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 was amazing in supporting me all the way with patience, diligence, knowledge and availability. Being a dinosaur (old) I needed a lot of hand-holding and support. Time was of the very essence, and Jeff was willing to work over the weekend, which was the reason why I found Jeff in the first place. With Jeff's help, I got the best affordable mortgage and enjoy now a comfortable home with two great roof decks. Thankful Waltraud
Found Jeff on google and he is a really solid person for getting a Mortgage with. When I went through the process with him he made sure that everything was smooth and clear. He is also really responsive and takes care of the customers by offering options as opposed to ultimatums which I really like about him. Thanks for getting me my mortgage Jeff and I hope to more business with you in the future.
P.S. John Carlisle says hi as he is my lawyer or finishing the real estate purchase.
Jeff was very helpful and knowledgeable. He has helped me with two mortgage deals and both times were a good experience. Would definitely recommend Jeff.
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