn B Alexander


    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

    Please be sure to indicate the best answer. If this answer was helpful, please mark as helpful below. Only. If... more

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.


Ask now

27,713 answers this week

2,963 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

27,713 answers this week

2,963 attorneys answering