Understanding your mortgage options when getting divorced is one of the biggest challenges people face when trying to figure out what to do with the matrimonial home during a divorce. Will the home be sold off to someone else, will either the husband or wife remain in the home or buy the other spouses share, or will they still live in the home. A big aspect of this situation will be the mortgage and depending on what you decide to do when going through a divorce or separation will determine which option is best for you.
Fortunately it’s not as daunting as you may think and they are definitely some options available to you. Some of the mortgage options when getting divorced are refinancing the property so one party can remain in the home, and the other party get’s their share of the profit. The home will usually need to be appraised in this scenario to make sure the spouse who is selling their share gets market value. When selling the property to outsiders, both spouses get their equal split and can then buy their own homes provided they qualify for a mortgage by themselves.
Another option is for both spouses to remain in the home after a divorce and this can be for many reasons but usually its because there isn’t enough equity in the home in order for everyone to walk away happy. A good mortgage broker can help you determine what is the best mortgage options when getting divorced and discuss some mortgage financing scenarios with you.
For more information on financing or if you need a mortgage broker, contact Tracey Brock of Dominion Lending Centres.
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