There is a great deal to consider when planning a separation or the ending of a marriage. One primary concern, where you expect to live and what might be required to make that a reality, is often taken for granted rather than thoroughly understood. The picture can become particularly complicated if you plan to purchase a new home, or refinance an existing residence, as part of the process of starting your new life.
A few of the many questions about qualifying for a home mortgage that you may want answered:
• How might support payments impact my ability to purchase or refinance?
• Will signing a Quit Claim Deed relieve me of liability for the mortgage on the subject property?
• If a settlement agreement assigns responsibility for an existing mortgage payment to the other party, will a lender consider this in qualifying me for a new purchase loan?
• How do lenders look at a potential borrower who is separated, or in the process of a divorce that has not been completed?
• How are our joint credit accounts going to be considered by a mortgage underwriter?
• Will my credit score be impacted if my ex misses a payment on a account on which I was a co-signer?
Chris Hendricks has over 30 years of experience in real estate and banking. He has personally faced some of the same issues having also gone through divorce. We are available for a phone or in-person consultation to help you develop a future housing plan and to answer any questions you may have. There will be no charge.