Refinancing
A refinance requires precise legal coordination. We review title, satisfy your lender’s conditions, complete any required debt payouts, register the new mortgage, arrange the discharge of the existing mortgage and deliver the remaining funds to you.
What we do
A focused, efficient process carefully coordinated from the moment we receive your lender’s instructions through registration, required payouts and the release of your funds.
Refinancing
Worth knowing
Refinances go wrong for boring reasons. These are the usual three.
Your new lender may require mortgages, credit cards, loans, property tax arrears or other debts to be paid from the refinance proceeds. When that condition appears in the mortgage instructions, we must pay the creditor directly before releasing the remaining funds to you.
If the property is a matrimonial home, a spouse may need to provide consent to the mortgage even if they are not registered on title. In addition, any guarantor and, where applicable, their spouse may be required to obtain independent legal advice (ILA) before signing the mortgage or guarantee documents. Confirm the ownership and family circumstances with us early so every required consent, signer and ILA requirement is addressed and your refinance stays on schedule.
Every registered owner will generally need to participate and sign the new mortgage documents, even if not everyone is a borrower. Tell us early if you intend to add or remove someone from title, if a married spouse is not registered on title, or if an owner will be signing under a power of attorney.
Common questions
A renewal continues your existing mortgage into a new term and usually does not require a lawyer. A refinance replaces or increases the financing secured against your property and generally requires legal work to review title, register the new mortgage and deal with existing charges.
Yes, but your lender may require certain credit cards, loans, tax arrears or other debts to be paid directly from the mortgage proceeds. We must follow those instructions before releasing any remaining funds to you.
Your existing owner’s title insurance policy will generally continue for as long as you own the property, so it does not normally need to be replaced when you refinance. However, that policy does not insure your new lender or mortgage. Most lenders require a new lender’s title insurance policy for the refinanced mortgage, which we arrange as part of the closing. If you do not already have an owner’s policy, we can also discuss obtaining coverage for you.
We will request identification, property insurance, current mortgage and secured line-of-credit information, property tax details, banking instructions and any debt statements required by your lender. Additional documents may be needed depending on the ownership structure and mortgage instructions.
