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A: Why use a Connecticut Mortgage Broker?
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2. Looking for a Home >>
State of Connecticut Home Page
Divorce Mortgage:
Divorce Mortgage refers to the process of restructuring the current mortgage on a property. Even though people call the mortgage a “divorce mortgage”, in reality the mortgage is a standard mortgage with a cash out option.
This happens when one of the divorcing parties wants to buy the other person’s equity position in the home. This way the person remaining in the home has complete obligation under the mortgage loan and owns the home outright.
Things that should be factored into the loan for the determination of equity buy out may include;
Real Estate commissions
Taxes and Transfer Taxes
Real Estate Attorney fees
Recent improvements
Allocation of current mortgage debts
Paying off credit cards
As you work through the process, you should have the information reviewed by a mortgage professional. There are many types of loans and the appropriate options can be presented to the concerned parties.
Reference the How much can you afford? section of this website. The restructuring of the debt is critical to understand and to set a comfortable payment that you can afford as your life changes.
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