Refinance Divorce Buyout
Get the Financial & Mortgage Expertise You Need Through This Time of Transition.
Getting Divorced has its own set of hurdles and Issues. One of the biggest questions for many divorcing couples is what will happen with the current mortgage and home that you both have a financial liability, equity, and ownership in?
To get answers to these question and other related questions surrounding mortgages and divorce, you need a mortgage broker with an extensive knowledge of loan programs designed specifically around divorce and real estate.
Specialty Loan Programs Just for Divorcing Couples
For most loan programs, taking money out of your house for any reason is considered a cash-out refinance. However, both Fannie Mae and FHA have a specific divorce buyout option, which allows you to take money out of your house to pay off an ex-spouse without the cash out refi penalties.
This is a huge advantage few banks, lenders or mortgage brokers know about that will provide you with lower interest rates, lower monthly payments, and lower closing costs than a traditional cash out refinance.
Additionally, the divorce buyout option also allows for a much higher Loan to Value (LTV) than a traditional cash out refinance. A normal cash out refinance is limited to 80% of your homes current value. The divorce buyout option allows you to take out up to 95% of your home’s value through Fannie Mae and 97.75% through FHA.
Why Do You Need a Mortgage Broker with Specific Experience and Knowledge in Divorce Related Mortgage Financing?
- Get answers to your questions about refinancing or buying a home before, during or after your divorce. We can discuss your specific set of needs and goals related to mortgages that are unique to you.
- Discuss issues related to the deed on your house, what a quitclaim deed is and how using a quitclaim deed does not remove the exiting spouse’s obligation on the mortgage.
- Have someone that can explain what will happen at closing, whether your ex-spouse will need to attend the closing and what documents they will have to sign depending on if your divorce is final yet or not.
Every divorce is unique, and every client’s needs are different. We are here to help you through this frustrating and emotional financial step.
Rely on Advantage Lending Corp for the highest level of client care and communication to ensure a smooth and efficient experience. Call us today at 248-608-RATE