Refinance
"Refinancing"
- The renewing of an existing mortgage on your home
- Taking out a new loan to pay off pre-existing obligations - loan/debt consolidation
- A way of obtaining a better interest rate, lower monthly payments or to borrow cash on the equity of your property that has built up on an existing mortgage
In order to assist you in understanding your responsibilities, procedures and various time frames of your refinance we have put together some simple steps to follow:
Providing Instructions:
- You are required to produce and show to our office 2 of the following pieces of identification - a valid driver's license, valid passport or your social insurance card. Such documents must be produced and photocopied by our staff when you attend our office for your appointment in order for your transaction to be completed.
- We require 15 days from the date in which we receive the completed mortgage refinance worksheet from you to prepare and complete all mortgage transactions in our office. Such document will be sent to as soon as we have been instructed from the lending institution to act on your behalf.
- Instruct your Mortgage Broker or financial institution to forward to our office the mortgage instructions, if same has not already been done.
- If your mortgage is pending an appraisal kindly advise our office as we will not proceed with the file until same has been completed.
- Instruct your house Insurance Agent to amend the policy to show the new mortgagee on the property effective the closing date and forward a copy of same to our office.
Documents We Require
As soon as possible, please forward the following documents to our office:
- Insurance confirmation;
- VOID cheque for where you want your mortgage payments to come out of;
- Information about any mortgage(s) or Line of Credits that are currently registered on title. We will also require the mortgage reference number;
- Tax bills and proof of payment;
- Copies of payouts showing current balances due that the bank requires to be paid in full from the mortgage proceeds (i.e. credit cards and bank loans);
- Full legal names, dates of births and occupation of all individuals on title to the lands.
Sheriff's Execution Search
We will complete a Sheriff's Execution search against all mortgagors prior to closing. Kindly advise our office immediately if you are aware of any executions that may be filed against yourselves. Example might include matrimonial or child support payments. .
We'll Contact You
If there are any problems that are disclosed by the financial institution, we will be in touch with you immediately.
If there are no problems, we will be in touch with you approximately two or three days prior to the closing to arrange a mutually convenient time to attend at our office to review the financial side of the transaction and the closing documents..
Title Insurance
If there are any problems that are disclosed by the title search or execution search, we will be in touch with you immediately.
Appointment to Sign Documents
At the time of your appointment, kindly bring in the following:
- Two pieces of identification - one must be a valid Driver's Licence or Passport and the other must be either your SIN Card, Passport, Major Canadian Credit Card or Canadian Citizenship Card;
- VOID Cheque, if you have not already provided it;
- Current payout statements for any debts that we are paying.
The appointment will be at your convenience, and will be approximately one o two (1-2) days prior to closing date. We are available for after hours appointments to meet your needs Monday - Thursday.
The Closing
On the closing date, we will attempt to register the mortgage prior to 2:30 p.m. We will ask you to contact our office after 2:00 p.m. so that we can advise you of the status of the transaction. In most cases, we can simply advise you to drop into our office to pick-up your cheque for the balance of the proceeds, together with any payouts that you are required to attend to.
After Closing
Kindly ensure that you forward a copy of all receipts to our office for any of the payouts that you are required to make. We must have copies of these receipts to complete our file and report accordingly to both you and your financial institution.
If you have any questions or concerns please feel free to contact us at your convenience toll free: 1-877-744-2281