Navigate Mortgage Options During and After Separation

Welcome to Separation Mortgages at Boychuk Mortgage Group, where we specialise in helping individuals navigate the complexities of homeownership during and after a separation. We understand that separation can bring significant emotional and financial challenges, especially when it comes to managing your property and mortgage. Whether you're in the midst of a divorce, recently separated, or seeking to refinance following changes in your relationship status, our team is here to offer expert guidance and support. We aim to assist you in securing a mortgage solution that aligns with your new circumstances, providing clarity and peace of mind as you move forward.

Personalised Mortgages Tailored for Real Estate Investors

Bridge Financing

Understanding Separation Mortgages is crucial for those facing the dissolution of a partnership. These specialised mortgages are tailored to address the unique financial needs that arise during separation or divorce. They can facilitate various scenarios, such as buying out a former partner's share of the property, refinancing to consolidate debts or lower monthly payments, or even purchasing a new home independently. Our comprehensive approach ensures that each client receives personalised solutions that help them achieve stability and confidence in their future financial situation post-separation.

The Advantages of Mortgage Renewal

At Boychuk Mortgage Group, we recognize that every separation situation is different, and our expertise lies in providing flexible and compassionate mortgage solutions. Whether you need to navigate the complexities of dividing joint assets, understand the implications of existing mortgage obligations, or explore new financing options, our experienced advisors are here to guide you every step of the way. We combine industry knowledge with a commitment to personalised service, ensuring that you receive the support you need to make informed decisions and secure your future.

If you're navigating a separation or divorce and need assistance with your mortgage, contact Boychuk Mortgage Group today. Our dedicated team is ready to provide you with expert advice, personalised solutions, and compassionate support to help you move forward confidently. Let us help you find the proper separation mortgage solution tailored to your circumstances. Take the first step towards financial stability and peace of mind by scheduling a consultation with us today

Navigating Your Mortgage Renewal Options

Advantages of Separation Mortgages

Buyout Options

With a separation mortgage, you gain access to financing that allows you to buy out your former partner's share of the property. This flexibility enables you to retain ownership of the home, providing stability and continuity during a challenging transition period.

Refinancing Opportunities

Refinancing your existing mortgage through a separation mortgage offers various benefits. You can adjust mortgage terms to better suit your financial situation post-separation, such as extending the loan term to lower monthly payments or consolidating debts accrued during the separation process. This option provides economic relief and simplifies your obligations into a single manageable payment.

Tailored Financial Solutions

One of the primary advantages of separation mortgages is receiving customised mortgage solutions that cater specifically to your unique financial circumstances post-separation. These tailored solutions consider factors like changes in income, division of assets, and other financial adjustments resulting from the separation, ensuring the mortgage aligns perfectly with your needs.

Flexibility in Income Verification

Self-employed individuals or those with fluctuating income due to separation can benefit from flexible income verification options offered by separation mortgages. These options allow for a more accurate assessment of income, potentially improving your mortgage eligibility and ensuring that your financial situation is adequately represented to lenders.

Competitive Interest Rates

Access to competitive interest rates is another advantage of separation mortgages. Through Boychuk Mortgage Group's extensive network of lenders specialising in separation mortgages, you can secure favourable rates that reflect your updated financial status post-separation. This ensures that you maximise savings and financial stability during this transition.

Simplified Application Process

The application process for separation mortgages is designed to be streamlined and straightforward. This simplification reduces stress and uncertainty during an already challenging time, allowing you to focus on managing other aspects of your separation with peace of mind.

Expert Advice

Guidance from experienced advisors who specialise in separation mortgages is invaluable. These advisors understand the legal and financial implications of separation and provide specialist advice tailored to your unique situation. They help navigate complex issues such as property division, credit implications, and long-term financial planning post-separation.

Access to Equity

Utilising home equity through a separation mortgage can provide financial flexibility. Whether you need funds for financial settlements with your former partner or wish to invest in your future post-separation, accessing home equity offers a practical solution to meet these financial needs.

Credit Repair Assistance

Guidance on improving credit post-separation is another advantage offered by Boychuk Mortgage Group. By addressing credit challenges and implementing strategies to enhance your creditworthiness, you can improve your overall financial health and increase your chances of securing favourable mortgage terms.

Supportive Customer Service

Throughout the separation mortgage process, Boychuk Mortgage Group provides dedicated support. This ensures clarity and peace of mind by offering ongoing assistance, answering questions promptly, and keeping you informed at every step. Our commitment to supportive customer service aims to make your mortgage experience as smooth and stress-free as possible.

Advantages of Real Estate Investing

Why Choose Us for Your Separation Mortgage?

Choosing Boychuk Mortgage Group's Separation Mortgages offers a strategic and compassionate solution tailored to meet the unique needs of individuals undergoing separation or divorce. Here are compelling reasons to opt for Boychuk Mortgage Group when considering Separation Mortgages:

Specialisation in Separation Mortgages

Our advisors possess specialised knowledge and experience in handling mortgage solutions specifically tailored for individuals going through separation or divorce. This expertise ensures that you receive guidance that addresses the unique challenges and opportunities presented by your situation.

