Lower interest rates, debt consolidation, and accessing home equity are common reasons homeowners choose to refinance their mortgages. A real estate lawyer plays a key role in this process, ensuring all legal aspects are handled properly.
However, we’re not here to determine whether refinancing is the right choice for you—that’s a decision best made with the guidance of your financial advisor, who has a deeper understanding of your financial situation.
Our goal is to provide you with the facts about refinancing so you can make an informed decision based on your needs.
What does refinancing mean?
When you refinance your mortgage, you are breaking your existing loan and replacing it with a new one.
This process allows you to change your lender, adjust your mortgage term, or switch between a fixed and variable rate, depending on your needs.
One of the most common reasons for refinancing is to lower monthly payments by securing a lower interest rate or to tap into the equity you’ve built in your home.
How much does refinancing cost?
Refinancing can seem like an attractive option as rates start to come down, but remember that there are several costs associated with this kind of transaction.
As we see from realtor.ca, there’s a penalty for breaking your mortgage and other closing and legal fees. Refinancing might cost you some money up front but your refinance could still save you money in the long run.
Here is a handy calculator from Canadian Mortgage and Housing Corporation (CMHC).
Our “No Surprises” legal fees for refinancing with institutions vary depending on the mortgage amount. We will provide you with an accurate cost breakdown, dependent upon your situation, when we discuss your refinancing needs.
As soon as McMurter & Associates receives instructions from your lender, the file usually takes five business days to complete.
What does a real estate lawyer do during the refinance process?
Your real estate lawyer plays a crucial role in ensuring a smooth refinancing experience. They handle the legal aspects of the transaction and complete key tasks, including:
- Reviewing mortgage documents to confirm accuracy and protect your interests.
- Conducting a title search and arranging title insurance to verify ownership and address any potential issues.
- Handling the payout of your existing mortgage and ensuring it is properly discharged.
- Coordinating with your lender to meet all conditions for the refinance.
- Registering the new mortgage with the appropriate land registry.
With a real estate lawyer guiding the process, you can be confident that your refinance is legally sound and properly executed.
McMurter & Associates are here to help
An experienced real estate lawyer can help you avoid costly mistakes while refinancing your mortgage. At McMurter & Associates, we’re here to help with your real estate legal needs.
To meet with a member of our firm, send us an email or call us at 1-800-756-7138 or 289-278-0934 to schedule a consultation.