Dealing with a separation or divorce? Your home can provide an asset giving both partners a fresh start. If you want to consider your options either as an individual or as a couple, we can help.
For many Canadians, legal separation and divorce are a fact of life. We can help ease the burden of this stressful time in your life by providing personalized mortgage financing advice to create a viable financial plan. For many separating couples, their home is their most important asset. Seeking advice early in the process can smooth the transition to new lives.
Many couples assume that they must sell the home, but that is not always the case. If one partner wants to remain for reasons such as stability for children, this can be accomplished in one of two ways. A refinance of up to 80% of the home’s value could provide funds necessary to pay off joint debt and provide a payout to the other partner. Or, one spouse can purchase the home outright from the other spouse who is then removed from the title. This option allows a total mortgage to 95% of the value, which can provide a fair buyout and help pay off any joint debts.
Do you want to buy a new home? Perhaps you want to sell your home or you are the partner paid out of the matrimonial home. Either way, we can advise what you can qualify for and what you can afford in your current financial situation.
Separation or divorce can negatively affect credit scores. If this is the case for you, we offer useful strategies to help you polish your credit and build or repair your credit over time. This may enable you to qualify for the best mortgage rates in the future.
If you have a final separation agreement or are in the process of finalizing an agreement, let’s discuss how your home’s value and the power of your mortgage can help you both move forward. Contact Us today to discuss a New Beginning.