Your Collaborative Law Team: Mortgage Brokers

Mortgage Brokers Can Play an Important Role in Collaborative Family Law

The following is a guest post from Jacquie Bushell, a mortgage broker and collaborative family law professional in Ottawa.  This will be part of a series of posts about the different members of the Collaborative Team.  As November is Financial Literacy Month, this month’s feature is on mortgage brokers.

Why add a licensed mortgage professional to your Collaborative Team?

Mortgage brokers provide Communication, Clarity, and Collaboration.

After a separation, you may need to refinance your home or perhaps you are looking into purchasing a new home.  Unlike some homebuyers, you may be faced with additional financial obligations such as spousal support, child support or an equalization payment.  In the ever-changing world of mortgages a mortgage agent can help find answers and solutions to your unique mortgage situation.

A mortgage broker can help you with: 

  • Reviewing your current mortgage 
  • Identifying solutions, giving guidance and providing clarity
  • Calculating the division of the current home expenses and equity
  • Understanding how child /spousal support will affect your current mortgage or your new financing
  • Planning for separate mortgages
  • Documenting their findings and solutions
  • Qualifying for a new residence with or without spousal/child support payments 
  • Qualifying for a refinanced mortgage with or without spousal/child support payments 
  • Helping you determine what you need to stay in your current home
  • Identifying products that will serve you now and going forward 
  • Buying out one of the spouses
  • Supporting you through out the mortgage process, if applicable

There are more then thirty mortgage lenders available to you.  In most cases the mortgage broker on your Collaborative Team can work with your current lender.

Like other members of your Collaborative Team, your mortgage broker will need various documents and information.  It is helpful if you can bring these documents to your first meeting.  What will your mortgage broker need to assist you?

  • Current mortgage statement
  • Property tax statement 
  • Consent to share information 
  • Income and/or Notice of Assessments from CRA

Your Collaborative Family Law lawyer may have many of these documents in their file already, and if you speak to them they will often be willing to provide documents directly to your mortgage broker.  Your mortgage broker and family lawyer, with your permission, can work together to help you find the best solution for your needs.

Meet Jacquie Bushell

As a life long entrepreneur, Jacquie Bushell truly appreciates the challenges self-employed clients face when qualifying for a mortgage. That’s why she believes your mortgage requires a strategy, not just a rate. Jacquie’s goal is to make the mortgage process more transparent by listening to her clients, educating them on their options and presenting choices based on their goals. She has the ability to take the fear out of refinancing by helping her clients get past the myths and misperceptions, and reassuring them that there are more options than they might think! She also recognizes her success as an entrepreneur is directly related to the health of the community she lives and works in- that’s why Jacquie is committed to a number of Ottawa charities including Bruce House, Canadian Red Cross, Cornerstone Housing for Women and Giving Tree. 

Want to learn more about who might be on your divorce team? Check out our guest posts from a life coach and a career coach.