Arizona Divorce - Mortgage Reffinance

Arizona Divorce | Can I Refinance the House After a Divorce?

You can absolutely refinance the house before, or after a divorce, but not during the dissolution of marriage procedure (unless there is compelling evidence to do so and the judge approves of the refinance.)

How Do You Refinance the Mortgage on a House?

Refinancing the mortgage on a house involves working with a mortgage broker or mortgage banker and going through the home loan qualification process, just like you are buying a new home. 

In fact, you are taking out a new loan for the house, so in a way, this is a ‘new home loan’ for you. 

Mortgage Brokers and Bankers – What’s the Difference?

Mortgage Brokers usually work with many lending institutions in order to get your new mortgage processed for what they feel is the most advantageous program.

Because mortgage brokers work with several different lending institutions they sometimes have access to programs that mortgage bankers do not.

Mortgage Bankers usually work with one major bank and their options are sometimes more limited than that of a mortgage broker, but I have personally found that mortgage bankers charge less fees than a mortgage broker. 

You should do you research on a new home loan with two or three different lenders and ask your family and friends if they can refer you to a trusted mortgage banker or mortgage broker.  

I have two or three friends in the mortgage business and I can refer you to them upon your request.   

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What I Do:

1. I help people who own a home together, and plan to separate and/or divorce, avoid making very expensive and long-lasting mistakes with their co-owned home.

2. Although my information can help anyone who plans to divorce, it is best suited for those who are not contesting the divorce (too much) and are as amicable as possible. 

How Do I Do This?

1. I'll  consult with my clients and compassionately help them completely understand all of their options with the home. 

2. I'll explain the option of one person keeping the home and refinancing the home, so the former spouse is no longer on the mortgage loan.

3. I'll explain the option of selling the home and splitting the equity, and then each person having the option to buy a new home on their own.

4. I'll explain why an appraisal-minus-the-mortgage does not equal true equity, and why a home inspection (sometimes called house due diligence) is very important at this time.

5. I'll explain to my clients how their decisions with respect to the home will impact their quality of life for many years to come, positively or negatively.

6. I'll explain how the information I can provide will help my clients make better decisions for their future. 

7. I'll explain how my clients can avoid making expensive and long-lasting mistakes.

8. I'll introduce my clients to other professionals, such as mortgage professionals who can better explain the refinancing and new purchase options.   

9. I'll explain my discounted commission rates that I offer my clients if they choose to sell the house and choose me as their REALTOR®.