No Down Payment Mortgages
When a couple gets married it’s understood that they will be establishing a home together. That’s why we give them gravy boats and cake plates and not sporting goods and car parts.
However, when a couple gets divorced they don’t receive the corresponding support. We don’t help them get out of the house we helped them build with our expensive wedding gifts.
What to do with the home is always a source of pain and stress for divorcing couples. Currently there is some relief. Canadian home owners are experiencing one of the best times for mortgage options ever! With longer amortization and mortgages that offer cash back, divorcing couples in Canada have several viable options to get back into a new home.
Divorcing couples have two options when it comes to their family home. Unfortunately, each comes with drawbacks. The first and foremost of which are the splitting spouses need to communicate with one another. That’s usually difficult for divorcing couples. If they could communicate they probably wouldn’t be divorcing in the first place.
Sell & Split
The divorcing couple sells their home and splits the money. This is rather simple and many divorcing couples choose this option.
Drawbacks: Usually, the home has to sell very quickly. This means the couple may have to sell their house for less than they want to.
One Spouse Buys the Other One Out
One of the spouses buys the other spouse’s equity share of the house. This is an option if the couple has children and they don’t want to move them.
Drawbacks: It can be difficult to agree on a price and the home may cost too much for one person. Also, the equity payout may not cover a down payment on a new home.
No Down Payment Mortgage Options
Just because a marriage is ending doesn’t mean one’s ability to buy a home has to end too. A mortgage broker or mortgage planner can help a divorcee get back into a home using options like a 30-year amortization and cash-back mortgages. All the divorcee needs is a stable employment record, satisfactory credit, and the desire to own a home again.
To know more about “No Down Payment Mortgages” in Brampton, Oakville, Milton, Mississauga and other surrounding areas Call 905-789-8198 or Ask our Expert Mortgage Agents.