Who keeps the house? 5 questions to ask before the decree is signed
Many settlements say one spouse "will refinance within 90 days." Some of them can't. These five questions help you find out early.
1. Can I qualify on my income alone?
The lender looks at your income and debts by yourself. Support income can count once it's ordered and you can document it.
2. What's the home really worth?
Your loan amount is limited by the appraised value, not the number in the settlement. A realistic value up front prevents surprises.
3. Will the buyout be in the decree?
A buyout written into the decree may qualify for an equity buyout refinance with a higher limit than a cash-out loan.
4. Does a quitclaim deed get my ex off the loan?
No. A quitclaim changes the title, not the mortgage. Both of you stay responsible for the loan until it's refinanced or the home is sold.
5. What's plan B?
If keeping the house doesn't pencil out, know what you could buy on your own after a sale. A fresh start can be the better financial move.
Ask me to run your numbers, before anything is signed.
Educational only. Not legal or tax advice, and not a commitment to lend. Programs and guidelines change.
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