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Mortgage options for separations

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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/

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Location: 1596 3rd Avenue, Prince George, BC V2L 3G4, Canada

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