How We Can Help with the Refinance of Your Home
Mortgage renewal occurs at the end of each mortgage loan term, unless the mortgage has been paid in full. Depending on the type of mortgage loan you select, terms generally range from six months to five years. Renewing a mortgage loan can be done with your existing lender or elsewhere if you
prefer the services and interest rate of another lender. The interest rate is the main issue when you renew your mortgage loan so you may want to consider your options with other lenders to find the best arrangement. Although your existing lender may charge you a fee to switch your mortgage to
another lender, you may be able to negotiate with your new lender for the fee to be covered. When refinancing a property, make sure you begin at least 60 days before the expiry of your term to give yourself enough time to make the necessary arrangements. After the terms of your new mortgage are
negotiated and agreed upon between you and your lender, your lender will forward mortgage instructions to our office in order for us to act on your behalf on the refinance. When you hire us to represent you we open your file and gather the additional necessary documents. Some notable tasks we
- Investigating financial or non-financial charges, on behalf of the lender, which will be required to be discharged from title such as :
- Certificates of Pending Litigation
- Negotiating appropriate undertakings with your lender:
- To ensure your existing mortgage is paid out and discharged with the proceeds received from the lender at time of completion
- To pay, if required, property taxes, strata fees, utility charges, and other charges the lender requires us to pay on your behalf from the proceeds of the mortgage
- Any other items considered in the mortgage instructions
- Registering necessary documents with the Land Title and Survey Authority, the Land Owner Transparency Registry if applicable, and the Province of British Columbia (Property Transfer Tax, Foreign Residents Tax) if applicable.
- Procuring Title Insurance on behalf of you and your lender, as per their instructions
- Reminding you of your obligations regarding municipal, provincial, and federal taxation reporting and payment thereof.