You and your spouse are separating, and a divorce is imminent. You've already decided what to do with the home that you once shared. You'll be keeping it, and you'll be responsible for making the mortgage payments. To make this official, you want to refinance your mortgage loan, taking your former spouse's name off the house's title deed. Doing this, fortunately, isn't much more complicated than a "normal" refinance.
Starting the Process
To start the refinance process as you and your spouse are separating, you'll need to call a mortgage lender. The key is that you don't have to call the mortgage company that is currently servicing your loan. In fact, you can shop around with any lender licensed to make mortgage loans in your home state. Look for the lowest rates and fees, especially considering the money you and your former spouse will already be spending on a divorce.
Why Refinance Is Needed
You may wish to avoid refinancing. After all, a refinance is far from free. The Federal Reserve Board estimates that you'll pay from 3 to 6 percent of your outstanding loan principal in fees when you refinance. To avoid this, you can call your lender and ask it to remove your former or soon-to-be former spouse's name from the mortgage deed. Unfortunately, not all mortgage lenders offer this option, known as release of liability. Removing someone from a loan is simply not in lenders' best interests. The lender wants as many loan holders to go after in case borrowers default on their monthly mortgage payments. If your lender refuses, your only option is to refinance.
Credit Score
Your three-digit credit score will become more important if you become the sole mortgage holder. Lenders rely on this number to predict whether you are more or less likely to default on your home loan payments. You'll have a high credit score if you have a history of paying your bills on time and not racking up large amounts of credit card debt. You'll have a low score if you have a history filled with missed payments and huge amounts of revolving debt. Most lenders today require you to have a score of 740 or higher on the FICO credit-scoring scale to qualify for the lowest interest rates. If your score is below 620, you'll struggle to find any traditional lenders to qualify you for a home loan.
A Refinance to Pay for Your Divorce
You may choose a cash-out refinance if you and your spouse are separating for a simple reason: This type of refinance will provide you with a quick infusion of cash. In a cash-out refinance, your new mortgage amount will be greater than the existing mortgage loan. For instance, if your loan is $200,000, you might refinance for a total of $220,000. You can then use that $20,000, which you'll receive as a lump sum total, to pay for other expenses, including the cost of your eventual divorce. To complete a cash-out refinance, though, you'll need enough equity in your home. Your lender will send an appraiser to your residence to help determine your equity level by calculating your home's current market value.
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