Contact
Refinancing Your Home
In Ontario, you are required to hire a lawyer whenever you register a new mortgage on your home. This includes if you are replacing an existing mortgage. So, What does your lawyer do for you when registering your new mortgage?
Title Search
After you have retained us, we will conduct a search of title. We want to make sure that there are no obvious issues with title that were not discovered previously. We will also confirm which liens and mortgages will need to be discharged. We do not do a complete a full search of title since you will have already had one completed when you purchased the home.
Title Insurance
We are often required to obtain title insurance for your new lender. You may have obtained title insurance when you purchased the home. In that case, you may still be covered, but your new lender will not be covered and will often insist that a new policy be ordered.
Drafting Mortgage Documents
Your new lender will give us instructions on the terms of mortgage they want registered on Ontario’s central land titles system. We will also obtain discharge statements from your current lenders to ensure they are properly paid out. We may ask you to advise if there are other debts you want paid from your new mortgage proceeds.
Confirm Required Conditions are Met
We will then confirm that you have the required insurance coverage and have completed other steps that your new lender may require from you.
Singing Mortgage Documents
Roughly one or two days before you get your new mortgage, we will meet with you, virtually or in person, to sign your new mortgage documents. We will give you advice on the meaning of these documents and will answer any questions you may have. We will also review a statement of the money you will receive and each payout that will be made.
At this step, we will often get copies of your ID as well.
Registering Mortgage and Securing Funds
Once we receive the mortgage proceeds, we will make the required payouts and will register the new mortgage. We will then contact you to ask where you would like your mortgage proceeds paid. We will then send you your final report advising everything that we have done for you.
Want Us to Give You a Quote?
You have a right to pick the lawyer that best fits your needs. If you want us to give you a free quote, please feel free to call us at (705) 476-6600 or email us at info@sangsterlaw.ca.
