Divorce is tough enough without the added stress of a shared mortgage. You're not alone in feeling stuck with a loan that no longer matches your reality. Let's simplify your financial obligations and move forward with confidence.
”At NMHL, we work with borrowers in exactly this situation every day. We understand the uncertainty, the frustration, and the worry that comes with navigating a mortgage during a significant life event. You are not alone, and your situation does not have to be a barrier to homeownership.
Our licensed loan officers specialize in finding the right path forward for borrowers in complex circumstances. Whether your situation requires specialized documentation, alternative qualification methods, or simply a lender who takes the time to understand your full financial picture, we are here to help you move forward with confidence and clarity.
Your Path Forward
Proven Solutions for Your Situation
Refinance Your Mortgage in Your Name
Refinancing your mortgage into your sole name releases your ex-spouse from liability and gives you full control over your loan. With National Mortgage Home Loans (NMHL), you can refinance with as low as 3.5% down payment for FHA loans or explore conventional loan options.
Loan Assumption for FHA and VA Loans
If you have an FHA or VA loan, you might be eligible for a loan assumption, allowing one spouse to take over the mortgage. This option preserves your existing interest rate and avoids the need for a new loan application.
Quitclaim Deed and Refinance Combo
A quitclaim deed transfers ownership, but doesn't remove your ex-spouse from the mortgage. Pairing this with a refinance ensures both the title and loan are updated, giving you a clean start.
NMHL Pre-Approval for Your New Mortgage
Getting pre-approved with NMHL gives you a clear understanding of your refinancing options and budget. Our pre-approval process is quick, with most decisions made within 2-4 weeks.
Personalized Guidance for Your Situation
No two mortgage journeys are alike. Our experienced advisors take the time to understand your unique circumstances and find the best path forward.
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Understanding Your Mortgage Options After Divorce
Divorce complicates many aspects of your life, including your mortgage. If you're struggling with a shared mortgage, you're not alone. Many couples face the challenge of removing one spouse's name from the loan after a divorce.
At National Mortgage Home Loans (NMHL), we specialize in helping you navigate these complex situations. Our range of loan programs, including conventional, FHA, and VA loans, can help you achieve financial clarity and independence.
Don't let a shared mortgage hold you back. Explore your options with NMHL today.
Refinancing: The Most Common Solution
Refinancing your mortgage into your sole name is often the most straightforward way to remove an ex-spouse's liability. This process involves applying for a new loan, using your home's equity to pay off the existing mortgage, and potentially securing better loan terms.
- Complete liability release for your ex-spouse
- Potential for lower monthly payments or improved loan terms
- Option to tap into your home's equity
NMHL offers a range of refinancing options, including conventional, FHA, and VA loans. Our mortgage specialists can help you determine the best loan program for your situation.
Get started with NMHL's pre-approval process to explore your refinancing options.
Loan Assumption for FHA and VA Loans
If you have an FHA or VA loan, you might be eligible for a loan assumption. This process allows one spouse to take over the mortgage, preserving the existing interest rate and avoiding the need for a new loan application.
Loan assumptions can be a cost-effective option, as they typically involve lower closing costs compared to refinancing. However, the lender must approve the assuming spouse's creditworthiness.
Contact NMHL to discuss your loan assumption options and determine if it's the right choice for you.
Combining a Quitclaim Deed with Refinance
A quitclaim deed transfers ownership of the property, but doesn't remove your ex-spouse from the mortgage. By pairing a quitclaim deed with a refinance, you can handle both the title and loan obligations in one process.
This approach provides a clean separation of financial responsibilities and can be part of a court-ordered agreement. NMHL can guide you through this process, ensuring compliance with all legal requirements.
Let NMHL help you simplify your financial obligations after divorce.
Getting Started with NMHL
At NMHL, we're committed to helping you navigate the complexities of removing your ex-spouse from your mortgage. Our range of loan programs and experienced mortgage specialists are here to support you every step of the way.
Start your journey to financial clarity today by exploring your options with NMHL. Get pre-approved online or contact one of our mortgage specialists to discuss your situation.
Take the first step towards a simpler financial future. Contact NMHL today.
Frequently Asked Questions
Generally, no. The only ways to remove someone from a mortgage are refinancing, loan assumption (for certain loan types), or paying off the loan. Simply signing a document between spouses doesn't release anyone from the loan obligation. You can start your NMHL pre-approval process online or by contacting one of our mortgage specialists.
Refinancing will result in a hard inquiry on your credit, which may cause a temporary decrease in your score. However, making consistent payments on your new loan can help build your credit history over time. NMHL offers credit counseling to help you understand the impact of refinancing on your credit score.
A loan assumption allows you to transfer the existing loan to one spouse, preserving the original interest rate and avoiding closing costs associated with refinancing. This can be a cost-effective option for eligible loan types. Contact NMHL to discuss your loan assumption options and determine if it's the right choice for you.
No, a quitclaim deed only transfers ownership of the property, not the mortgage. You'll still need to refinance or assume the loan to remove your ex-spouse's name from the mortgage. NMHL can guide you through the process of combining a quitclaim deed with a refinance for a clean start.
The refinancing process typically takes 2-4 weeks with NMHL. Our streamlined process and experienced mortgage specialists ensure a smooth transaction. You can start your application online or by contacting us directly.
Down payment requirements vary depending on the loan type. For example, FHA loans require as low as 3.5% down, while conventional loans may require 5% or more. NMHL offers a range of loan options to suit your needs. Our mortgage specialists can help you determine the best loan program for your situation.