Refinancing Mortgage in Ottawa

Refinancing Mortgage

The process of refinancing your home simply means, settling for one mortgage from a list of available mortgages. This process can be quite tasking, especially if you have no basic knowledge about it. For this reason, it is advisable, you seek help from experts before selecting a mortgage.

At Ottawa Real Estate Lawyer Pros, with our professional personal real estate lawyers, we will render all the necessary help required to choose the best residential refinancing mortgage. Below are the entire steps involved in the process:

Step 1 – It is very important to reserve the serves of your notary or lawyer, just as soon as you have settled for a particular mortgage and, at least 10 days before closing
Step 2 – Certain information like the name of your insurance company, the name of the management company, the status of the property will be required by your notary or lawyer. They will also ensure the compilation of payment information for any present mortgages or third party creditors to be paid with the refinancing.
Step 3 – A detailed enquiry will be carried out by your notary or lawyer regarding title search, and they will get all necessary tax information, as well as any other information relevant to the process. They will also prepare the closing documents including the mortgage and the Order to Pay.
Step 4 – Ensure you meet with your notary or lawyer at least 1-3 days before closing, so as to get documents signed
Step 5 – Your notary or lawyer will also see to, registering the mortgage, receiving funds from your lender, paying out to existing lenders or creditors stated in the Order to Pay and make arrangements for the pickup of proceeds
Step 6 – You will be provided with a final report by your notary or lawyer once every process is completed.

Transfers

Transfers can be done, but if they have to be, it must be during a homeowner’s lifetime and not possible after death. A person can be added or removed to the title by the homeowner. Transfers are a rampant and usual thing for aging homeowners, who in most cases transfer the property to any member of their family.

There are a number of outcomes, if the property to be transferred is mortgaged. They include:

The property must be refinanced, with the existing mortgage fully paid for
The lender has to be aware and approve of the transfer

Either way, seeking help from expert personal real estate lawyers, can have a favorably huge impact on the entire process. Contact us today, to make an appointment for a free consultation and experience professionalism at its peak!

Calculate Real Estate Fees Now

Sale

Sale information: Enter the purchase/sale information for the property to estimate our fee. Please contact us if the selling price is greater than $1,000,000.

Notes:

This estimate excludes costs for obtaining a Real Property Report & Compliance. An estimate will be provided on request.
If your transaction is done on a "rush" basis, an additional fee $200 will be applied.
Estimated disbursement are out of pocket expenses (E.g. Land Title searches, Property Tax search, copies, courier, printing, faxes etc)
This estimate excludes the costs for obtaining an Estopple Certificate (applicable only to Condo units). The cost varies depending on the Property Management Company but typically range between $150 to $300.
Our fee includes the payout of one mortgage and your realtors commission. Any additional payouts are charged $35.00 for each 2 plus GST.
Scope of work is limited to residential real estate conveyancing. In the event of additional work being required, you will be provided with an additional costs estimate.
Fees are subject to change without notice.

Purchase

Purchase information: Enter the purchase/sale information for the property to estimate our fee. Please contact us if the purchase price is greater than $1,000,000.

Notes:

If your transaction is done on a "rush" basis, an additional fee $200 will be applied.
If your lender provides amending mortgage instructions resulting in us amending any of our documents, an additional fee, based on the additional work to be done, will be applied.
Estimated disbursement are out of pocket expenses (E.g. Land Title searches, Property Tax search, copies, courier, printing, faxes etc)
An additional fee of $200 is applicable on FNF mortgage's, due to the additional documentation required by this lender.
If your lender requires Title Insurance, or should you wish to obtain Title Insurance, such costs are additional. A estimate will be provided on request.
Land Title Costs will be increasing substantially effective July 1, 2015. All transactions closing effective July 1, 2015 and thereafter will incur additional Land Title Fees.
Scope of work is limited to residential real estate conveyancing. In the event of additional work being required, you will be provided with an additional costs estimate.
Fees are subject to change without notice.

Refinance

Our refinance calculator is currently unavailable. Please contact our office and we will be happy to provide you with a quote.

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