Short answer
Preparing for your next home after divorce means documenting income and support, resolving the prior mortgage, sourcing distributed assets, reviewing credit, and establishing a realistic payment range before you begin searching.
A calm checklist
None of this is complicated. It just benefits from a head start.
- Confirm how the prior mortgage will be treated
- Gather the executed settlement agreement
- Document support received or paid
- Source and season assets received in distribution
- Review credit reports and address correctable items
- Establish a payment you are comfortable with, not just one you qualify for
Comfort versus maximum
The question isn't only what you can qualify for. It's what leaves room for the life you're building next — including taxes, insurance, maintenance and reserves.
Frequently asked
How far ahead should I start?
Three to six months is comfortable. Earlier is better if credit or documentation needs work.
About the author
Abdel Khawatmi, CDLP®
Certified Divorce Lending Professional and founder of Got Mortgages, a division of Paramount Residential Mortgage Group, Inc. Abdel works with divorcing homeowners, attorneys, mediators, financial professionals and real estate professionals across New Jersey. NMLS #1712023. He is not an attorney, tax advisor or financial advisor, and this article is educational only.