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Divorced? What You Need to Know About Completing a Mortgage Application

Divorced? What You Need to Know About Completing a Mortgage Application

Before applying for a mortgage after you have gone through a divorce, you need to gather as much information as possible. It is a risky affair that must be approached with a lot of caution. Unlike getting a mortgage in 'ordinary' circumstances, there are a lot of legal documents that must exchange hands for the mortgage to be complete. This process can be daunting, especially if you are getting a mortgage soon after finishing the divorce process.

Here are some important things that you must consider when getting a mortgage after divorce:

  1.  You must prove whether you have another pending mortgage.
  2. If you were making a joint mortgage payment with your ex-spouse, then you must show whether you are still paying or have completed it. To do this, you must present legal agreements signed by both you and your spouse. You will also have to produce the divorce decree.

  3.  Your debt-to-income ratio
  4. This will be determined based on whether you are paying alimony or child support. Divorcees must present court letters, birth certificates and tax returns as evidence of their financial situation.

  5.  Credit status
  6. After going through a divorce, you need to check your credit status. Asset divisions may negatively affect your credit status and reduce your chances of getting a mortgage.

    It may be a little harder to get a mortgage after a divorce, but it is definitely not impossible. With the help of a legal counsel and a great financial advisor, you will be able to get back on your feet. For help applying for a mortgage after a divorce, contact the experts at Midland Mortgage.

Posted Oct 19, 2016 by Midland Mortgage Corporation