Want to buy a house 120000theres no mortgage off my parents is it cheaper to buy it for 1 and refinance?

Gabriella
There is no mortgage.Trying to save money on closing costs and etc...Trying to find the cheapest way possible to buy the house and them still getting their money=$120000

Cyrus
Its probably best to refinance-for them anyway, so they can get their money right away. Also checkout 15 year loans. I refinanced my home for 15 years, and it only cost me 20 a month more than my original 30 year loan. Its paid off now, It helped me a lot since I retired soon after. Some people dont realize how much interest is involved in a 30 year loan. I saved 96, 000 dollars by doing it that way.

Dorsey
If you buy the home for $1.00... you will need to wait for a full year before refinancing using an appraised value. Most lenders will use the purchase price for the first year.