Spousal Buyout Mortgage in Olds, AB
Divorce / Separation
Getting a new mortgage after divorce/separation or planning to keep the existing mortgage?
Getting a mortgage after divorce or separation, can sometimes be overwhelming also known as spousal buyout mortgage.
Life happens, when divorce/separations occur, often times there are martial assets and children to think about while going through an emotional chapter of life.
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Some people are open to selling their marital home, some may choose to keep the home.
Fortunately for those who decide to keep their home, the Spousal Buyout Mortgage is an excellent option.
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What is Spousal Buyout Mortgage?
The Spousal Buyout Mortgage allows the home to be refinanced up to 95% of the current market value. The funds can be used to buyout the portion of ownership of your ex partner. Depending on the separation/divorce agreement, shared debts may also be paid out from the funds. Additionally, this will allow you to remove them off the title and mortgage of the home.
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How to qualify for Spousal Buyout Mortgage
Its actually pretty similar to a purchase or a renewal
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General Requirements:
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mortgage amount cannot exceed 95% of the homes current market value
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must have separation/divorce agreement
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both parties who are on the separation agreement must be on the title of the home​
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purchase agreement signed by both parties
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How is it different than a mortgage Refinance or Home Equity Line of Credit (HELOC)
When refinancing or obtaining a home equity line of credit (HELOC), lenders would only lend up to 80% of the current property value.
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Selling the Home
Factors to consider
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Time it takes to sell the home
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Penalties
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Realtor commissions
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Storage for belongings
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Renting or buying new home after the sale
Other Mortgage Services in Olds, AB: