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Apr 9, 2024 · Refinancing after divorce is a good way to divide up property and remove one party’s name from the mortgage. Learn more about post-divorce refinances here.
- Victoria Araj
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In this guide to refinancing your mortgage after a divorce, you can learn the following: Key reasons for refinancing due to divorce; How refinancing works after divorce; And what happens if you can't refinance after divorce; Reasons to Refinance After a Divorce
Apr 13, 2023 · Removing the spouse relinquishing ownership from the mortgage. Refinancing the loan and taking a new one in the name of the spouse keeping the property. Dealing with the mortgage is very important. It is possible for a deed to be quitclaimed but for both divorcees to remain on the mortgage.
Refinancing after a divorce can help you get a mortgage with more favorable loan terms. For instance, you may want to take advantage of low interest rates, shorten the repayment period to pay off the mortgage sooner or extend your repayment period to make your mortgage payments more affordable.
- Remove your spouse from the mortgage loan. The first thing to know is if you’re keeping the house, you will typically be required to refinance the mortgage as part of the divorce settlement.
- Buy out your spouse. For many married couples, a home is the most valuable asset they own. That means, when you get a divorce, it will be the most valuable asset you’ll have to divide.
- Cash-out your home equity for other reasons. Cash-out refinance proceeds can be used for other purposes as well. Home prices have soared in recent years, and in some cases, that has left couples house rich and cash poor.
- Lock in a fixed-rate loan. About 10% of home buyers take out loans with adjustable-rate mortgages (ARMs). With an ARM, the rate and the payments are fixed for a certain period of time (usually 5 or 7 years).
Feb 29, 2024 · Should you refinance your mortgage after a divorce? Divorcing couples with joint mortgages may choose to remove one of their names from the mortgage, leaving the other as the sole remaining...
Oct 5, 2023 · If you want to keep your house and remove your ex-spouse from the mortgage, refinancing might be the solution for you. In this step-by-step guide, we’ll walk you through the process of refinancing your house after a divorce to help you start your new chapter with confidence.
