What are my mortgage options?
Unfortunately, more and more of us are getting separated/divorced and along with the stress of the event in itself comes the added stress of what happens to the family home. Fortunately there are a few options for you if you are going through this very stressful time you in your family’s life.
1. You are able to refinance your primary residence up to 95% to pay a spouse out.
Normally you cannot refinance past to 80%, however the government will allow you to go up to 95% in this case so you can keep your family in their home and avoid another stress of moving.
2. You qualify to use your RRSP’s as down payment.
If you have been bought out of your home or you choose to sell the house you were in, you can again use your RSP’s via the first time homebuyers plan to get into another property right away! (You can currently withdraw up to $35,000 from your RRSP’s)
3. You can qualify for the First Time Homebuyers Incentive started by the government on Sept. 2, 2019
This is not a great time for any family; however, it is good to know there are options.
“Be yourself; everyone else is already taken”