How to finance a house?

Chung
An old trusted friend of mine deeded me her house. She was in tremendous debt and physically unable to manage the house so I started making her payments. I have had her house for three years now and would like to refinance her mortgage and put it in my name or get a new mortgage. Does anyone have any advice in this situation. Neither the bank nor the insurance company had an issue with me doing this since we paid on time but I am wondering if it's going to be hard to get the house in my name.

Belia
No problem it is your house so you can get a mortgage on it. The original mortgage holder still has a lein on the house so that loan needs paid off at closing.

Dinorah
If she deeded you her house, then your name only is on the deed, right?Only the mortgage is still in her name, according to what you wrote.In order to refinance it, visit any bank and ask if your income is sufficient to qualify for a mortgage.If you do, choose a fixed rate mortgage (not a variable rate mortgage).

Monica
In addition to what Fun1 answered, bring along All of your cancelled checks that prove to the Lender that the original loan was paid on time. Be prepared...ie bring 2 years tax returns, 2 months paycheck stubs, 2 years W2's... If you present it in this fashion the Lender will be very impressed and will feel more comfortable in granting your request for a loan.. (of course you must still qualify and be able to support this new loan).. after all it is a Business decision.Good luck..

Geneva
Go to a mortgage broker. Show them a photocopy of the deed. Explain your situation. Let them work with you.