Mortgage vs. home equity loan situation?

my father and his two brothers were gifted my grandfather's house when he passed away. i told my father i would approaching to take the house from them so he moved the house from my grandfather's trust to my name. within return i need to pay them for the house. however, because i will very soon already own the house, can i still get a mortgage to pay them or can i singular get a home equity loan? i ask because mortgage rates seem much lower than loan rates. are at hand any other options?
Answers:
If you planned to rent the home you could get a mortgage base on the rent it will generate. I would ask you local banker about here loan programs for income property. Also mortgages are cheaper interest rates then home equity loans.
The bank will want to know how you planned top foot them back! You are most likely competent to get a equity loan or a mortgage in this luggage. The mortgage would be a cheaper route.
The key is your income and credit.
You should get a mortgage. It will work similar to a refinance of a land contract.

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