Housing after you separate or divorce

By Planulife Team — July 20th, 2021

We never really plan for this to happen, but when it does it can feel like there’s so much to look after – including your mortgage. We can help with this, and take a load off your mind. ⠀

Often when couples purchase a home together, they qualify based on dual income. When separating, they are usually faced with having to buy the other partner out, or selling and downsizing.

When qualifying for a mortgage after you’ve gone through a separation, Your lender will require that you requalify for the mortgage on your own. You’ll have to prove to your lender that you can afford to make the mortgage payments. Your lender may ask for certain information including:

a separation agreement (if you have one)
the amount of any child support payments
the amount of any spousal support payments

If you don’t qualify for the mortgage on your own, an option is to ask another person to act as a joint borrower or guarantor. This person should have a good credit history and income. Before co-signing, make sure you both fully understand the responsibilities involved.

If you’re ?????? ???????/????? ???????, this counts as a liability we have to factor in. If you’re ????????? ???????/????? ???????, this can count as income, and help increase the amount you qualify for.

We have a strong network of professionals that we work with that can further assist with various areas of the process. Don’t suffer in silence. ⠀

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Housing after you separate or divorce

We never really plan for this to happen, but when it does it can feel like there’s so much to look after – including your mortgage. We can help with this, and take a load off your mind. ⠀

Often when couples purchase a home together, they qualify based on dual income. When separating, they are usually faced with having to buy the other partner out, or selling and downsizing.

When qualifying for a mortgage after you’ve gone through a separation, Your lender will require that you requalify for the mortgage on your own. You’ll have to prove to your lender that you can afford to make the mortgage payments. Your lender may ask for certain information including:

a separation agreement (if you have one)

the amount of any child support payments

the amount of any spousal support payments

If you don’t qualify for the mortgage on your own, an option is to ask another person to act as a joint borrower or guarantor. This person should have a good credit history and income. Before co-signing, make sure you both fully understand the responsibilities involved.

If you’re ?????? ???????/????? ???????, this counts as a liability we have to factor in. If you’re ????????? ???????/????? ???????, this can count as income, and help increase the amount you qualify for.

We have a strong network of professionals that we work with that can further assist with various areas of the process. Don’t suffer in silence. ⠀

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