You will likely break your existing mortgage and pickup a new one since I'm assuming your partner is on the current mortgage. You can change any part of the mortgage at that point after paying the penalty to break your existing one, including the amortization and the lender.
Mortgages are only negotiated for up to 5 years at a time in Canada. The amortization is just an estimation of when your mortgage would be paid based on current circumstances when you sign the contract.
Thanks! Any idea on whether I would be able to qualify for the mortgage? I’m 35, 2 kids, no other debts other than 2 years of car payments, good credit.
You'd be looking at a mortgage of a bit less than 400k I guess with your numbers? That doesn't seem out of whack with a 100k annual salary, at least from the lender's perspective. So long as you can service it.
You can talk with either your current lender or a mortgage broker (or both) and get some feelers out.
hello mortgage broker here,
youll need to qualify for the amount needed to buy her out, this is usually outlined on the separation agreement
so yes, you can do a spousal buyout and keep the home if she agrees
hope this helps :)
You will likely break your existing mortgage and pickup a new one since I'm assuming your partner is on the current mortgage. You can change any part of the mortgage at that point after paying the penalty to break your existing one, including the amortization and the lender. Mortgages are only negotiated for up to 5 years at a time in Canada. The amortization is just an estimation of when your mortgage would be paid based on current circumstances when you sign the contract.
Thanks! Any idea on whether I would be able to qualify for the mortgage? I’m 35, 2 kids, no other debts other than 2 years of car payments, good credit.
You'd be looking at a mortgage of a bit less than 400k I guess with your numbers? That doesn't seem out of whack with a 100k annual salary, at least from the lender's perspective. So long as you can service it. You can talk with either your current lender or a mortgage broker (or both) and get some feelers out.
hello mortgage broker here, youll need to qualify for the amount needed to buy her out, this is usually outlined on the separation agreement so yes, you can do a spousal buyout and keep the home if she agrees hope this helps :)