Mortgage After Divorce or Separation
Can’t decide if you should replace your current property, buy out your ex, or stay in your current home? While we recognize that divorce may be a trying time, the division of your real estate and assets does not need to be complicated. We created this program to help you weigh the pros and cons, guide you through the financial process, and ultimately ensure your peace of mind.
Build Long-term Investments
Rent for positive cash flow
Seperation
What is the Divorce Mortgage?
We created our program specifically for those going through a divorce. Navigating the complexities of divorce can be emotionally and financially challenging. Your peace of mind is our priority, and we are here to guide you every step of the way. We will get to know your situation personally to help you handle the financial difficulties of separating property and assets. Our mortgage brokers understand that each relationship is unique, so this program offers various options.
Getting Approved
We Can Help You!
We will work with you and your lawyer to decide the best financial step. There are many different ways to handle your shared assets. We aim to present you with all the options and ensure you are comfortable with your final decision.
In some cases, you may not be interested in getting a separation agreement. You may consider the separation straightforward. We can work with mortgage lenders that will allow a statutory declaration instead of a complete separation agreement. You can easily do this, especially if there’s no child support or spousal support.
In other cases, you may find yourself in a transitional type of mortgage. This is because your borrowing profile is different now than it was with your ex. We almost always recommend continuing with real estate ownership in a separation. It isn’t easy to financially move from owning to renting and then back to owning again.
Regardless of your situation, the divorce process is a tiring time. This program is there to give you some peace of mind. We will provide you a path to move forward with your real estate during the divorce process.
Moreover, we understand that going through the divorce process can be exhausting. The Divorce Mortgage program is there to give you some peace of mind. We will provide you a path to move forward with your real estate during the divorce process. Our goal is to make this challenging time a bit easier for you, ensuring that your financial decisions align with your unique situation and needs.
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FAQ
Answers to Our Most Frequently Asked Questions
01
Do I need to refinance the mortgage if we’re getting divorced?
Yes, the person keeping the matrimonial home will likely need to refinance their mortgage to share the equity of the home as part of the separation/divorce. Another option would be to refinance or sell other properties or assets that you may have.
02
How can a mortgage broker help with the mortgage during a divorce?
Unlike traditional lenders, we provide divorce scenarios for faster separation agreement decisions, including who keeps the house, sale options, and estimated funds. We also collaborate with your lawyer for a smoother process.
03
What are the steps involved in refinancing a mortgage after divorce?
Contact us before finalizing your separation.
We provide scenarios to help you plan your next steps, including real estate asset management.
Advantages of Divorce Mortgage
Access to Homeownership
For those going through a divorce, our program provides a chance to keep their current house or buy a new one.
Competitive Rates
We offer reasonable interest rates on our mortgages to help you save money over the course of your loan.
Flexible Options
Flexible mortgage alternatives are available to meet your individual demands and financial situation.
Customized Solutions
We work closely with you to create a tailored solution that meets your specific needs and advances your financial goals.
Reasons to Choose Skip the Bank’s Mortgage After Divorce Mortgage
- Competitive Rates: By taking advantage of our competitive interest rates, you can save money.
- Dedicated Support: From application to funding, our team of professionals is available to help you every step of the way.
- No Hidden Fees: We are transparent about our fees, and we don’t charge any hidden fees or prepayment penalties.
At Skip the Bank, we are committed to helping you navigate the financial aspects of your divorce with our program. Our flexible options, competitive rates, and dedicated support make it easy for you to continue to own your home or buy a new one. Apply now and start your journey to financial stability!
Mortgage After Divorce
Real Stories
Graham was in the process of going through a separation and wanted to keep the family home. There was a lot of equity in the home, the spousal buyout was significant at $250,000. Graham also had an existing mortgage on the house and a vehicle loan. The only advice his bank had was to sell the home and start over, despite him being able to manage a higher mortgage.
That’s where The Mortgage Centre’s Skip the Bank helped! The separation became simple as each party agreed to divide the equity without even needing an agreement. The Mortgage Centre worked with Graham to plan a monthly budget. He then felt financially comfortable buying his ex-spouse out of the agreement and carrying the new house on his own!
Post Divorce Mortgage Resources
November 10, 2022
Separating or Going Through a Divorce? Here’s Suggestions on How to Handle the Largest Asset You Have – Your Home
A divorce or separation is an emotional time. One of the most challenging decisions when you’re going...
June 15, 2022
Reasons Why Working with the Right Mortgage Broker is Important
Who’s taking care of your biggest asset’s value – your home? With grumblings in the Toronto and...
August 26, 2016
Getting separated is never easy: learn how to move ahead with your living arrangements
Aside from the emotions involved with a separation, there are several things to consider and act upon...
July 9, 2015
Selling your house? Think there should be no issues in qualifying for another mortgage? Think again.
If you’re contemplating selling your house and buying another one and you don’t think that getting approved...
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