What is Refinancing a Mortgage?
Refinancing your mortgage is a complicated way to mean replacing your existing loan with a new one. Refinancing your mortgage can allow you to take advantage of lower interest rates or consolidating debt. When deciding to refinance a mortgage, it is important to have an experienced real estate lawyer assist you to ensure that you understand the effects of refinancing and that the transaction proceeds smoothly.
What is Involved in Refinancing?
Once you contact us and retain us we will contact your mortgage advisor and receive refinancing instructions from your lender directly. These instructions will stipulate the terms of the mortgage and refinance to be registered. If you currently have an existing mortgage, we will contact your lender to obtain a payout statement of the balance owed. Once we have all the necessary information, we will draft your refinancing documents and contact you to arrange for these to be signed based on the terms provided to us by your lender. Signing of the documents can be arranged through a Zoom call.
On the day of completion, we will receive the refinance/mortgage proceeds. Once we have received the proceeds, we will register the new mortgage on the title of your property, pay out the existing mortgage that is being replaced, and register the documentation that will discharge the old mortgage from the title of your property. Any additional money left over after the refinancing is completed will be provided either by a lawyer’s trust cheque or by direct deposit into the account of your choice.
Refinancing a Mortgage With Fae Law
If you are looking to refinance your mortgage, book an appointment with us to discuss your options. We can offer virtual appointments to assist Feel free to contact us for a consultation about your refinancing options.