Separation or divorce is never easy, and one of the most significant decisions involves the family home. A spousal buyout mortgage solution can allow one spouse to keep the house while buying out the other spouse’s interest. But how do you qualify for a spousal buyout, and what steps are involved?

How Can I Buyout My Ex-spouse?

Buying out your ex involves refinancing your current mortgage to pay your ex-spouse their share of the equity in the home. This process requires:

• A court order stipulates the buyout.
• Meeting mortgage qualification criteria on your own or with a co-signer.
• Ensuring the home remains your primary residence.

How Do I Qualify for a Spousal Buyout?

Qualifying for a spousal buyout involves:

• Verifying your income and employment status.
• Demonstrating good credit.
• Meeting the lender’s debt-to-income ratio requirements.

To understand more about the CMHC Spousal Buyout Program, visit our page on Understanding the CMHC Spousal Buyout Program

Benefits of a Spousal Buyout Mortgage Solution

A spousal buyout mortgage solution offers several advantages:

• Retain ownership of your home.
• Simplify financial separation from your ex.
• Potential access to favourable mortgage terms.

Steps to Secure a Spousal Buyout Mortgage

1. Assess Your Financial Situation: Understand your financial position and mortgage eligibility.
2. Obtain a Court Order: Secure a court order for the buyout.
3. Apply for a Mortgage: Work with Sunlite Mortgage to apply for your spousal buyout mortgage.

Sunlite Mortgage has helped many Canadians successfully qualify for and fund many spousal buyout programs. We are here to assist you if you’re ready to explore your options for a spousal buyout mortgage solution. Call us at (877) 38LOANS, sign up for a free spousal buyout consultation, or sign up for our newsletter to get started.