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How Divorces Affect Mortgages

Chances are you have gone or are going through a divorce or no someone who is or has (sad but it’s a fact today), and along with the emotional challenges, the financial challenges can be overwhelming. 

With most couples one person takes care of the mortgage and the other is usually less involved, so when a divorce happens the spouse who has not been as involved may feel like they don’t know where to start when trying to figure out how to move forward with their mortgage needs. 

Lawyers are focused on the division of assets, not on your ability to qualify for a mortgage.  Lenders have their own policies and in this area the policies vary greatly by lender. Questions like, can spousal/child support be used to qualify for a mortgage, do I qualify on my own, can I buy before I have a separation agreement, and what are the steps I have to take to make sure I can buy?  These are all great questions which need to be answered as early on in the process as possible, because once you have a signed separation agreement it may be to late to make changes.  Having a plan and being pre-approved for a mortgage can give you confidence, reduce stress, and even change how you word your separation agreement?

If you or someone you know needs help, Call Daryl French of LendingMax to get the answers to your mortgage questions today, 250-470-8843.