BUY MY FIRST HOME CONTACT A MORTGAGE BROKER APPLY  FOR A MORTGAGE
I WOULD LIKE TO:
LEARN ABOUT INTEREST RATES REFINANCE MY MORTGAGE Email Us Apply Tweet Me

Divorce and Your Mortgage

Whether your divorce is amicable or not it is important for you to take charge of your personal finances. First things first is check your own credit report to see which accounts you hold jointly with your partner and make sure they are being paid on-time. Also make sure non-reporting credit you have personally guaranteed such as mortgage loans are paid on-time. If your credit accounts are in default or a history of late payments this could seriously effect our ability to borrow money to refinance or purchase a home. I would also recommend cancelling joint accounts so you know where you stand financially at all times. If you want to buy your ex out of your owner occupied home you may be able to do so by leaving as little as 5% equity in your home. This is called a spousal separation purchase. The following will apply  to a spousal separation: Applications may be submitted as a purchase loan up to 95% loan-to-value Mortgage insurance premiums typically apply to loan-to-values over 80% Both parties must be on title to the property prior to the legal separation Documents typically required in addition to income confirmation would be a finalized separation agreement, offer to purchase and full appraisal ordered by the lender If you have any questions about buying out your spouse please contact us at your convenience.
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BUY MY FIRST HOME CONTACT A MORTGAGE BROKER APPLY  FOR A MORTGAGE
I WOULD LIKE TO:
LEARN ABOUT INTEREST RATES REFINANCE MY MORTGAGE Apply Tweet Me

Divorce and Your Mortgage

Whether your divorce is amicable or not it is important for you to take charge of your personal finances. First things first is check your own credit report to see which accounts you hold jointly with your partner and make sure they are being paid on- time. Also make sure non-reporting credit you have personally guaranteed such as mortgage loans are paid on-time. If your credit accounts are in default or a history of late payments this could seriously effect our ability to borrow money to refinance or purchase a home. I would also recommend cancelling joint accounts so you know where you stand financially at all times. If you want to buy your ex out of your owner occupied home you may be able to do so by leaving as little as 5% equity in your home. This is called a spousal separation purchase. The following will apply  to a spousal separation: Applications may be submitted as a purchase loan up to 95% loan-to-value Mortgage insurance premiums typically apply to loan-to-values over 80% Both parties must be on title to the property prior to the legal separation Documents typically required in addition to income confirmation would be a finalized separation agreement, offer to purchase and full appraisal ordered by the lender If you have any questions about buying out your spouse please contact us at your convenience.
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