Mortgage Advice to Help You Through a Separation 💔🏡
With nearly half of marriages in Canada ending in divorce—and the majority of Canadians being homeowners—it’s important to understand how a separation can impact your mortgage.
Here are a few key things to keep in mind:
✅ Keep making your payments – No matter what’s happening, missed payments can hurt your credit and make things harder down the road.
💸 There’s a cost to breaking your mortgage – If you sell or refinance, expect to pay a penalty.
📋 Update your marital status – Lenders may ask if you’re separated or divorced. Be honest and have documentation ready.
🧾 It may be harder to qualify solo – Your income, debts, and credit will be reassessed when applying for a new mortgage on your own.
🏠Buying out your ex? – There are special mortgage programs (like spousal buyouts) that allow you to stay in the home and access up to 95% of its value.
Separation is tough—but navigating your mortgage doesn’t have to be.
📞 If you’d like support understanding your options, I’d be happy to help.
👉 www.dianebuchanan.ca
