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
Thank you Jeff for your hard work. We are very thankful.
Very important for all, Jeff is a very honest guy.
Jeff is a great, knowledgeable and professional mortgage broker. We were impressed how meticulously and fast, he secured our application. We are very happy that we worked with Jeff as he always listened to our needs and provided us with the best advice in the shortest time. We would definitely recommend him to our friends and family.
Thank you very much Jeff to all your hard work because it paid off
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