Are you going through a separation or divorce?
Are you trying to figure out how to buy your ex out of your home?
Going through a divorce is stressful and all consuming at times. Trying to sort out all the details and figuring out how to keep your home and pay off your ex is stressful.
I have been a mortgage broker for over 17 years and I have also been through a divorce. Let me take your stress away and help you find a solution.
You might not be aware that there are mortgage products designed to allow you to refinance up to 95% of your property in order to buyout your ex-spouse. Normally you can only refinance to 80% of the value of the property so this program can be very beneficial.
To qualify for this program, you must have good credit and you must be able to afford the mortgage on your income alone. Please note the equalization payment can only go to the departing spouse and must be specified on the agreement.
In order to qualify you will need to provide the lender will a copy of a fully signed separation agreement.
Consolidation of matrimonial debts is permitted provided they are listed as ‘joint’ on the credit bureau and as a payout on the separation agreement.
Both you and your ex-spouse or partner must currently be on title to the property.
The maximum loan to value ratio is the lesser of 95% of current home value or remaining mortgage plus equity required to buy out other owners and pay off joint obligations, if applicable. The property in question must be the primary owner-occupied residence.
With this type of a mortgage a full appraisal of the property is necessary.
If you have any questions about the Spousal Buyout program or any other mortgage questions, please don’t hesitate to contact me. I have been there and I am here to help! Call me at (604) 315-3283 or email [email protected].