A refinance transaction involves replacing your existing mortgage with a new one, typically to take advantage of better interest rates, access equity, or consolidate debt. Our dedicated lawyers specialize in handling refinance transactions in Ontario and are well-versed in the legal requirements and intricacies involved.
*plus applicable taxes and disbursement fees
Mortgage refinance can take many different forms. Some transactions can be closed within a few days while others may take weeks of careful planning. Contact a real estate lawyer early to review your mortgage commitment and help you navigate through the refinance process.
Once your mortgage commitment has been signed with your lender, you can start looking for a lawyer to retain for your refinance. During our onboarding meeting, we discuss every step of the deal to ensure that everything is completed up to your standard.
If you are refinancing with an institutional lender, your lawyer will be retained by the lender as well. Because of the dual representation, your lawyer will need to conduct a title search of the property to ensure that you are the rightful owner, and that the lender will have a valid interest in the property. Your lawyer will advise you if there are any issues on the title which need to be rectified on or before closing.
Your lender will provide your lawyer with all the required information for the closing. That includes all the documents which need to be signed as well as a list of any conditions which need to be satisfied before closing. Your lawyer cannot start the work on the file before they receive mortgage instructions.
Once the documents are finalized, your lawyer will invite you to sign the final documents. Beforehand, your lawyer will advise you if there are any documents or information still required from you. Once the transaction is closed, your lawyer will disburse any refinance proceeds to your account.
The timing of direct deposit to your account depends on when your lawyer receives the funds from the lender. If the funds were received before 3 PM, there is a good chance that the funds will be deposited into your account on the same day. However, if the funds were provided to your lawyer after 3 PM, you will receive proceeds the next business day.
Yes, your lawyer can make debt payments on your behalf. Your lawyer can also close accounts if required by the lender. All you have to do is provide your lawyer with debt statements for the accounts that they need to pay. Debt payments will be included on the trust ledger as disbursements.
Yes. While you may think that HELOC is a mere line of credit, it is processed exactly the same as a regular mortgage would since it is secured on your house.
It depends on your mortgage lender’s requirements. In most cases, all the borrowers have to be on the title of the subject property. However, some lenders offer programs for off-title guarantors. Such an arrangement must be requested prior to the instructions being sent to your lawyer.
Yes, most banks allow payment frequency change after closing. Simply contact your home branch to change your payment frequency.
Yes, most banks allow PAD account change after closing. Simply contact your home branch to change your PAD account.
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