Mortgage Blog
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Spousal Buyout Program in Edmonton and across Alberta
July 16, 2021 | Posted by: Yvonne Wilchewski - Edmonton and Alberta Mortgage Broker
Spousal Buyout Program
Does one party want to keep the home?
The Spousal Buyout program is helpful for people who are going through relationship breakdown and one party wants to keep the home. This program is available for married and common law couples, as well as joint titled individuals (example: siblings who own a home together)
The spousal buyout program is different from a traditional refinance because it allows you to access 95% of the equity in your home, instead of the traditional 80%!
The Spousal Buyout Programs Allows the following to be included in the mortgage:
- > Payment of Matrimonial Debt
- > Equity Payout to the departing applicant on title
- > Payment of Mortgage Penalty if applicable
- > Transfer of Mortgage High Ratio Insurance Fees (CMHC/Sagen (GE)/ Canada Guaranty)
- > Legal Fees
The court documented “Legal Separation Agreement” is required for this type of mortgage approval. If you are just getting started in the process of separation and need a preapproval, please connect with Yvonne Wilchewski. The mortgage process can be started early, held in preapproval status, and then funded as soon as the Legal Separation Agreement is signed.
Feel free to contact me to speak with an expert on First Time Home Buyer and Acreage and Recreation Property Financing in Leduc & Pigeon Lake, Alberta.
