Buying Out an Inherited Estate

Jim in Winter Garden was gifted half of an estate and has spoken to the individuals that own the other portions and they are willing to sell him their half. He asks Robert if he went ahead and got a mortgage on his half to purchase the other half, is it considered a refinance?

It is called an Equity Buyout Refinance. You will need a written agreement between yourself and the other parties for how much they are looking for and then you can refinance. If you only get enough money to buy out their portion, it is not considered a cash out so you can get the lower rate and term interest rates. It is a very easy type of loan to do; you can go off of value because you inherited the home. RP Funding does a handful of these types of loan a year.