Going through a separation or divorce? Your home can be the asset that gives both partners a fresh start.
If you have a final separation agreement, it can be beneficial to talk to your local mortgage broker in Kamloops about how the value of your home and the power of your mortgage can help you both move forward on firm footing. As your broker, I will start by asking some key questions:
Are you hoping to stay in the existing home?
Many couples assume the house must be sold – but that’s not always the case. As your mortgage broker, I have resources that can help one partner remain in the home. The home can be refinanced up to 80 percent of its value. You’ll need to determine if this equity can pay off joint debt and provide a payout if required. One spouse can purchase the home outright from the other, who then comes off the title. A Spousal Separation Mortgage allows a buyout of 95 percent, which can provide a fair buyout and possibly pay off any other joint debt. Check out this great article on deciding who will move out here.
Do you want to buy a new home?
As your mortgage broker, I can tell you what you can qualify for and what is affordable in your current financial situation.
Will you need to boost your credit rating?
A less-than-stellar credit rating can affect your ability to get the best mortgage rates in Kamloops. I have some quick strategies to help you polish your credit and build (or rebuild) your credit over time.
For many separating couples, their home is their most important asset. That’s why seeking the advice of a mortgage professional very early in the process can help set the stage for a successful separation – so the two of you can each make the best possible start on a new path.
Are you feeling overwhelmed? That’s normal.
As your local mortgage broker in Kamloops, I can help make a challenging time more hopeful with personalized mortgage financing advice. I have helped many individuals in these exact situations. Divorce or separation doesn’t need to spell the end of financial hope.
Contact me today to look at your options – as an individual or a couple.
