For many Canadians, legal separation and divorce are a common reality. We can help ease the burden of this overwhelming time of your life by providing personalized mortgage financing advice to incorporate into a sensible financial plan. For many separating couples, their home is their most important asset. Seeking advice at the early stage of 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.
Many couples assume that the house must be sold but that is not always the case. If one partner wants to stay in the home for a host of reasons such as stability for children, this can most often be accomplished in one of two ways. A refinance of up to 80% of the value of the home may be able to provide the funds needed to pay off joint debt and provide a payout to the other partner if it’s required. Or, one spouse can purchase the home outright from the other spouse who then comes off title. This type of mortgage allows a total mortgage to 95% of the value , which can provide a fair buyout and possibly pay off any joint debts.
Do you want to buy a new home? Perhaps you have decided to sell the home or you are the partner that was paid out of the matrimonial home – we can let you know what you can qualify for and what is affordable in your current financial situation.
With marital breakdowns often come credit ratings that have been affected negatively. If this is the case for you, we have some quick strategies to help you polish your credit, and to build (or rebuild) your credit over time. This may enable you to qualify for the very best mortgage rates down the road.
If you have a final separation agreement or are in the process of finalizing an agreement, then let’s talk about how the value in your home and the power of your mortgage can help you both move forward on firm footing. Contact your Mortgage Superhero® today.
Mortgage Superhero® 416-400-8107
