Oct 3, 2023
In this insightful podcast episode, Certified Mortgage Advisor and Raleigh Mortgage Broker Kevin Martini, backed by years of mortgage advising experience, sheds light on the critical financial aspect of handling the marital home during a divorce. Epsidoe 191 of the Martini Mortgage Podcast is structured to first dice into understanding the value and equity of your marital home, followed by exploring the three core options available for couples amidst divorce proceedings.
Initially, this micro podcast episode of the Martini Mortgage Podcast emphasizes the initial 3 steps to determine your equity position three steps:
-) Determining the home's worth: Utilizing an algorithm provided by Martini Mortgage Group, listeners are directed to accurately estimate their home’s value.
-) Calculating outstanding mortgage: The necessity of summing up the remaining mortgage balance, along with any additional loans, to understand the full financial picture.
-) Evaluating Home's Equity: A simple subtraction of what’s owed from the home's value gives the gross equity, though selling costs should be factored in for a net value.
With the equity understood, three primary options for dealing with the marital home are discussed:
Selling the Home: A straightforward yet emotionally tough choice that may necessitate a real estate professional’s assistance to ensure a smooth process and fair market value.
One Spouse Retaining the Home: If financially viable, one spouse may buy out the other's share, often requiring refinancing to adjust the mortgage to the retaining spouse’s financial situation. Martini Mortgage Group is highlighted for its expertise in facilitating such transitions swiftly.
Joint Ownership: An uncommon but possible route, either by continuing to reside together or renting out the home. This option demands a high level of cooperation and clarity in financial responsibilities.
Furthermore, five additional Kevin Martini tips are shared:
*Maintain Mortgage Payments*
*Preparation for All Scenarios*
*Impeccable Record Keeping*
The episode closes by offering a complimentary Financial Transition Plan through Martini Mortgage Group, aiming to assist listeners in making well-informed decisions during such trying times. It emphasizes the profound financial impact of divorce beyond emotional distress and encourages listeners to share the episode with those facing similar challenges.
Kevin Martini | NMLS 143962 | Certified Mortgage Advisor | Martini Mortgage Group at Gold Star Mortgage Financial Group, Corporation | NMLS # 3446 | 507 N Blount St, Raleigh, NC 27604 | (919) 238-4934 | www.MartiniMortgageGroup.com | Kevin@MartiniMortgageGroup.com | Equal Housing Lender