• HOW DOES A SEPARATION OR DIVORCE AFFECT YOUR CURRENT MORTGAGE?

  • ID-100234582A few weeks ago I met a woman who is considering a divorce and is currently separated from her spouse after 12 years of marriage. She was so lost and my heart went out to her. I realized that there are probably a lot of people in the same boat as her and they like her, don’t know where to turn when separation or divorce happens.

    Emotions are very high in these situations and like any emotional situation, you don’t want to make hasty decisions that can impact the rest of your life or that of your children. I advised her that there were a lot of things she would need to consider in relation to her present and future as well as current mortgage.

    Here are the tips and facts I shared with her.

    Once your separation has been finalized, you need to ask yourself some questions:
    1.will you be buying a new property? or
    2.Will you be staying in the existing property?

    In the event of a new Purchase, here are a few areas to consider:
    1.Will you be keeping or selling the existing house?
    2.What can you afford relative to your current financial situation?
    3.Will one of you be coming off title (should either of you keep the existing residence)?
    4.How will you secure a down payment for the new property?

    In the event of a Refinance, here are a few areas to consider:
    1.Can the equity in the property be used to consolidate joint liabilities?
    2.Is there enough equity in the property to provide a payout, if there is one in question to the other party?

    By working with a mortgage agent such as myself, I can help you navigate whatever scenario best applies to your situation all while coaching you about how to maintain a positive credit rating.

    To Your Wealth!
    Amina

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