Two years ago, I transferred the title and mortgage of my matrimonial home into my name. Even with a temporary six-month bridge loan as we were finalizing our separation agreement, I was hit with an early mortgage termination fee of over $2,000.

I tried negotiating with my lender—one of Canada’s major banks—but they wouldn’t budge. And on top of that, I faced an additional $1,000+ in legal fees just to complete the title and mortgage transfer. 💸

Oh, did I mention how much mortgage penalty we had to pay when we sold our investment property? 💸💸💸💸

To help you avoid my costly mistakes, I invited Mortgage Agent Richard Castillo to discuss everything you need to know about navigating mortgage decisions during or post-divorce.

In this episode, we covered:

• The implications of recent interest rate changes in Canada and how they affect mortgage options, especially for those going through a divorce.
• Challenges unique to post-divorce borrowers, including qualifying for mortgages on a single income and the financial nuances of transferring home ownership.
• Why understanding different lending institutions matters and the key factors to weigh when choosing a mortgage.

Curious about how to turn a “no” into a “yes” for your mortgage approval? Don’t miss Episode 8 of Untying the Knot.
Richard Castillo
519-781-7424
https://dlcteam.ca/
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Chapters
00:00 Understanding Mortgage Options During Divorce
04:46 Navigating Interest Rates and Market Conditions
09:54 Choosing the Right Lending Institution
14:58 The Importance of Flexibility in Mortgages
20:07 Understanding Mortgage Penalties
24:52 Qualifying for Mortgages Post-Divorce
29:54 Transferring the Matrimonial Home
34:56 Planning for Future Home Purchases