Divorce is never easy, especially when you own property with your spouse. What to do with the house, and by extension, your mortgage, is a looming question that requires careful consideration and planning. Without a well-though-out plan, you may put at risk your credit, the inheritance rights of your property (title vesting), or your chances of getting loan approval for new financing. Here are three things you must know about your mortgage while going through a divorce:
While I recognize this is a very difficult time, please know that I am here if you have any questions about how your divorce could affect your mortgage. These three important pieces of knowledge will help you embark on the path to the next chapter in your life. However, if you would like more detailed information on the complex mortgage requirements for divorcing individuals, I invite you to download our Documents Needed During a Divorce mortgage checklist.
Please be aware: by refinancing your existing mortgage, your total finance charges may be higher over the life of the loan.