Going
through a divorce or separation is a tough time, so adjusting your mortgage accordingly
shouldn’t be. Several lenders have programs in place for this specific situation.
They allow you to have access of up to 95% of the equity in your home to facilitate
the buy-out of one partner and allow more room for debt consolidation. Refinances
in Canada typically have a maximum of 80%
loan to value so this is a drastic increase to the available funds. With interest
rates at all time lows, it is also a great time to wrap that high interest
credit card debt into one low monthly payment.
If your house is valued at $250,000, your typical refinance will allow you access to $200,000. Under this program, you could have access of up to $237,500.
Here is what the lender will need:
· Standard income confirmation documents
· Finalized separation agreement
· Offer to purchase (potentially)
· Appraisal (potentially)
For more information on this program or any mortgage related questions, please feel free to contact me today.
http://www.christinebuemann.com/
If your house is valued at $250,000, your typical refinance will allow you access to $200,000. Under this program, you could have access of up to $237,500.
Here is what the lender will need:
· Standard income confirmation documents
· Finalized separation agreement
· Offer to purchase (potentially)
· Appraisal (potentially)
For more information on this program or any mortgage related questions, please feel free to contact me today.
http://www.christinebuemann.com/
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