Canadians have a 68% chance of breaking their mortgage early in year 3 of a 5-year term. One of the primary reasons is divorce or separation. There are several mortgage options for people going through a separation or divorce that many are not aware of:
- 1) Keep Matrimonial Home- you can refinance up to 95% of the value of the matrimonial home. If there is enough equity, you can use the money to pay out your ex, pay off joint debts, etc. This means your children do not have to be uprooted from their home, schools etc. Note that most bank only allow you to refinance up to 80%.
- 2) Qualify for a New Primary Residence- If you are being bought out, or selling the matrimonial home, I can quickly determine how much you qualify for, which will greatly help you in expediting the separation agreement.
- Both spouses must be on title, otherwise we are capped at refinancing at 80% of the home’s value.