Blog Post

Going Through a Divorce or Separation?

Rita Cousins Senior Mortgage Advisor • September 15, 2021

LEARN WHAT COMES NEXT FOR YOUR HOME

Whether you are going through a divorce or ending
a common law relationship, separation is never easy…
especially when most individuals feel as though they
have no choice but to sell their home and split the
equity. Fortunately, there is another way.


The Spousal Buy-Out Program is backed by all three
of Canada’s mortgage insurance providers (Canada
Mortgage and Housing Corporation, Genworth Financial
and Canada Guaranty) and was designed to allow one
party to refinance the shared home up to 95 percent of
its appraised value!


With your needs in mind, this program will not only allow
you to bring on a cosigner to assist with the buyout, but
it can also be used to pay additional debts noted in the
separation agreement. However, it is important to note
that both you and your ex-partner must currently be on
the deed to the property in order to qualify.


If you are separating from your spouse or partner and
would really like to hold onto your shared home, there
are a few things you will need:

An Appraisal
This may have been obtained with the Equalization of
Assets, but some lenders require these to be ordered by
a third party. It must also have been produced within 90
days (less with some lenders) to ensure accuracy.


A Signed Separation Agreement
The lender must be provided a signed copy of the
separation agreement, which outlines the allocation
of assets.


An Agreement of Purchase and Sale
A standard agreement of sale indicating the new
ownership.

An Employment Letter or Recent Pay Stub
This is required so the lender can verify your ability to
manage your mortgage payments.

Debt Payout List
This is a one-time optional feature that allows you to
buy out the other owner’s share of equity and/or to
pay off joint debt as explicitly noted in the separation
agreement.

If you are going through a separation, contact me today to learn more
about the spousal buyout program and how it could help you!

🚗 Live Traffic Views in Langley

By Andy Schildhorn • February 20, 2025
The Township of Langley Traffic Cameras for up to date traffic information. Click here

🏡 Fraser Valley’s Market Snapshot January, 2025 📈

By Andy Schildhorn • February 19, 2025
SURREY, BC — Growing inventory and stable prices could lead to opportunities for buyers in the Fraser Valley market this winter despite uncertain economic conditions. Read More

🏡 Langley & Fraser Valley Market Update – What’s Happening in 2025

By Andy Schildhorn • February 18, 2025
Looking for the latest Langley and Fraser Valley real estate market trends? Wondering if now is the right time to buy or sell a home in Langley, Surrey, or Abbotsford? This video breaks down sales trends, home prices, and what to expect this spring. 📉 Sales are down 📈 Inventory is rising 💰 Buyers have more negotiating power But with spring approaching, interest rate cuts expected, and growing inventory, what’s next for Fraser Valley’s housing market? 📊 What’s Covered in This Video? ✅ Langley & Fraser Valley Home Prices: Detached, Townhomes & Condos ✅ Is It a Buyer’s Market? What You Need to Know ✅ Economic Factors Affecting Fraser Valley Real Estate 🏡 Buying or Selling in Langley or Fraser Valley? Let’s Talk! If you’re considering buying or selling a home in Langley, Fraser Valley, or surrounding areas, I can help you navigate the current market trends, pricing strategies, and investment opportunities. 📊 Full FVREB Market Stats → bit.ly/FVREB-Stats 📅 Book a Call → https://calendly.com/andyschildhorn 📞 778.835.8957 📧 [email protected] 🌐 www.AndytheRealtor.com 📺 Subscribe for Weekly Langley & Fraser Valley Real Estate Updates! 🔔 Like, Subscribe & Ring the Bell for More Market Insights! Thanks for watching—see you in the next video! 👋
More Posts
Share by: