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Mortgage Finance After A Separation

Posted by Admin on March 13, 2019


Getting separated is never easy and if you and your former spouse own property, deciding what to do with the matrimonial home and joint debts can seem like a daunting task.

The main question you need to ask yourself is: will I be buying a new property or staying in the existing one?

In the event you’ll be purchasing a new home here are some things for you to consider:

  • Will one party be keeping the existing house, or will it be sold?
  • What can I afford relative to my current financial situation?
  • How will I secure a down payment for a new property?

In the event you decide to refinance your home: Can the equity in the property be used to consolidate your joint liabilities, and is there enough to provide a payout to the other party is one is required?

By working with a mortgage broker like myself, I can help you navigate whatever scenario best applies to your unique situation, all while coaching you to maintain a positive credit rating.

A traditional refinance would limit the access of equity in your property to 80% of its value (minus the mortgage), however I have access to programs that will allow you to free up the equity to 95% of the homes value, all while maintaining AAA rates.

I have access to lenders who will use 100% of the child tax benefit, child support and spousal support you receive, in addition to your income to qualify you for a larger mortgage if required.

If you’re the party who is paying child or spousal support, I have lenders who look more favourably on the way these payments are factored into your mortgage application, meaning you can qualify for a larger mortgage if necessary.

Outside the big 6 banks who may say you now don’t qualify for a mortgage alone, there are many other options for you to remain in the home you love, or to purchase your future home by working with a broker and utilizing special financing programs.

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