Mortgages through life transitions
Separating from a life partner is a significant life transition with many moving puzzle pieces. The mortgage financing piece doesn't need to be another challenge added to your plate.
Whether your goal is to buy out your partner's share of the property, refinance your existing mortgage to pay out debt, or explore new housing options entirely, I'm here to guide you every step of the way.
Some clients come to me before any decisions have been made. Others come to me already in motion. Either way, every conversation is completely confidential, and my job is to make sure you have all the information you need to move forward with confidence.
You're considering a separation, but you haven't pulled the trigger yet.
Financial insecurity is one of the biggest fears people face when considering this kind of move, and it's often the very thing that holds them back from making the decisions they need to make. You want a confidential conversation about what your finances might look like on the other side, before anything is announced or decided. Mapping out where you stand financially can give you the clarity and confidence to move forward, whatever you decide.
You're already in motion and you need to understand your purchasing power.
The decision is made. Now it's about figuring out the next chapter. Maybe you're buying out your partner's share of the home. Maybe you're selling and buying something new. Maybe you want to know what's possible before you negotiate the separation agreement so you can advocate for yourself effectively. Either way, my job is to map out your options clearly so you can move forward with confidence.
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Absolutely! If you wish to keep the family home, you may be able to buy out your partner's share through refinancing. This option allows you to maintain ownership while adjusting the mortgage to reflect your new financial situation.
The existing mortgage must be addressed as part of the divorce settlement. You can either refinance the mortgage to remove your partner's name or sell the property and divide the equity. It’s essential to work with a mortgage professional to explore the best option for you.
Your credit score may be impacted by the divorce process, especially if joint debts are not managed properly. However, with careful planning and management, you can take steps to protect your credit and secure favourable mortgage terms.
Yes. If you're buying out your partner, you may be able to access up to 95% of your home's value through special programs, instead of the traditional 80% cap on refinances. There are nuances within these programs depending on your unique situation and how your separation agreement is structured and negotiated. Working with a broker who understands those nuances matters when it comes to accessing the best options available to you.
Earlier is always better. Once you start your file with me, it can stay active for as long as you need. Sometimes that's a few months. Sometimes it's a few years. Either way, I'm here for the journey, not just for the transaction. The sooner we map out your options, the more confidently you can move through this transition.
In that case, the home would generally either be sold or your partner would take it over, depending on how you negotiate your agreement and what makes the most sense for your situation. We can discuss the ins and outs of how that works.
The standard income documents are the same as for any mortgage file. With a separation or divorce, we'll also generally need a copy of your separation agreement outlining the division of the matrimonial home (if applicable), as well as any child support or alimony payments.We can absolutely plan ahead and build out scenarios using reasonable assumptions, but these documents are typically required when it comes time to finalize the mortgage in most cases.
Two ways to begin. Pick what feels right for where you're at.
Book a 30 minute call. If you're not sure what path makes sense, this is the best first step.
Start your application directly. We'll set up the call from there.
Either way, we'll end up having that conversation. It's just a question of which one comes first.