Separated and ready to buy your own place?
I receive calls every now and then from a husband or wife that is separated from their spouse and wondering how they can move on and buy their own home. Since the process of a legal separation and pending divorce can be a very stressful time for couples I try my best to keep it simple. Once I have an idea of their situation I can guide them forward. In some cases a purchase can happen right away while in other situations we must wait.
As always lenders consider the risk for granting a mortgage to anyone.
*If my client is separated but still on the mortgage of the family home they will consider the full mortgage payment, taxes, strata and hydro expense for that person even if the other spouse is paying for half or the entire amount. This can affect their ability to qualify for a purchase.
*They will also want to see a separation agreement if there is any child support or spousal support.
*In some cases they must refinance the family home to pay out one spouse - removing the other from title on that home in order to qualify for their own purchase.
Regardless of what we need to do - I work with my client to help them make good decisions through the transition and get on with their life.