Residential Mortgage Refinancing

Refinancing

Refinancing your home is just like the name implies, choosing a mortgage from the list of available mortgages.

Refinancing your home can be a bold move if you have no clue of what you are doing, or you take too big of a mortgage and it ends up backfiring on you. We highly suggest that you seek professional legal help before choosing a mortgage.

Our personal real estate lawyers at Edmonton Real Estate Lawyer Group will help you choose the best mortgage for your residential refinancing. Here is the entire process step by step:

  • Step 1 – It is important to retain the services of your lawyer or notary. You should retain them preferably as soon as you have chosen a mortgage, and at least 10 days before closing.
  • Step 2 – Your lawyer or notary will have to take information from you, including the name of your insurance company, the status of the property (is it strata title), the name of the management company etc. They will also gather payment information for any existing mortgages or third party creditors to be paid out with the refinancing.
  • Step 3 – Your lawyer or notary will conduct a title search and obtain all relevant tax information and any additional relevant information necessary, as well as prepare the closing documents including the Order to Pay and the Mortgage.
  • Step 4 – You have to meet with your lawyer or notary at least 1-3 days before closing, in order to sign the documents.
  • Step 5 – Your lawyer or notary will register the mortgage, receive funds from your lender, payout any existing lenders or creditors approved in the Order to Pay, and arrange for the pickup of proceeds.
  • Step 6 – Once everything is done, your lawyer or notary will provide you with a final report.

Transfers

Transfers are possible, but they must occur during a homeowner’s lifetime. A homeowner can add or remove a person to the title. Transfers are a common thing for aging homeowners, which normally transfer the property to their family member.

If a mortgage exists on the property which is being transferred, there are a few possible outcomes: a) the existing mortgage has to be fully paid out and the property refinanced; b) the lender will have to approve the transfer

In any case, having a knowledgeable and resourceful personal real estate lawyers at your side can have a huge impact on the whole process. Call us today to schedule a free consultation with one of our solicitors, and see what we can do to help you out.