Divorce Mortgage Canada

Overwhelmed by shared financial responsibilities? Divorcing with a joint mortgage makes things tricky. In Canada, both parties stay legally tied to the mortgage until it's either refinanced or the property is sold. Turkin Mortgage assists in finding solutions like refinancing to take one name off or arranging a sale for equitable equity division. With connections to over 35 lenders, we're here to secure adaptable terms for a smoother transition.

Concerned your income post-divorce won't qualify? Securing a solo mortgage hinges on your credit history, consistent income (including potential alimony/child support), and debt-to-income ratio. Our experts simplify the process by emphasizing strengths such as steady employment or current home equity. Explore high-ratio mortgage options for minimal down payments.

• Secure a court order or separation agreement detailing ownership shifts.
• Refinance the mortgage solely in the remaining spouse's name (we'll find lenders with great rates).

• Our fast approval times reduce stress during this challenging period.

Counting support payments as income? Lenders usually consider spousal/child support as income if it's been consistent for over 6 months and will last 3+ years. Submit court orders or separation agreements, and we'll include these in your application.

Want to stay put? Refinancing might be necessary to buy out your spouse's share. We'll assess what's feasible based on your income, current home value, and mortgage rates. Options like a HELOC or equity take-out could help finance the buyout.

• Final divorce decree or separation agreement.
• Proof of spousal/child support (if relevant).
• Latest pay stubs, tax returns, and bank statements.

• Upload documents securely via our online portal in no time.

Worried about credit impact? Divorce alone doesn't hurt your score, but missed payments on joint accounts might. We can help separate joint credit and rebuild your credit profile. Even with a lower score, our wide lender network keeps options open.

1. Get a home appraisal for market value.
2. Figure out the buyout sum (like 50% of equity).

1. Receive personalized advice to fit terms within your budget.

• Portable mortgages: Move your current mortgage to a new home.
• Bridge financing: Cover expenses between selling and buying.

• We customize solutions to suit your new beginning.

In a hurry? With stable finances, approval could be as quick as 72 hours. We speed up the process by negotiating rates early and giving priority to urgent cases. Ready to start? Our efficient process takes you from application to closing swiftly.