I am assuming you are looking for a first time home buyer credit. No this is a refinance not purchase. Closing Costs could possibly still be deducted on taxes but check with your tax advisor on that.
Since you are both on the loan you are both on the title. You can refinance without them on the loan but would need them to sign the title over or transfer at close.
You have to go to the bank that has the loan on your house. They will have you fill out a bunch of paperwork. After that they will refinance your house.
Yes it is possible to refinance your house if you have low equity. But you must have at least 20 percent equity before your refinance will be apporoved.
You would have to 'buy' the house from your parents, but if you can qualify for a loan, there shouldn't be a problem.
You may not save anything. It depends on what you're refinancing from and to, whether the value of your house has fallen since you bought it, and your current credit situation.
twelve
yes you can
People refinance a house because they need money quickly. They might need money for a sudden illness, unexpected home repair or job loss. They also might refinance if the interest rates are low enough.
If this is your first mortgage or you just refinanced, the mortgage note can have a statement within that states you cannot refinance in the first 12 months of when you got the loan.
Technically, yes, but the home equity line of credit is a lien against your home and will have to be paid off when you refinance the house. In reality, many people find that the unpaid balance on the HELOC, plus the unpaid balance on the original mortgage, exceeds the amount the bank will lend on the refinance. Before you apply for the refinance, just talk with your lender. They can probably walk you through the numbers on the phone and determine pretty quickly whether or not you have enough equity to refinance. If you bought your home several years ago, you may have to have an appraisal done to find out the maximum amount the bank will lend.
John and you bought a house
An individual can get a refinance mortgage on their house by applying from one. Not everyone would be accepted though because their are some qualifications.