))
#8. Mortgage Moves & Missteps Every Divorcee Must Know
Manage episode 449823375 series 3577203
Content provided by Lisa Gu. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Lisa Gu or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ppacc.player.fm/legal.
Two years ago, I transferred the title and mortgage of my matrimonial home into my name. Even with a temporary six-month bridge loan as we were finalizing our separation agreement, I was hit with an early mortgage termination fee of over $2,000.
I tried negotiating with my lender—one of Canada’s major banks—but they wouldn’t budge. And on top of that, I faced an additional $1,000+ in legal fees just to complete the title and mortgage transfer. 💸
Oh, did I mention how much mortgage penalty we had to pay when we sold our investment property? 💸💸💸💸
To help you avoid my costly mistakes, I invited Mortgage Agent Richard Castillo to discuss everything you need to know about navigating mortgage decisions during or post-divorce.
In this episode, we covered:
- The implications of recent interest rate changes in Canada and how they affect mortgage options, especially for those going through a divorce.
- Challenges unique to post-divorce borrowers, including qualifying for mortgages on a single income and the financial nuances of transferring home ownership.
- Why understanding different lending institutions matters and the key factors to weigh when choosing a mortgage.
Curious about how to turn a “no” into a “yes” for your mortgage approval? Don’t miss Episode 8 of Untying the Knot.
Richard Castillo
519-781-7424
https://dlcteam.ca/
--------------------------------------------------------------------------------------------------------------------
Follow me for daily inspiration and tips on how to reinvent yourself through divorce:
📸 Instagram
🌐 Facebook
I'm here to support you to turn the chaos into clarity and create a life you love! 💪✨
Chapters
00:00 Understanding Mortgage Options During Divorce
04:46 Navigating Interest Rates and Market Conditions
09:54 Choosing the Right Lending Institution
14:58 The Importance of Flexibility in Mortgages
20:07 Understanding Mortgage Penalties
24:52 Qualifying for Mortgages Post-Divorce
29:54 Transferring the Matrimonial Home
34:56 Planning for Future Home Purchases
16 episodes
Share
