While some people focus on how savings and income will be split up after a divorce, determining how much debt you might take on could be just as important. Generally, you’ll close joint accounts when you start the divorce process and try to pay off or transfer shared debts during the divorce.
You can sell the house and each take your portion of the equity and buy a new home. Or if one spouse intends to keep the house, he or she can refinance the house and get the entire mortgage in his or her name. Some banks will also allow an assumption of the loan in certain instances. You can find out more by reading Divorce Mortgage Options.
It’s common for married couples to merge their finances together after the wedding. If you owned a home prior to the marriage, it might make sense for you to refinance the loan to get a better interest rate or dip into your equity with a cash-out refinance loan. If both you and your spouse meet the lender’s approval.
Mortgage rates are falling sharply, with the average rate on a 30-year fixed mortgage dropping from 4.23% on May 21 to 3.94% as of Monday. And for the 5.9 million homeowners who could score lower.
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Backstory: A recently divorced client received my monthly market update notifying clients that mortgage rates were near 14-month lows. That means. Flipboard: Just Approved: Divorcee refinances, removes ex from mortgage and lowers her monthly bills
A: Buyers and sellers, although on different sides of a transaction, often share a common trait. They don’t listen. It’s hard because they don’t understand the nuances. For example, sellers have said to me, "But my house is the same as the one down the street except they remodeled their kitchen and built an addition."
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Return to top of Divorce and Refinance Issues. Should my fianc buy the house if I don’t qualify to refinance? Cathy’s Question: My divorce decree stated that I must refinance the mortgage on the family home to remove my ex-husband’s name by a certain date. I cannot refinance that quickly due to an upside-down equity situation, but my lender.
Homebuyers, here’s how much you could have saved by shopping around for a mortgage last week First time home buyer help Buying your first home can be the biggest and most important purchase of your life, but it doesn’t have to be painful. Knowing the process and being prepared for each step can prevent many headaches — and save you money.