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There are things the banks don’t want you to know, but here at Stellar Finance Group, we don’t gate keep!
mortgages and property -
what happens after a divorce
divorce and mortgage obligations
so who keeps the property?
What are our options?
When dividing assets in a divorce, your mortgage is a major consideration. Here are three typical ways to handle the mortgage:
Refinance the MortgageOne partner can refinance the mortgage under their name, buying out the other partner’s share. This option requires the refinancing partner to qualify for the mortgage on their own, which will depend on their financial stability and creditworthiness.
Sell the Property to Your PartnerIf one partner wishes to keep the home, they can buy the other’s share. This requires the purchasing partner to secure financing independently, assuming they meet lender criteria for affordability and credit.
Sell the Home and Split the ProceedsIf maintaining the mortgage is too burdensome, selling the home and dividing the proceeds provides a clean break. This is practical if neither party can afford the mortgage solo, or if both parties prefer to start fresh.
Choosing the right option involves careful consideration of each partner’s financial situation and long-term goals. Consulting with financial advisors and legal counsel can provide guidance tailored to your specific circumstances.
This is where an experienced mortgage broker can really add value.
Why use a stellar finance broker?
Having access to an experienced mortgage broker will enable a thorough review of your assets, liabilities, income and expenses. It will equip you with a solid understanding of what you can and can’t afford before you go in to negotiate.
Our brokers will help you navigate this process. They are expert mortgage brokers with widespread experience in helping clients through a plethora of scenarios.
hear from our clients
Lisa has a fantastic way of tuning into needs and ensuring we have confidence in our important decisions, through being well informed and not rushed. Lisa really made us feel assured and helped to break down any knowledge barriers, making us feel in control of our decisions. Thank you Lisa for your ongoing support and helping to build a positive future for our family!
Wayne Jones
From the moment you first meet, Lisa will be here to inform you, guide you and along with you, make your financial dreams come true. Sam Asadollahi recent experienced this when he asked Lisa to help him with purchasing his first property.
Sam Asadollahi
Got a dream? Lisa and her team can help you make it happen. I can’t think of a better person to have on my team to achieve my goals. Her hard work and determination bring results and she always has plan B and C (at least!) to make sure she can make things happen for you. Her team are excellent, keeping you well informed in the progress of negotiations and very responsive. I can’t recommend Lisa and her team enough!
Jennifer Hsu
Lisa was awesome in the way she carried out her services. She was fully engaged from the very first meeting in understanding our needs to then take us through options in the market and eventually help us choose the right product. The whole process was well defined and managed by Lisa and her team all the way till we settled. If you are on the lookout for a professional who knows the mortgage industry well, spends time to understand your needs and maintains a proactive communication at every step of the process, then Lisa should be your choice for a broker. I highly recommend the services of Lisa Bridgett and thank her for the efforts.
Babu Narayanan
It was an absolute pleasure working with Lisa on our loan financing. Lisa is extremely professional, dedicated and knowledgeable. We were very impressed with how responsive Lisa always was (and still is) to all our questions and we valued the fact that we could communicate with her outside of the normal working hours. We would recommend Lisa highly to anyone in need of mortgage financing.
Magda Louw
Lisa Bridgett is all about making her clients’ life easier! From the moment you first meet, Lisa is there to inform you, guide you and along with you, to make your financial dreams come true. Hear what her client Renee Vella has to say.