Personalised Approach

We take a personalised approach to every client, recognizing that each separation scenario is unique. Our solutions are tailored to meet your specific financial goals, ensuring that your mortgage aligns perfectly with your long-term plans and aspirations post-separation.

Comprehensive Lender Network

Boychuk Mortgage Group maintains a comprehensive network of lenders, including those offering specialised products for separation mortgages. This network provides you access to a wide range of options, ensuring that we can secure competitive rates and favourable terms that best suit your needs.

Transparent Communication

Clear and honest communication is fundamental to our approach. We believe in keeping you fully informed throughout the mortgage process, ensuring transparency at every stage. This transparency builds trust and confidence, empowering you to make informed decisions with clarity and certainty.

Navigating Complexities

We possess expertise in navigating the legal and financial complexities associated with separation and mortgage financing. Our advisors guide you through the intricacies of property division, credit implications, and other challenges, providing solutions that mitigate risks and optimise outcomes.

Flexibility and Options

Recognizing the dynamic nature of separation, we offer a variety of mortgage options and repayment plans. This flexibility allows us to adapt to your changing needs and financial circumstances post-separation, ensuring that your mortgage remains aligned with your evolving situation.

Commitment to Confidentiality

During a sensitive time like separation, confidentiality is paramount. Boychuk Mortgage Group handles your personal and financial information with the utmost respect and confidentiality, ensuring that your privacy is protected throughout the mortgage process.

Choose Boychuk Mortgage Group for Separation Mortgages and experience the difference that expert guidance, customised solutions, and a commitment to your financial independence can make during a challenging time.

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Why Choose Boychuk Mortgage Group for Real Estate Investing

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    We had the best experience working with Riley and his team. He is very knowledgeable and was able to help us secure a great rate for our mortgage. He was available at all times to answer any questions we had and was great at communicating with us. Would 100% recommend Riley and his team for your mortgage needs

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    Riley was such a pleasure to work with. He made our dreams come true, he got us an amazing rate and made it a stress free experience. He is so personable and goes above and beyond for his clients. The thoughtful touches with house warming gifts and birthday cards. He has made such an impact in our life and we will be forever grateful!

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    We recently used Riley as our mortgage broker and he was the best!! Super kind and patient. He was very responsive, took so much time to explain the whole process to us and was able to find us a great mortgage. Would highly recommend.

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    My husband and I are blown away by how dedicated Riley has been to helping us through the purchase of one home and the sale of another. This whole process can be really overwhelming, but Riley did an excellent job at explaining and educating us through it all. He's very attentive by making phone calls just to check in, and he really cares about us as people not just clients. I would recommend him to anyone I know.

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    Had an absolutely amazing experience dealing with Riley and his team. He was extremely helpful every step of the way and made the home buying experience as easy as possible for us. Highly recommend Riley to anyone looking to purchase a home!

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    We've had great experience with Boychuk Mortgage Group getting a mortgage for our rental property in Calgary. The communication was great, the whole process was smooth and easy. Highly recommend.

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    We had an excellent experience with Riley. Despite our unique situation, he provided outstanding service, addressing our needs and questions promptly. He navigated through any hiccups, ensuring a smooth process. Highly recommend for his professionalism and client-focused approach.

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    Riley and his team are a pleasure to work with. They are fast and pay attention to detail. They were able to answer any questions I had regrading the purchase of our new home and worked quickly to assist on closing. I would not hesitate to use the Boychuk Mortgage Group again and recommend them to anyone looking for any mortgage needs.

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    I had an excellent experience dealing with Boychuk Mortgages. Riley was so thorough and was always available to answer any questions I had throughout the process. He made a difficult and confusing process so easy for a first time home buyer.

    I would recommend Riley to anyone looking for a mortgage broker.

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    Riley and Carla were such a pleasure to work with. They were extremely responsive and kept us in the know every step of the way. They provided various options and helped us make the best decision for our mortgage. Thanks again!

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  • CAN I REFINANCE AND STAY IN MY HOME OR DO I HAVE TO SELL?
  • DO I NEED TO COMPLETE THE SEPARATION AGREEMENT RIGHT AWAY?
  • DO I NEED A SEPARATION AGREEMENT?
  • DOES MY SEPARATION AGREEMENT HAVE TO BE LEGALIZED?
  • WHAT DOCUMENTS WILL I NEED TO CONFIRM MY ASSETS OR DOWN PAYMENT?
  • CAN I APPLY ON MY OWN NOW?
  • DOES MY DIVORCE NEED TO BE FINALIZED BEFORE I GET A NEW MORTGAGE?
  • What is a separation mortgage?
  • How can a separation mortgage help me?
  • What documents are required for a separation mortgage?
  • Can I buy out my partner's share of the property with a separation mortgage?
  • What if I am still going through the separation process? Can I still apply?
  • How long does the separation mortgage application process take?

