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Is she is the sole titled holder then you have no ownership in the property. I think what you are intending is to buy from her and have her "carry back" the loan. As Barb mentioned if you plan to refinance as quick as possible, there are likely some other ways for you to structure things to forego the seller financing. Keep in mind if you do go that direction, most loan programs require you hold title for 6 months before you would be eligible for cash out refinance.Assuming you will be living in this property, and you can otherwise qualify based on your income and credit, and the property is in reasonable condition, then a good alternative to consider would be for you to apply for a purchase loan with your grandmother providing a gift of equity.If she wants to get a certain amount of cash back from the sale to you, your purchase loan amount quite possibly can cover this amount, and then her existing loan would be paid off through the escrow on your transaction.You should be sure to explore this type of option before taking an irreversible action that can set back your endgame plans of being the sole owner of an upgraded property.
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