All the moving parts can be mapped out by a Certified Divorce Lending Professional. Is it better to purchase before or after a divorce, how much can you afford, which looks better, or is a lease option the best. If you were to do an equity buyout, is it better to do that before or after a divorce and how. What other options are available if we choose not to sell at this time?
With mortgage rates at a crescendo, banks offer many buying incentives to encourage continue homeownership from first time home buyer programs, to 5% grant for anyone buying a home, 20% share equity assistance program, 2-1 interest rate buy down or 3-2-1 rate buy down with no penalties to refinancing anytime when rates become lower.
With equity buyout, do we need to structure additional trust income in advance so that you have adequate income to qualify before or after a divorce or would a reverse mortgage be ideal if you are 55 years or older. If staying at your home is a must for the sake of the kids, or deferring $500K capital gain tax exclusion, would it be better to build an Accessory Dwelling Unit in your backyard (separate quarters) where you can still share joint custody, share electric bills and maintenance without paying for movers, independent expenses, driving, scheduling thereafter.
On one hand, everything financial must meet underwriter debt to income ratio, but a Certified Divorce Lending Professional are trained in these scenarios to help you identified further money saving opportunities lifelong than just any discounted lenders for their discounted services one time and that’s it.
While inflation is a concern, we believe that the Federal Reserve will accomplish their #1 FOMC mandate, keeping inflation under control with price stability #2 Maximum Employment. As we don’t know the date and time that will happen, we are still here to provide you the education and the understanding how homeownership will benefit you both now and in the future and how refinancing to a lower rate in the future is an extra huge plus. The ongoing shortage of housing is astounding. With 6 million homes required to be built or sold each year to accommodate a slow market, we are already short in inventory. When mortgage rates drop 1 to 1.5%, it will spur up millions of homeownership demands with much higher home prices. Then with additional 2 million more people entering United States from our southern boarders, that’s additional un-calculated housing demands that our government have not started to solve. If Homeownership is important to you. Please reach out to me: Joe@JoeMortgageTeam.com