Residential Refinancing

REFINANCING

Refinancing your home is a fairly straightforward process once you have selected from the many mortgage products available on the market. We want to make the process as easy and straightforward as possible.

The Refinance Closing Process 

To help alleviate the stress of refinancing it is important to understand the closing process step-by-step:

Step 1 – Retain the services of a lawyer or notary. You should retain your lawyer or notary as soon as you have a mortgage approval and preferably at least 10 days before closing.

Step 2 – Your lawyer or notary will need to gather information from you including the name of your insurance company and if the property is strata title, the name of the management company. The lawyer or notary will also gather payout information for any existing mortgages or third party creditors to be paid out with the refinancing.

Step 3 – Your lawyer or notary conducts a title search and obtains tax information and any additional information necessary, and prepares the closing documents including the Mortgage and Order to Pay.

Step 4 – 1 – 3 days before closing is when you usually meet with your lawyer or notary to sign documents.

Step 5 – Your lawyer or notary will register the Mortgage, obtain funds from your lender, payout any existing lenders or creditors approved in the Order to Pay and arrange for deposit or pick-up of proceeds.

Step 6 – Your lawyer or notary will provide a final report to the lender.

TRANSFERS

Due to changing family and life circumstances, a property transfer may need to occur during a homeowners lifetime. A transfer allows the registered owner to add or remove a person’s name from title. Transfers are common for aging homeowners, newly married couples, or after a spousal separation.

If there is a mortgage on the property being transferred, the existing mortgage will either need to be paid out and the property refinanced, or the lender will need to approve of the transfer.