Many couples who are going through a divorce will have a difficult time un-tangling their finances. One of the complicating factors of a divorce is how to handle the division of assets. Some spouses need to buy their partner out, or the home may be put up for sale and each spouse may need to purchase a separate home. There are many ways that we can help you to make your divorce proceedings smooth and easier.
5% down-payment is the technical minimum requirement for purchasing a home, and 20% equity is normally the minimum equity needed to refinance. However, even if you are in a situation where you are buying your spouse out with a refinance, we can do the mortgage for you with just 5% equity! This will often give people who wish to keep their matrimonial home the ability to do so while paying out their spouse. The primary requirement for this is for a separation agreement to be in place.
Another way we can help you with financing in a divorce situation is secondary financing. A good example of when this would make sense is in situations where the penalty cost is prohibitive to pay out or if one or both parties has had recent derogatory credit preventing them from obtaining primary financing.
If debt levels make it difficult for the divorce to proceed, it is also possible that taking equity out of your property may help to alleviate the stress of the divorce. This could be combined with the spousal buyout or done through a second mortgage.
There are many different individual situations and challenges that divorcing couples could face. We can help by looking at your individual circumstances and coming up with a customized solution that helps to make the process of untangling finances easier. Contact us today for a free consultation on how we can help you.
5 out of 5 stars
Jeff went out of his way and didn’t give up until he found the best solution to our Mortgage Needs. We are so thankful for this because we ended up purchasing our dream home when we thought it wouldn’t be possible! Thanks Jeff!
Jeff is super professional and went out of his way to make this happen for my partner and I. He looked at tell the possible options and fulfilled our dream of buying a house ! He’s super friendly, super efficient, hard working and we cannot recommend him enough ! If you are looking to buy a house and need a mortgage broker, Jeff Evans is the man. Thanks so much Jeff !
Jeff helped my wife and I buy our first place and thanks to him, the whole process went very smoothly. We had no idea what we were doing and Jeff helped us every step of the way. He was very patient with all of our questions and gave us very good explanations to the parts of a mortgage that were confusing to us.
We could tell that Jeff worked very hard for us and we absolutely recommend him with the highest regards.
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