Getting a Divorce or Separated? Mortgages through a Mortgage Broker is your Best Option

January 4, 2017 | Posted by: Mortgage InGenuity

Where Do I get Started when dealing with a Separation or Divorce? I need to understand how mortgages work to settle my Separation Agreement or purchase another home.

 

First thing is first, we need to understand what it means to be divorced/separation.

 

Getting a divorce and figuring out the terms of your Separation Agreement are very different parts of the process.  Separation Agreement would  have to be completed prior to  filing for a divorce.  If you do not have children, have no assets/debts to divide, and there is no spousal support, the chances are you will not need a Separation agreement and you can move directly to filing for divorce. 

In today's new mortgage world, Banks, Lenders and even private lenders are requiring documents to show that you have filed for separation, need to satisfy the terms of those agreements, and the proper filings have taken place.

A Mortgage Refinance program for Divorce is a great solution, especially with a mortgage broker. A Mortgage Broker/Agent can apply to many lenders to accomplish the terms of a separation agreement. People have certain financial situations, such as being Self-Employed, Weak Credit Profile or the traditional client. Brokers have access with many lenders that will cater to all these needs and this will reduce stress, save money and time for the client.

At Mortgage InGenuity, we use a mortgage planning approach to Divorce Mortgages. We bring in Mediators Professionals to help clients decide their approach on how to handle their separation agreement terms. Client's then go through the mortgage application process to ensure the best mortgage program to satisfy the terms of the separation agreements or getting our clients ready to purchase their new home. Finally we will bring in our financial planners to plan for our clients around  new budgets and financial plans. This will help insure that the client will have peace of mind of affordablity and protecting their families with a good life insurance planning conversation .

I encourage you to give us a call if you are going through a separation/divorce and ask us questions about where to get the best advice, mortgage financing planning and personal financial planning solutions. 1-866-401-3763 or contact@mortgageingenuity.ca

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