Calgary Licensed Mortgage Broker
When a couple gets divorced, they often want to sell the family home and split the proceeds. But what if one spouse wants to stay in the home? This is where a Spousal Buyout Mortgage comes in. With this type of mortgage, the spouse staying in the home refinances the mortgage and pays off the other spouse's share of the equity.
Are you going through a separation or divorce?
Do you or your spouse wants to stay in your matrimonial home?
If so then this program is the solution for you. Through the Spousal Buyout Mortgage program, we can use the existing equity in your home as the down payment for the spouse buying the home and if there is equity to be split we can also ensure the spouse being bought out gets their agreed upon equity paid to them.
We know separations and divorces can be very contentious and when real estate is involved it can be even more so. Our goal is to help both parties move forward in their lives by solving the problem that involves real estate. We can do up to 95% loan to value financing under this program as long as you have a signed separation or divorce agreement.
A mortgage pre-approval is so important to ensure that you are buying within your purchasing ability. There is nothing worse than having your heart set on a home that ultimately you cannot qualify for the mortgage to buy. A critical part of the pre-approval is ensuring you have all of your documents ready, down payment in place, taxes filed, taxes paid, and income verification documents. Finally when it comes to the actual mortgage ensure you consider the terms of the mortgage and not just the rate. Different lenders have different terms and saving a little on rate could cost you way more in the long run due to a term in the mortgage you did not understand, realize or expect to get in the way of your future.