Divorce Mortgage Specialist and Mortgage Broker
mortgage broker
Divorce Mortgage Specialist and Mortgage Broker
Krista Rumberg
Divorce Mortgages Done Right
For many separating couples , their home is their most important asset . That ’ s why seeking the advice of a divorce mortgage specialist early in the process can help set the stage for a successful separation – so the two of you can each make the best possible start on a new path .
The key features to this program :
• Allows home owners access to 95 % of the equity opposed to the traditional 80 %
• Removes one spouse from title
• Inclusion of a lump sum payout and matrimonial debt
• Spousal and child support are used as income
• Re-distribution of support payments for the borrower paying support to make qualifying easier
• Best discounted interest rates
• No lender fees
Spousal Buyout Program Lance and Jenny have decided to separate . Lance wants to keep their family home , and Jenny wants to purchase a new property .
Their home value is $ 425,000 and their mortgage balance is $ 350,000 . If they are splitting their existing equity , 50 / 50 ( 425,000 – 350,000 = $ 75,000 / 2 ), Lance must pay Jenny $ 37,500 . They have a joint Credit Card with a $ 15,000 balance owing they would like to pay out if possible .
Under traditional re-finance guidelines , they are only allowed to refinance to 80 % of their property value .
For example : Property value $ 425,000 x . 8 = $ 340,000 Maximum Loan Amount . In this example , Lance will not be able to pay Jenny her portion of the home ’ s equity so that she will have a down payment for her home purchase .
Using the Spousal Buyout Program , Lance is able to ‘ purchase ’ the home from Jenny and the maximum mortgage amount is 95 % of the property value .
For example : $ 425,000 x . 95 = $ 403,750 Maximum Loan Amount . In this example , Lance can pay Jenny her portion of the equity as part of their separation and she will now have the down payment for her new home purchase . Lance and Jenny may also be able to use any additional equity to pay out matrimonial debt as part of their settlement .
$ 350,000 existing mortgage + 37,500 + 15,000 = $ 402,500 New Mortgage Amount
I have been in your shoes and endured my own divorce , so I understand your feelings as you work thru this process . The need to create your own life while keeping the best interests of your kids in the forefront is paramount . There are many things to consider when dividing the matrimonial home and my eleven years ’ experience as a divorce mortgage specialist often helps couples work thru difficult situations when creative thinking is required .
Divorce Mortgage Specialist and Mortgage Broker KRISTA RUMBERG , AMP
Axiom Mortgage Solutions www . SpousalBuyout . ca info @ SpousalBuyout . ca 780-946-6222 office 780-983-9119 cell *** subject to qualification
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