Mortgage Solutions During Divorce

Divorce often involves difficult decisions about the family home. One spouse may want to remain in the property, while the other wants to receive their share of the home's equity. In other situations, selling the home or purchasing a new property may be the best option.

Understanding your mortgage options early can help you plan for the financial transition.

Refinancing a Mortgage After Divorce

If you want to keep the marital home, refinancing may allow you to obtain a new mortgage in your name alone and, when appropriate, provide funds to buy out your former spouse's interest in the property.

Whether refinancing is possible depends on factors such as income, credit, existing debts, available equity, and lender requirements.

I'll help you explore available mortgage programs and understand what may be required to qualify.

Buying Out Your Former Spouse

If you and your spouse have agreed that one person will keep the home, you may need financing to pay the other spouse their agreed-upon share of the equity.

Depending on your circumstances, a refinance or another eligible financing option may be worth exploring.

It's important to coordinate the financing with your divorce attorney and the terms of your settlement agreement.

Qualifying for a Mortgage After Divorce

Your financial circumstances may change significantly after a divorce. You may have a different income, new financial obligations, or questions about how child support or maintenance will affect your mortgage application.

I can help you understand how lenders generally evaluate income, assets, liabilities, credit, and other qualifying factors.

Purchasing a New Home After Divorce

Starting over can also mean purchasing a new home.

Whether you're buying immediately or planning for the future, we can discuss your mortgage options, estimated payments, down payment requirements, and steps toward obtaining a preapproval.

You don't have to figure everything out at once. Let's start by discussing your situation and available options. Contact Todd Probasco Mortgage Banker 708.205.2983 or email toddprobasco@gmail.com NMLS 232536