Three Tips on Refinancing the Mortgage When Divorce Is Involved

Guest Contributor:  Patrick Spencer (pspencer@envoymortgage.com)

With the downturn in the real estate market, I am seeing more clients who need my help as they enter the divorce arena.  Trying to sort out “the house,” especially when the principle on the mortgage is more than its current market value, is just plain hard for divorcing couples in this economy.  But, a little leg work can help!

Three Tips:

1.  Gather the Paperwork! Couples should get information about their current mortgage(s).  How much is the interest rate?  How much is left on the note?

2.  Research refinance options! Both spouses should look into “pre-qualification” for refinancing their current mortgage.  With this information, couples can really understand whether re-financing makes sense for their situation.

3.  Crunch the Numbers! Is refinancing going to be the best option for you, your spouse, your family?  The answers may differ, but only you can size up the options as they relate to your situation.

For those going through a divorce, I am always happy to help you look at refinancing.  I pride myself in taking all the guess-work out of the mix and talking through what to expect in getting an application completed.  For questions concerning refinancing and/or an online application, go to https://Pat./ApplyGa.com or call me at 478-238-9542.

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