Divorcing is one of the biggest decisions couples face, and then what to do with the marital home. According to experts, there is a spike in divorces during the pandemic. They think there is going to be a surge in divorce because of this COVID. It’s very sad, but it sounds like that’s booming.
If the separation is unfriendly, trying to agree on the house and the divorce mortgage can be frightening or dreadful. It is often a difficult and stressful process, especially when there are assets to split, including a house. The options for divorcing couples depend on a number of factors, such as how their property was financed and titled, whether one partner wants to stay in the home, the amount of equity they have in the home, and their credit rating. If the couple is cooperative and can decide on an appraisal company, which would be the best way to determine what the actual equity is in the home.
A Divorce mortgage in Edmonton is a legally binding contract, separate from a divorce announcement, if your name is listed on a mortgage, you are liable. You are a sponsor of that mortgage.
The only good factor for now is, mortgage rates currently are very low, which could work to a divorced person’s advantage, provided they qualify. The divorce Edmonton mortgage rate you get after divorce will depend on the same factors that determine other borrowers’ rates, such as your income, debt, credit score, and the market environment.
Hope you find this blog helpful. Looking for more information about how divorce impacts your mortgage? Mortgage Tailors are your local Edmonton mortgage brokers. We help with Edmonton refinancing and securing the best Divorce Edmonton mortgage rates.