6 Ways a Mortgage Broker Can Help Divorcing Couples

by Steve Clark on March 23, 2012

Mortgage brokers play an integral role in smoothing the transition to single life by working with clients who’re just about to separate or divorce to finance mortgages for both.

As difficult and emotional as divorce is, couples need to contact their mortgage agent to work out property equity, individual credit ratings and availability of mortgage financing. The mortgage agent can meet privately with both parties either separately or together. Unlike a lawyer who must represent one customer or the other, a mortgage broker or mortgage agent, can work with both parties to finance a mortgage for both at the same time.

The mortgage broker will follow the guidelines of fiduciary duty to ensure both parties are treated fairly and without bias and that both best interests are met.

6 Steps your Mortgage Broker will Take to Help You;

1) Correspond Openly With Both Parties

Both parties, where ever they are , have to be informed of developments or information required. A mortgage broker will keep concise and accurate records of all meetings and relay info to each party in order that they are both mindful of every step in the procedure of mortgage financing.

2) Provide the Patience.

Important decisions have to be made concerning properties owned mutually. A mortgage broker can work with people or counsels to work through the legal choices imposed by the courts. He can also meet with both individuals, doing the legwork to get the deals done. This regularly requires time as parties may not live in close proximity.

3)Listen.

Mortgage brokers and mortgage agents are trained to listen. The agent must hear both parties to determine their wishes, goals and hopes for the future. It isn't only crucial to listen but to practice effective communication skills by repeating back to people to let them hear how they're communicating, allowing for reflection or clarification.

4) Provide Timely Follow-up.

Things move speedily especially when your mind is occupied with so much chaos. The mortgage broker will keep on top of things to be sure documents are assembled, deadlines are met, and closings go as prepared.

5) Provide a Neutral Pro Service.

A mortgage broker is not involved with the courts, lawyers or the myriad of other issues of divorces and separations. He’s neutral and his actions are based entirely on facts so that the mortgage agent eliminates the emotions in providing the best mortgage options for both parties.

6) Privacy is Guaranteed

Mortgage brokers are bound by law and best practices codes of ethics to maintain confidentiality in all matters concerning your financial standpoint and mortgage application. It’s important that you seek options to mortgage financing before you make these important life choices. As your home loan agent we will meet with each party to privately discuss financing your next move and will supply you with the best available options so that you can make educated decisions.

Steve Clark is a mortgage agent for Northwood Mortgages in the Barrie area. He regularly posts informative mortgage articles on georgianmortgages.com

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