VDC’s Divorce Mortgage Brokers
You need to know your options for financing various possible outcomes, well before you get to the negotiating table!
At the outset of your divorce, VDC’s Mortgage Brokers specializing in Divorce are trained to work collaboratively as part of your “neutral financial team,” with your Financial Specialist and Realtor to ensure you know, for example:
- What you need to qualify to get a loan (credit, income, support, etc.),
- The credit you must have/sustain for a specific time period to qualify for a given loan,
- The kind of loan you can afford, and
- Where to find the best interest rates for the kind of loan you can qualify to get.
You may need to assess whether it’s feasible for you to buy out part of the house or the family business. You may need to know what your support must be in order to qualify for a given loan.
What CDLP® Certification
Means for Divorcing Clients
VDC’s Mortgage Brokers are required to have the additional divorce training and experience granted by extensive coursework and an exam that grants a Certified Divorce Lending Professional® certification. The CDLP® certification ensures mortgage professionals are qualified to understand the unique laws, guidelines and challenges faced by divorcing home- or business-owners. They understand how family law, financial and tax planning can impact your loan options when you divorce. As a neutral, a CDLP® helps clarify the credit and loan needs of both spouses, to ensure you and your attorney(s) are well aware of these prior to negotiating or finalizing divorce outcomes.
CDLP® brokers can advise on the best interest rates and loan fees you can get, based on the kinds of loans you can qualify to receive. Sometimes, the lowest rates come with constraints that don’t serve you or your particular needs. That said, if you can find a lower interest rate on a loan for which you qualify, our CDLP brokers gladly accommodate you after ensuring you understand the pros and cons of your options and loan qualifications.
You must understand what kind of financing you qualify for, how to qualify and whether it’s possible for your divorce professionals to work together to help you qualify for such buy-out options. And, this must be clearly understood beforeany attorney(s) help(s) you negotiate support, or the division of assets and debts.
How Divorce Mortgage Brokers
Support Mediated & Collaborative Divorces
Our CDLP’s provide home equity and mortgage funding options tailored to your unique needs. In a mediation or collaborative divorce, your neutral financial team will ensure that both spouses are informed. For example, under certain conditions both spouses may benefit if a husband starts offering spousal support as soon as possible. Why? How?
Let’s assume his wife is a stay-at-home caregiver with no credit of her own, or separate income. She must show credit and income of her own (e.g. spousal support) for a given time to qualify for a loan or to even rent an apartment. The couple may be unable to sell their home, unless Husband co-signs Wife’s lease on an apartment. Furthermore, when their house sells, Wife will have to move twice before buying a condo if she must rent first, because she can’t qualify for a loan to buy a condo. Along with Wife needing Husband to co-sign her lease, her expenses will be much higher if she must move twice.
Such conditions could require Husband to provide higher ongoing support in the long run. So, in this example, it may serve both spouses to ensure sufficient support as early as possible: Wife establishes income and credit early enough to sign her own lease or buy, and is spared moving twice, while Husband is spared from co-signing on her lease or loan, funding two moves and paying higher long-term support given her higher, overall expenses.
The mortgage broker with divorce lending expertise can make sure that attorneys are aware of these and similar needs early on, so that they can be considered in a timely way that benefits both spouses. VDC professionals work to avoid the adversarial litigation approaches that disregard such needs, and pursue win-win options that serve both spouses.
