Yes, you can refinance your mortgage during a divorce, but the process requires careful planning. Refinancing allows one spouse to take sole ownership of the home by removing the other spouse from the mortgage. Here are the steps:
- Determine Eligibility: Ensure you meet the lender's requirements for income, credit score, and debt-to-income ratio.
- Get a Property Appraisal: An appraisal determines the current market value of your home, which is essential for refinancing.
- Apply for Refinancing: Work with a lender to apply for a new mortgage in your name only.
- Finalize the Divorce Decree: Ensure the divorce decree specifies the terms of property division and refinancing.
- Close the Loan: Once approved, complete the refinancing process and remove your ex-spouse from the mortgage.
For more details, visit our Divorcing Homeowners Resource Page.