Spousal buyouts: Breaking Up With Your Mortgage.
Spousal buyouts help couples break up with their mortgage, allowing them to split their home equity quickly and cost-effectively. Our experienced mortgage professionals provide personalized services to help guide clients through a timely and efficient process.
Advantages of a spousal buyout mortgage
Retain Family Home
Allows one spouse to keep the family home and avoid the emotional and financial stress of moving.
Fair Asset Division
A spousal buyout mortgage provides a fair and equitable way to divide property during a divorce or separation.
Lower Costs
Compared to selling the property and buying a new one, a buyout mortgage can be a more cost-effective option.
Steps to a Spousal Buyout Mortgage
1. Agreement on Buyout Price
Both spouses agree on a buyout price and terms.
2. Mortgage Broker Consultation
Buying spouse applies for a mortgage by speaking with a mortgage professional to understand the process and requirements.
3. Documentation & Application
Gather necessary documents, including income documents, separation agreement and property details to submit with your mortgage application.
4. Processing & Approval
Applicants must meet the lender's requirements for income, credit score, and qualifying ratios. The lender reviews and verifies your information to make a decision.
5. Appraisal
The property is appraised to determine its value and must also meet the lender's criteria for collateral value and condition.
6. Funding
The buying spouse receives the loan funds to pay the selling spouse via their lawyer once all documents are executed.
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As your trusted mortgage broker, we specialize in providing secure and reliable financing solutions.
The mortgage agents at Sherwood Mortgage Group (license 12176), a full-service brokerage, are a group of experienced professionals committed to delivering an exceptional client experience. Whether you are buying, refinancing or renewing your mortgage, we strive to make the process seamless and hassle-free. Trust Sherwood Mortgage Group to help you make informed decisions and achieve your mortgage goals.
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