Spousal Buyout Mortgage

Mortgage Broker in Waterloo, ON

As your mortgage professional, I will work with you to understand and assess your unique requirements, and help you understand what is affordable. There is a solution for you and I believe YOUR input is top priority in order to make the decision together.

In situations where two parties are on title to a property and in the process of 'buying' out the other's interest, the following guidelines can apply:

Mortgage companies will allow either a 'purchase' loan up to 95% Loan To Value OR refinance loan up to 80% Loan To Value. Insurers will support this program and treat this like a regular purchase. A purchase agreement can be done up and one partner is 'purchasing' from the partner that is coming off title.

It will assist you to utilize the equity of the matrimonial property or joint property to consolidate joint debts and/or buyout amounts.

Docs needed upfront:

  • private purchase agreement
  • finalized (notarized) separation agreement stating division of equity and no support payments

HERE'S WHAT I CAN DO FOR YOU:

  • Explain the ins and outs of the program, if better to choose insure dpurchase or refinance and offer advice on which terms, features, and rates are best suited to you and your financial situation
  • Gather the documentation you need to get a mortgage approval
  • Customize your mortgage options to make sure the mortgage product works for you
  • Explain all the costs involved

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