In many cases, the marital home is owned by both parties and is often the most profitable asset that needs to be divided following a separation. Now you may be wondering if it is best to sell your home, or if there is a way you can stay in your home. Let’s look at those two options below.

  • Sell Your Home
  • When selling your home, both parties agree to liquidate your asset and pay out your remaining mortgage balance in full, including a mortgage penalty, and realtor fees. All the left-over funds, also known as your net equity, can be split up as agreed.
  • This step does not require a mortgage advisor, though if you are looking to take that next step with purchasing your next home, reach out to our team and we’d be happy to help you plan for that next big move.
  • Refinance And Stay in Your Home
  • If you decide to buy out your partner and take sole ownership of your home, our team at Boychuk Mortgage Group can help. With a separation mortgage, we will help you buy out your partner, retain the value you’ve built up in your home, and keep that desired stability for you and your family.
  • How Do I Refinance to Stay?
  • When refinancing your home, the party leaving will request a “release of covenant” from the lender and you will “assume the mortgage’ through the process of requalifying. If there is an outstanding net equity balance in the home, you will be able to refinance the mortgage in your own name up to 95% of the homes current value to pay out the other party. This process will result in you registering your new mortgage solely in your name and hopefully includes enough cash to pay out any affairs.
  • It’s important to note that with less than 20% equity left in your home, you will not be able to pull out any additional cash for personal use/debts.

No!

  • With an accepted separation agreement, we can get the process started for you. However, it will be a condition to your financing that the separation agreement is completed prior to funding.
  • On a case-by-case basis, if your agreement is not finalized, but your legal team can confidently confirm in your agreement a “minimum” value of funds that will eventually be disbursed to each party, we can sometimes get that exception.

Yes!

  • In almost all cases, a separation agreement is required as a fundamental component to securing you your new mortgage.
  • A separation agreement is the initial process whereby both parties come to an agreement on any spousal support, child support, custody arrangements, and the division of relationship assets/ debts.
  • Lenders will require a separation agreement to establish a better understanding of the affordability within your new mortgage, based on any support owed or received and the disbursement of any joint assets.
  • In cases where no support is payable and there are no shared assets, we can request a statutory declaration, also known as a “stat dec”, with your lender, which will be signed at completion with your lawyer.

No!

  • While a separation agreement is required, it is not mandatory that your agreement be legalized by your lawyer. In provinces like BC, this agreement needs to be signed by both parties and witnessed.
  • Your separation agreement will specifically outline the division of all joint assets going to either party.
  • If you are using these assets towards the down payment of your new home, you will need a minimum of 3 months of bank statements, or confirmation from your lawyer’s order to pay statement.
  • Absolutely, just get in touch with one of our advisors and we will walk you through each step of the process. We will identify how much you are able to qualify for and factor in any additional income like child support, spousal support or child tax benefits.
  • We will help you put a plan in place, helping you meet your needs for today and goals of tomorrow.

No!

  • In Canada, a separation period of 12 months is required prior to being able to finalize a divorce. For this reason, we can get you into your new mortgage at any time during the separation period.

A separation mortgage is a type of home loan designed for individuals who are going through a separation or divorce. It allows one spouse to buy out the other's share of the property or refinance the existing mortgage to suit their financial situation post-separation. This mortgage helps manage the division of assets and enables individuals to retain ownership of the home.

A separation mortgage can provide several benefits:

  • Property Buyout: It allows you to buy out your former partner's share of the property, facilitating the division of assets.
  • Refinancing Opportunities: You can refinance the existing mortgage to adjust terms, lower payments, or consolidate debts related to the separation.
  • Financial Stability: It offers financial stability during a challenging time, ensuring continuity in homeownership and providing a clear path forward post-separation.

Commonly required documents include:

  • Personal identification (such as driver's licence or passport)
  • Proof of income (recent pay stubs, income tax returns)
  • Divorce or separation agreement outlining property division
  • Mortgage statements and property appraisal
  • Bank statements and proof of assets
  • Proof of any financial obligations or debts

These documents may vary depending on the lender and your specific financial circumstances.

Yes, one of the primary purposes of a separation mortgage is to facilitate the buyout of your partner's share of the property. This allows you to retain sole ownership of the home and manage the division of assets as part of the separation process.

Yes, you can still apply for a separation mortgage while going through the separation process. Lenders understand that separation can be a lengthy legal process, and they can work with you based on your current situation. It's important to provide documentation such as a separation agreement or legal paperwork outlining the division of assets to support your application.

The duration of the separation mortgage application process can vary depending on factors such as the complexity of your financial situation, the lender's processing times, and the completeness of your documentation. On average, the process can take anywhere from 1-3 weeks or longer depending on the borrower’s ability to provide an application & lender required documents.