Refinancing for the Recently Divorced
Divorce happens. And whether you’re consciously uncoupling or unceremoniously ending a failing relationship, splitting up for good can be a long and emotionally draining period wrought with legal fees and endless paperwork. On top of all that, there’s the tricky issue of dividing up shared property.
Your marital home is likely the most significant asset you and your partner own together. While many couples agree to sell the home and share the profits when they split, sometimes one partner buys out the other. But solo homeownership can be challenging—and that’s where considering a refinance of your mortgage comes in.
Keep in mind that refinancing requires taking out a new home loan, which means you’ll have to meet eligibility requirements before you’re approved. And though you and your partner may have sailed through a loan approval when jointly buying your home, the process can be different when you’re single.
So here’s what you need to know about refinancing your mortgage when you end a relationship.