Life is uncertain. And it’s typical to think that just because you’re separated, divorced, or even widowed that you’ll have to sell your home.
But not necessarily…
Cheryl had owned her home with her husband for 10 years when they decided to part ways.
There was a lot of equity in the home, and Cheryl wanted to keep it.
Cheryl didn’t know how much money she would have to give her husband, whether she could afford payments on her own, or if she would qualify for the new loan.
She didn’t want to be a renter again, and she loved her garden and genuinely wanted to stay.
She looked at rentals in her area, and for a similar home, she would pay $500 more than her current mortgage.
Her attorney suggested she come to see me, and when she did I walked her through the numbers.
Based on the comps and then a formal appraisal on her house, she would owe her husband $105,000.
They owed $224,000 on the loan they had taken out in 2010 during the last refinance, and their interest rate was 4.875%.
Based on a new 30 year loan, an interest rate of 3.5% she could not only qualify to pay his portion of the equity to him, but also have the house in her name, do some minor repairs and re-decorating, and have cash reserves.
She was so relieved, because not only did she qualify on her income alone, but she could also afford the monthly payment with ease.
This could be your story too, but you need to know the numbers.
Contact me today for a free 90 minute consultation. It will be worth your peace-of-mind.