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Spousal Buyout
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Facing a Spousal Buyout Situation?
Mortgage Options to Support Spousal Buyouts
Are you navigating the complexities of a spousal buyout and need financial assistance? Whether it’s part of a separation or divorce settlement, we offer competitive mortgage options to help you retain ownership of your home. With clear terms and repayment plans, we make the process less overwhelming during an already challenging time.
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Simplified Financing for Spousal Buyouts
Is managing the financial burden of a spousal buyout stressing you out? Our mortgage solutions provide quick approvals and transparent terms, ensuring you have the resources to move forward. Whether you’re buying out your partner’s share or refinancing to adjust payments, we’re here to help.
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FAQs
Frequently Asked Questions
A spousal buyout mortgage allows one partner to refinance the jointly owned home to buy out the other partner's equity during a separation or divorce. This enables the remaining partner to retain sole ownership of the property.
To qualify, both individuals must be on the property's title, a legally binding separation agreement must be in place, and the remaining partner must qualify for the mortgage independently, considering factors like income and credit score.
Through programs like Canada's Spousal Buyout Program, you can refinance up to 95% of the home's appraised value to facilitate the buyout and potentially consolidate joint debts.
Yes, a full appraisal is typically required to determine the current market value of the property, which helps establish the amount needed for the buyout.
Yes, common-law partners can utilize spousal buyout mortgages, provided both parties are on the property's title and a separation agreement outlines the terms of the buyout.
Required documents typically include a signed separation agreement, proof of income, employment verification, a list of debts and assets, the current mortgage statement, proof of home insurance, and a recent home appraisal.