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I paid cash for a house 4 years ago but
had my dad purchase it in his name due
to divorce. now he wants to quit claim
it to me so I can get a home equity
loan. how soon can I take out the loan
after filing the deed?
Asked on August 23, 2017 under Real Estate Law, Ohio
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Legally, as soon as you file the deed (i.e. as soon as you are the owner), you can apply for a home equity loan or line of credit. Remember, though, that you are not guaranteed one; lenders make their own decisions as to whether to lend, under what conditions, and how much.
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