Quit claim deed and refinancing

[Zayna Callier]

My grandmother is planning on signing a quit claim deed to grant me ownership in our family home since she is getting older. There is still a small mortgage on the house which I have been paying for the last few years. My question is how long do I have to wait to refinance the house to put it only in my name and take her off the mortgage? My second question is once that happens am I able to to get cash out to do renovations? Any advice is much appreciated! Thank you.