Ask a Broker: Spousal Buyout Mortgage vs Refinance, What’s the Real Difference?
A spousal buyout is treated as a purchase, not a refinance, so it can be financed to a higher loan-to-value than a standard refinance. A conventional refinance caps how much of your home’s value you can borrow against. A spousal buyout programme lets the remaining spouse borrow more, specifically to pay out the departing spouse’s […]
How to Remove an Ex From Your Mortgage After Separation
You cannot just take a name off a mortgage. Your lender holds both borrowers jointly liable for the full debt, and that liability does not end because a relationship does. A release happens only one of two ways: a solo refinance, or a spousal buyout mortgage. Both routes require the remaining owner to requalify on […]