Key Insights

Insight is way better than hindsight!

Do either of you want to keep the home?

NO

If neither of you want to keep the house then the process is straightforward. The home can be sold, equity split and each person will find a new space to call home.

YES

If the answer is yes, but you’re unsure what to do, I can help. Together we’ll explore all the options available, and I’ll guide you through the process from start to finish. It may be possible to access up to 95% of the value of your home through a Spousal Buyout.

Whether you decide to keep or sell your home,
here are some valuable Key Insights.

(Click a headline below for more detail)

Start by knowing the Lender Value vs. Market Value of your home. Have an appraiser establish the value of your home from a lender perspective. That way, you’ll know how much equity you have to work with by refinancing or doing a buyout. A comparative market analysis can establish the market value of your home so you know what you could sell for in current market conditions.

Find out your Mortgage Payout Penalty. Ask your existing mortgage provider, so you have that information up front. You may be able to port your current mortgage to a different home and avoid payout penalties. When it comes to Real Estate Commissions, the seller pays the commissions, and the buyer pays $0.

Salary, hourly wages, self-employment, contract work, disability and pensions are all forms of qualifying income. But other forms of income also count, such as; child support, alimony payments and Canada Child Benefits. In most cases, these can be used toward mortgage qualifying. Gifted money from immediate family members and cashing in RRSPs can be used as a down payment toward purchasing a home.

Having the names on titles and mortgages reflect the changes in living arrangements can be completed most cost-effectively at the same time. This ensures that assets and debts are allocated to the individual taking responsibility for them.

You don’t have to wait until you’re fully separated to find out your options. A signed Separation Agreement is helpful to confirm support/alimony payment. Still, some lenders will proceed with financing, having a signed Affidavit by both parties confirming the support/alimony arrangement. You may be able to move forward sooner than you thought!

Finding the right agent during a separation is so important.

Let me help you.

I know what you’re going through and what you need to avoid.

I will make sure you know all your options so you can avoid long-term mistakes. 

HomeSight Solutions

HomeSight offers real estate and mortgage solutions to couples and individuals navigating separation and divorce.

You’ll be given all the options for what to do with your home so you can make an equitable decision.