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 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!