Hi all,i have some question about home refinance.

My gf's grandpa give her a new house as a present last year. That house is already fully paid, can we easily to get a refinance loan from bank?

the problem is even thought now the house is registered under my gf's name,but the water and electricity ownership still havent transfer under her name yet,will this affect refinance application? because those amount is quite alot so we hope to get loan first after that only use it to settle those debts.

Any comment and advise about my situation?

When the S&P is signed, the house is belong to your GF. The water and electricity bills will not affect your application for a home loan. Banks are interested in your payslip, bank statement, house title, S&P when getting a loan.

just refinance the house to pay the bills then. if fully paid up & title freehold, u can get extra money in one months time..

This post has been edited by airline: Jan 29 2008, 10:58 AM

Quick list of documents you'll need to Refinancing home equity loan:


For Salaried Employed Borrowers

. Two Recent Pay Stubs in Last 30 Days.
. Last Three Months Bank Statement to verify down payment and reserves
. Copy of Current Homeowner's Insurance Policy
. W-2 forms for the past two years
. Asset verification (statements of saving accounts, stock accounts, money market accounts, etc.)

For Self-Employed Borrowers

Same as above, except Income Documents which should be as
follows:

. Last two years of tax returns (signed) including all schedules
. Current business license
. Year to Date Financial Statement

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This post has been edited by hfb2007: Mar 19 2008, 03:14 PM

she's very lucky

Very lucky indeed!!

btw amenlo9,

how much debt do you currently have?

Personally, I dont think applying for larger debt to settle another debt is the solution. Dont forget that refinance will cost you at least an extra 3k + nw you have to pay monthly installment for the loan.

Why not try renting out the property then use the proceeds to clear your debts?

Her granpa very rich oh. You should marry her, good pick

If your debt is under 10-20k, just apply for a personal loan.

First, you must consider the amount loan taken. If it is lesser then 50k. Its better go to personal loan which many banks offer very good package now. Taking housing loan will cause you alot of misc charges fees and so on like mrta, legal fees and so... Regardless of all, you will be locked into certain period of time to avoid the early settlement penalty. Most importantly, the interested incurred is double of your loan amt...

I would say there is pros and cons in taking housing loan. Make sure you will make the loan and handle it in "wise" way.