Should I Keep the Family Home When I Divorce?
In today’s episode, Certified Divorce Lending Professional Tami Wollensak joins us to discuss how to handle the family home during a divorce. Tami talks about the difference between a certified divorce lending professional and a typical mortgage lender. She gives some excellent tips about budgeting and details to look at if you want to keep the family home after a divorce. There are several things that we don’t think of when looking at affordability, which she ran into during her divorce. Tune in today to gather information to help the mortgage division go smoother during your divorce.
In this episode:
[1:10] Tami's story. [3:50] Would Tami have done anything different with her home when she got divorced? [5:15] What planning tips does Tami have for people going through a divorce regarding their home and budgeting? [8:47] Can a stay-at-home parent still qualify to keep their family home? [9:30] What is the 6-36 Rule? [12:28] Should someone reach out to a mortgage lender like Tami at the start of a divorce? [14:15] What loan options do people have when buying out an ex-spouse? [17:55] How is a certified divorce lending professional different from a typical mortgage lender?
Key Takeaways:
If you are happy, your kids will be happy too. If you are less stressed, it’ll reflect on your parenting and the energy in the household. Get honest with yourself about what budgeting will look like post-divorce. Not just if the mortgage will be affordable, but think about your lifestyle, what you are willing to adjust for yourself and your children, and plan using a realistic budget. You’ll likely have to take a higher interest rate when taking over the mortgage, but remember that you will not be stuck with that mortgage forever. If rates drop in the future, you can refinance.
Quotes:
“So many of my clients and listeners want to keep the house because they think it's so important for their kids. It's so important for my kids that they stay in their home. Yes, it's nice, but if it's something you aren't going to be able to afford and you want to keep them doing the things they love to do, it's something to consider.” - Lesa Koski
“Take into consideration all the things, not just the month-to-month bills, but all the other things that are going to come into play with your lifestyle.” - Tami Wollensak
Guest Bio:
Tami Wollensak is a licensed mortgage loan originator and a 25+ year veteran of the industry; she has experience working in multiple roles and facets of the industry. She has discovered her true passion in helping divorcing individuals navigate their home equity solutions while going through the most challenging time of their life. Tami has earned the certification as a Certified Divorce Lending Professional (CDLP®). This specialization provides the ability to identify potential gaps in the agreement that cannot be met during the mortgage process. Tami works with her client’s attorney, mediator, or financial advisor to help guide them through all the options available to ensure a successful outcome regarding the divorcing couple’s real estate. As a Mortgage Loan Originator, Tami’s goal is to educate her clients, take the mystery and anxiety out of the mortgage process, and provide a sense of security and peace to each of them. (NMLS #1963450)
Resources:
Tami Wollensak, CDLP®
Sr. Mortgage Loan Originator
Certified Divorce Lending Professional
NMLS #1963450
Oak Leaf Community Mortgage is a division of Mutual Federal Bank, Equal Housing Lender, and FDIC insured.
