The well-being of children is most often one of the most important concerns of divorce. How will you keep their environment stable and minimize the trauma? Is it possible to keep your children in the same school district with their friends, teachers and familiar environment?
The answer to the question may depend on several factors. One of those factors may require evaluation and analysis of mortgage qualifications and options.
Here are a few questions to ask:
- Can you qualify to refinance your home, remove your spouse from title & buyout your spouse’s interest? This option would certainly be a step toward the same home & school environment for your children.
- Can you qualify to purchase another home in the same school district to minimize changes for your children?
- Will it be necessary to sell the family home? Then, what are your home ownership options to preserve the school environment for your children?
Before making plans, it is recommended that you speak with a mortgage professional to evaluate your mortgage financing options.
A mortgage professional will evaluate credit, qualifying income, assets, etc. and assist you with options to explore while in your negotiations with your spouse.
As you proceed with negotiations, it is recommended that you stay in touch with the mortgage professional as your needs will most likely evolve and will need re-evaluation.
By Ida S. Reis