Should I try to refinance with a quitclaim?

[Deeddummy]

ID. Synopsis: We were unable to buy a house on our own, prior credit problems and financial insufficiencies. Our business partners and dear friends, bought the house for us 4 years ago and quit claimed it to us last year (notarized and filed). So far, the MTG company has not requested payment due because of title transfer and we are getting a great variable rate (4.625%). We keep and have kept payments current since the beginning of the loan. House appraises for $130K and there is 63K balance on the mortgage. Should we try to refinance the 63K? Asking because if we're declined, I don't want to send up any flags to the current mortgage holder and have them call the mortgage due. Our friends are not concerned with the current loan being in their name at all, and as I stated, payments are ALWAYS on time so it isn't harming their credit. All their other properties (2 houses and several large acreage parcels) are all paid off. We would just feel better getting the mortgage off their books. They are older and I'm unsure what would happen with our home if they passed away. Their kids are absolute nightmares and have stated they're just waiting for them to pop off so they can sell everything off. Did the quitclaim protect our house from their kids in the unfortunate event of their demise? It will take probably another 3-4 years for our credit file to be wiped clean, then I'm certain we could get the mortgage we would need. As it stands, we do have a fair amount of equity in the house.

 

[CO Home Buyer]

If you try to finance it in your name it will not send any redflags up.... Just make sure that when you talk to your lender that you ask them not to order a payoff until the loan is ready to close. There are a lot of companies out there that will do a loan for you with that kind of equity, you will just have to provide 12 months of cancelled checks to show that you have been making payments on time and that you have been the one making the payments. The house was deeded to you, if you are the only one on title the kids can't touch it.