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Reduce stress with an end-to-end homeownership plan.

Most people who undergo separation are by no means anticipated to do so and don’t have a homeownership plan in place for life after marriage. Not to worry, it does not need to be an added strain, and we’re right here to assist the entire time.

Whether you’re making plans to maintain your marital home or are seeking to sell and purchase something new, we can walk you through the whole process. We’ll also bring in any needed specialists to help you, during the entire process.

Our guide to separation and homeownership will begin to provide you with the solutions you need to move forward.

Separation and Home Ownership Guide

Do I need to have a separation agreement?

Short answer – yes. Lenders require a separation agreement to confirm any child or alimony bills to be received. These figures are required within the debt servicing qualifications for affordability. Should no alimony or support be payable and there’s no division of assets, an exception may be sought through utilizing a statutory declaration signed with a solicitor.

Does my separation agreement need to be completed?

No. We can use an accepted separation agreement that has not yet been executed. The condition will be that the terms of the separation agreement are completed. Additionally, these must be adhered to, by or on your purchase or refinance date.

Can I qualify on my own?

Click on any of our “calculator” buttons to determine how much you may qualify for. We will or can use alimony or child support payments obtained or to be obtained as qualifying income on your application. Any alimony or child support being paid will also be taken into consideration while being qualified.

Do I need to be divorced to proceed?

No. In Canada, you need to have one year of separation before you may apply for a divorce. Therefore, you do not have to wait and can apply for a mortgage before your separation is even finalized.

What do I need to provide to expose my part of our assets?

The division of assets will be outlined inside your separation agreement. Any assets that are currently owned which are being used for a down payment will require 3 months of supporting bank account statements. Any assets being transferred via the separation, require confirmation of deposit into your bank account or RRSP’s.

Should I have a different broker from my partner?

No. In fact, to the contrary. We understand this may be a difficult situation to talk together along with your ex, we remove that requirement of the financing and will adhere to and maintain privacy among parties.

Having us assist each of you guarantees both mortgages will close on time, avoiding any troubles and delays in closing.

Should either or both of you require bridge financing, we can ensure a credit solution or strategy is in place to allow this with your marital home as security. This can be a real issue while working with a sizeable bridge mortgage and two varying lenders.

We’ll guarantee that neither party is aware of the structure, size, co-signers, or info of the other’s mortgage particulars.

Contact us if you have any other questions or concerns.

Contact Integral Max Mortgages
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