Owning a home is something that many people desire. And getting the mortgage that most people need to purchase a family home has several requirements. While meeting these requirements can be easier when you are married, that does not always have to be the case. This leaves those who are considering a divorce, going through one, or have already been through the proceedings wonder if they are able to get a mortgage after the divorce. Should this be something that you are wanting to know more about, continue reading this helpful article.
Get A Mortgage
First of all, when you are considering a mortgage, it is important to know that your credit must look a certain way. No, it does not have to be perfect, but lenders will want to see certain things before they will approve you for a mortgage. Luckily, it is not impossible to have a nice looking credit report after a divorce. However, if you and your ex filed bankruptcy or have other negative marks on your credit, it can take some time for them to fall off or for the lenders to consider giving you a mortgage. Because of this, it is a good idea to make sure your debts are paid, if possible, and do what you can to keep your credit report in good, or decent shape. But, if that is not possible, you can always work towards cleaning it up and get a mortgage in the near future.
Then, when you are considering a mortgage, your income versus debt ration should be a certain percent. This means that if you have too much debt, lenders may not offer you a mortgage. There is no reason to fret, though, as paying down these debts can put you in a much better situation for obtaining a mortgage. Or, if you begin to receive more income, this can be helpful, too. Either way, lenders will look at how much money you make and how much debt you have to help them consider if they are willing to provide a loan to purchase a home. If they are unable to do so, be sure to talk with the lender and find out what steps you need to take to obtain the mortgage for the home you desire.
Also, it is important to understand that a mortgage lender will only be able to offer you a mortgage on a home in the price range in which your financial situation qualifies you for. If you have less income after your divorce, the mortgage you may qualify for will be less than if you were married and had two incomes. So, while you may qualify for a loan, it is important to know that it will be based on your income and may not be as much as it was prior to your divorce.
To end, when you are wondering about getting a mortgage after a divorce, it is a real possibility for you and will depend on your current financial situation. For more information visit the website at https://deanhineslawyer.com/divorce-lawyers-dayton-ohio/.