The experience of a divorce is very stressful by itself, for those who find themselves in it. In most cases for those who are planning to break up, a house is usually their largest asset. But the process of disposing it in the process of divorce adds more stress. In fact, even where the conditions seem okay, challenges are always there. In some instances, couples have no option but to stay together, even when they don’t get along, because of home ownership.
But what can one do with a mortgage debt after breaking up?
If you are currently separated or divorced and own your house, it is very wise you begin thinking about refinancing. There is so much to think about when one is managing their post-divorce finances. Generally, there are several options when sharing out your property assets, one being refinancing the mortgage with the aim of sole ownership. If one intends to shoulder the ownership of the home, it’s quite important to put into consideration refinancing of their mortgage.
In this article let us dig deeper on how one can refinance a house after divorce in San Antonio, TX.
Can You Refinance a House After Divorce?
When one of the spouses wants to retain their home, it’s required of them to refinance the prevailing mortgage. This allows taking of their ex`s name from the loan, successfully assuming all financial obligations of purchasing it.
One may be required to provide the following to the lender, for them to refinance their home:
-Current property appraisal
-Evidence of good repayment history on any available home loan
-Proof that one have enough cash to pay their ex, especially if they lack sufficient equity
It is worth noting that based on how many years have passed by since buying your home in San Antonio, one could face more stern and longer approval times. This is due to lending conditional changes since 2008 global economic crisis. So before signing any required documentation, it’s advisable to ask your lender for the specifications of your repayment responsibilities.
What are the available options when refinancing?
It is quite vital to know that each and every refinancing is distinct. This is due to the fact that everyone has different needs. All in all, there are a number of loan options accessible to individuals in need of refinancing their mortgages. It is always advisable for the borrowers to carry out their own research and consult widely with mortgage specialists in order to obtain the best available option.
Types of loans available out there
Different loans types are intended to assist achieve specific goals when refinancing. It is important that any individual considering house refinancing select the option that will best help them achieve their desired results.
Below is a list of some available loan options out there:
1) FHA loans
This loan may offer important benefits to the qualified borrowers. Its flexible guidelines permits relaxed credit scores, minimal home equity and allows access for a borrower even following a bankruptcy. It may be done with little documentation and without an appraisal for those refinancing prevailing FHA loan.
2) VA Loans
It’s a loan program designed to benefit service men and woman in the US military. The armed forces veterans together with their spouses can benefit from terms such as, foreclosure, minimal home equity, qualifying following bankruptcy and omission from monthly mortgage requirements.
3) Fixed rate mortgages
its suitable for the owner who did buy their homes with an ARM loan or adjustable rate mortgages seeking a more stabilized repayment scheme. The loan interest rate doesn’t change all through until the end. Meaning your payment towards principal and interest will be one and the same every month.
Others includes: USDA loans, Home Affordable Refinance Program (HARP) among may more options.
We can buy your house through an all cash offer, closing fast on your timeline and our offers are fair.
All cash offer
When going through break up, the last thing one would prefer are inconveniences and anguish, brought about by splitting of their assets. In this case, finding a good cash buyer in San Antonio may be the first priority at such a time.
Several alternatives are available if you are in need of selling your home fast in a divorce. At some instance, wouldn’t it be a good idea to sell your house rapidly for cash? This will help you to rush the entire appalling process and get some cash to assist clear attorney`s fees and any other debt. While selling your house in the course of divorce, no matter how bad the situation maybe, it is advisable to avoid arguments, in order to make the process smooth.
Seek some advice from market expert in real estate, to get a cash quote on your house. No matter its condition, we offer the best, and will ensure you get a right price for your home. When you agree with our deal, we work fast to ensure you get your cash offer within the shortest time possible.
Closing fast and on your timeline
This is a meeting where possession of the home is transferred legally to the purchaser immediately they receive their home cash quote.
We continue assisting you along closing the sale. The good news is; you will not be required to pay any commissions or added fees. As the seller, ensure you are prepared to present all the required documentation regarding the house, as per the settlement made over negotiations.
Despite your differences, see to it that you go through all the documentations and don’t fail to ask questions. This because it’s quite necessary you understand each and every paper work you are signing.
We are able to buy your home quickly and for a fair price. With us be assured to receive a reasonable good offer within the shortest time. All we need to know is some information about the house on sale, so that we can ascertain its status.
Selling your house fast
A good number of those divorcing have turned to is selling their homes to real estate investors.
Being a reputable real estate investor, we purchase houses quickly and without stress, and the process is fast. We ensure that your decision to dispose your home in San Antonio isn’t as stressful as divorce itself. In addition, we shall move the smoothly and as per agreed upon schedule. We will do an evaluation to your house, present you with a great all-cash offer, and finally you can sell your property. So don’t hesitate to reach out and let’s have a chat.
If you have made your mind to offer your house for sale, we are standing by to assist you. We are there to show you the fast way to sell your house during a divorce, to help you move on with life.
In conclusion, going through divorce is usually financially messy. You can surely sell your house but can you refinance a house after divorce? The answer is yes. Just take a significant step towards cleaning up through refinancing your mortgage, so that you can take entire debt responsibility, removing your ex from the obligation.