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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