Are you planning to buy a house in Florida after getting divorced? The process may be easier than you think, but it does require a bit of preparation. Here is a quick guide to getting a new mortgage after you have ended your marriage.
How can you get a new house?
The first step in buying a house after a divorce is to make sure your divorce proceedings are final. You will need to remove yourself from the mortgage of the former home.
You then need to ensure that you are financially able to buy a new home. The best way to do this is to divide your finances before you divorce, so you won’t be on the hook for any debts owed by your former spouse.
The next step will usually be to get pre-approved for a home mortgage loan. You may need to show your payment history to prove that you are a good risk. Your listed debt should include any alimony or child support payments that the court requires you to make.
What factors should you keep in mind?
Before you buy a new property, you need to figure out what to do with your former family home. This may be classed as community property that ends up in the hands of your former spouse. You may also agree to sell it and split the proceeds evenly. Doing so will help you buy your new house.
The next thing to consider is your credit. If you had joint credit cards with your spouse, these should be terminated. Your credit score may take a major dive.
You may need to take some time to rebuild credit before you have a good enough score to get the mortgage and interest rate you want for a new home. This is why it’s important to separate your finances as early in the divorce process as possible.