Jennifer Jacobson’s Post

In 2022, a staggering... wait for it... 2.78 million people filed for divorce in Canada, highlighting the significant impact separations have on individuals and their finances. With the divorce rate at 38%, spousal support often becomes a hot topic for our mortgage clients. Handling alimony payments alongside mortgage qualification can feel like walking a financial tightrope. While vital, these payments can heavily influence your ability to secure a mortgage. They're treated as recurring debts, similar to car loans or student loan payments, affecting your debt-to-income ratio and borrowing capacity. For instance, if you owe $1200/month in alimony, it could reduce your mortgage qualification by approximately $150K – a substantial impact. On the flip side, receiving spousal support can boost your borrowing power. The clash between homeownership dreams and financial realities underscores the importance of careful budgeting and adjusting your expectations. Qualifying for a mortgage means finding balance amid financial obligations, requiring informed decision-making and resource management. And that’s where I come in – ready to guide you through!

Divorce or separation can get complicated, especially when it comes to your mortgage. 🏡 One party may agree to take over the payments, but does that mean you're off the hook? Not exactly. Here’s the reality: Even if you’re no longer obligated to your ex, the bank doesn’t see it that way. If your name is still on the mortgage, you're still responsible for the debt. A divorce or separation decree won’t release you from that obligation. The bank will need more—usually either a refinance or a formal removal of your name from the mortgage. So, while it’s great if your ex agrees to take over payments, until your name is off the mortgage, you're still legally tied to that debt. Want to protect your financial future? Be sure to address this with your attorney, lender, or real estate agent.

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Managing Your Mortgage During Major Life Changes: Life is full of significant transitions, and major life events such as divorce, inheritance, or starting a business can deeply affect your financial landscape, including your mortgage. Understanding how these changes impact your mortgage options and financial planning can help you make informed decisions and manage your home loan effectively. Divorce: Reassessing and Refinancing Divorce […] The post Managing Your Mortgage During Major Life Changes appeared first on Ishakis Finance Report Mortgage Broker Brooklyn. http://dlvr.it/TDKpJr

Support Income and Your Mortgage: What You Need to Know Did you know support income can help you qualify for a mortgage after divorce? Whether you’re keeping the marital home or purchasing a new one, lenders look for two key things: ✅ 6 months of consistent support income receipts ✅ Proof of at least 36 months of continuance Stability and consistency are the foundation for securing your financial future. ➡️ Unsure if your support income meets the requirements? Let’s connect to create a plan that works for you!

https://lnkd.in/eypXcfHq What happens to a mortgage loan during a divorce in California? Scott Levin and Sam Mehta explore the implications of divorce on a mortgage loan and the options and considerations to answer so you navigate this process smoothly. Do you refinance the mortgage? Should you keep the mortgage intact if there will be a buyout by one spouse? What are the negative impacts to the non-owning spouse if he or she remains on the mortgage loan? Consider the intersection of home loans and divorce and learn about the issues most commonly asked about. Learn how couples can both remain on the loan after divorce and the potential risks involved. Learn about the 12-month rule and how a non-owner can stay on the loan but not have it count against him or her when applying for future loans. This discussion really provides great insight and mortgage wisdom.

You own a home, through paying a ten, or five percent deposit initially 🏠 Then continually repaying your existing mortgage 💷 Ownership of a property is also referred to as equity, and you may not always keep it exactly the same 🤔 That’s because some of life’s key events require a transfer of equity 👇 - Marriage, or partnership - Divorce, or separation Not only those, transferring, or removing part of the equity can occur in the following scenarios 👇 - Changing the percentage of shares owned by co-owners - Reducing future inheritance tax limits - Selling your share in a property - Gifting a part of your property The list goes on 📃 Plus the transfer of equity is another legal process so you’ll need to liaise with 📞👇 - Chartered surveyors for property value - Conveyancers to transfer the title deeds - Lenders to remortgage the house under new names - The HMLR to legally update the property’s ownership - The HMRC as well, in case you have to pay any taxes Now you know what a transfer of equity is, the circumstances when it is used, and the process which it goes through 💯 You won’t be stuck should any of those good or the bad times occur 🙌 Want to learn more about your home buying and owning journey? 🙋♀️ Click our profile, and binge our content 👓 #equity #transferofequity #homeowners

Navigating the complexities of mortgages after a divorce or separation can be daunting. Our latest blog post breaks down essential steps and strategies to help you move forward confidently: Understand your mortgage options Assess your financial situation Steps to take if you want to keep the family home Considerations for selling the property Building a new financial future Read more to empower your journey toward financial independence and security. Check out our full blog post below: https://lnkd.in/efwEyPfq

𝐓𝐡𝐢𝐧𝐤 𝐨𝐟 𝐢𝐭 𝐥𝐢𝐤𝐞 𝐚 𝐪𝐮𝐢𝐜𝐤 𝐡𝐞𝐚𝐥𝐭𝐡 𝐜𝐡𝐞𝐜𝐤-𝐮𝐩 𝐭𝐡𝐚𝐭 𝐝𝐨𝐞𝐬𝐧'𝐭 𝐝𝐞𝐥𝐯𝐞 𝐢𝐧𝐭𝐨 𝐮𝐧𝐝𝐞𝐫𝐥𝐲𝐢𝐧𝐠 𝐜𝐨𝐧𝐝𝐢𝐭𝐢𝐨𝐧𝐬. It might tell you your blood pressure is normal, but it won't identify potential risks or complications specific to your situation. Similarly, pre-qualification might give you a number, but it won't address how divorce impacts your income, assets, debts, or long-term financial goals. For a deeper, more accurate understanding, comprehensive divorce mortgage planning with a Certified Divorce Lending Professional (CDLP®) is essential. Navigate your financial future with confidence and clarity. 🏡💼 Contact Dan, Division Manager Mortgage Loan Originator NMLS#795321 ☎️516-852-4259 💻https://bit.ly/4baNCp6 #contourmortgage #danielbenigno #nmls795321 #nmls34384 #mortgageplanning #divorcemortgageplanning #nassaucounty #longisland #carleplace #manhassat #portwashington #coveneck #farmingdale

🔍 Delving into the nuances of divorce income for mortgage approval! Join us as we discuss the intricacies of incorporating income sources like child support and alimony into your mortgage application. Did you know you typically need six months of receipt and 36 months of continuance for these incomes to be considered? In this video, we break down the essential requirements and considerations for divorce-related income, shedding light on what lenders look for during the mortgage approval process. Whether you're receiving support payments or making them, understanding these guidelines is crucial for a smooth home financing journey. Ready to explore how divorce income factors into your mortgage application? Watch now and empower yourself with the knowledge you need! #TheMoreYouKnow #DrennenHomeLoans John Drennen, CDLP NMLS # 337203 702-612-0802 [email protected]