Many couples who own a home have a joint mortgage. If one spouse keeps the house, the other spouse’s name could still be on the mortgage. To prevent this, the spouse who keeps the home needs to refinance the mortgage into their sole name. In today’s financial climate, refinance is not always possible. The spouse applying for the refinance can use only their own income and credit score to qualify. One factor that plays a role in the refinancing is the reduction in income and assets the borrower has post-divorce. This can impact borrowers mortgage rates. The mortgage rate you get after a divorce will depend on things such as your income, debt, credit score and the market conditions.
We work with mortgage professionals who offer fee divorce mortgage guidance to help you make an informed decision about your ability to refinance and keep the marital home. If you are not looking to keep the marital home or do not qualify to do so, our mortgage professionals can assist with new loan origination. They help you determine what you qualify for so you know what you can afford.
Our title professionals can research the property’s title history. They are able to perform a title search which examines public records and retrieves documents on the history of a piece of real property to determine and confirm property’s legal ownership and find out what claims or liens are on the property. If the title history research shows that the current owner does not own the property legitimately or that there may be a dispute or other issues with the title, our title professionals can work on generating a clean title.
A home inspection is a complete examination of the property’s physical structures and major home systems. An inspector takes a close look at every nook and cranny to determine condition. An inspection report will highlight any flaws found in the home. It also generally includes some information about the age of the home’s systems.
If you are considering keeping your marital home, an inspection is valuable tool that allows you to find out what your house is hiding. Differed maintenance, which can lead to more issues in the home, occurs more frequently during a divorce.
We work with inspectors who will do a thorough examination of your home and write a detailed report of what they find. To have a better understanding of your home, they will review this report with you. For your protection, get a home inspection.
Homeowners insurance is important because it protects consumers' homes and personal property. In the event of a total loss, insurance can provide the primary source of rebuilding funds. It also provides liability coverage for legal actions from injuries or damage from another person on their property.
To check on previous insurance claims, Get a C.L.U.E.
C.L.U.E. stands for Comprehensive Loss Underwriting Exchange. A C.L.U.E. report includes insurance claims history for people, houses and cars. You can order a free C.L.U.E. report annually about your property from LexisNexis if you are the homeowner by calling 1-866-312-8076 or by visiting consumer.risk.lexisnexis.com.
Pulling a C.L.U.E. report does not have any impact on your credit score/report.
All of the professionals that we work with have had experience with divorcing homeowners. They understand the complexities and stress that are associated with divorce. As a team, we work together to help you make an informed decision about your real property.
Best of all most of the house homework is free.