The second factor for getting divorce mortgage for spousal buyout is your is credit score. This will determine whether you will be able to refinance up to 95% (maximum) of the value of your home.
If your credit rating is affected, you will potentially be limited to a maximum of 80% of the value of the property. If the credit rating is too low, getting a standard divorce mortgage for spousal buyout will not always be possible. We will have to look for an alternative financing solution. There is always the lease-back program with Breneka Real Estate Solutions that would be possible for your file. Contact us directly for more details on this program by filling out our online form.
The third element is the equity of the property. Equity simply means the portion of the property’s value that you own. For example, if you have a home valued at $250,000 and your mortgage loan is currently at $200,000, then $250,000 – $200,000 = $50,000 of equity in the property or, your value.
If you have little space between the current amount of your mortgage and your value in the property, the divorce mortgage for spousal buyout may not be possible through traditional financing options but there might be alternative financing solutions available. For more information or to take the first step towards resolving your situation, complete our online form right now! You will be glad you did!