Whether you seek to refinance equity in your home or your mortgage term is complete and you are obtaining a new mortgage with the same or another lender, Open Door Law’s conveyance team is ready to help. In order to secure funding, the lender typically will ask which law firm you are using as they have to send instructions to that firm to prepare the mortgage. In a mortgage refinance, the law firm and lawyer can generally represent both the borrower and lender, but in some cases this is not possible. When it is not possible, each party is required to either obtain independent legal advice or the lawyer must decide which party he or she represents.
Upon being sent a client’s instructions, we review them thoroughly. We then advise our client of any conditions that remain outstanding. Once everything is in order, a funding date is set. We next invite our client to come to our offices to witness your signature and to explain the terms of the mortgage to you.
Our solicitors have significant experience preparing mortgages for most charted institutional Canadian lenders. We also routinely act for non-chartered lenders as well. Once you have finalized the mortgage details with your financial institution or your broker, simply let them know that you have engaged our office to help with the financing. Once we obtain instructions, we will review and be in touch.
Common Reasons to Refinance
While it is sometimes said that taking on debt is not ideal, sometimes having mortgage proceeds from a home makes sense. Some of the top reasons to refinance are as follows:
better terms
Sometimes a new lender or the same lender will come out with a special promotion that you can access that allows you to pay down your mortgage faster or else provides you with more favorable interest rate or prepayment privileges.
DEBT
Debt consolidation to effectively bring down higher rate credit cards and car loan interest is a common reason to refinance property.
FINANCE
Releasing (in moderation) some of the unlocked home equity to make a large purchase or invest in another real property transaction sometimes makes sense if you can afford the payments comfortably and don’t have any reason to worry about income security or meaningful life changes that could reduce your ability to repay a loan.
HOME IMPROVEMENT
home equity used to make smart renovations is a good investment when selling a home if the improvements result in a selling price greater than the improvement cost plus the value you would have received for an unrenovated home.
unexpected realities of LIFE
Sometimes life throws curveballs and you get caught with a burden that you can manage over time but not all at once. Examples of this include helping a child with tuition, taking care of elderly parents, new babies, separation, divorce, and special assessments. Each of these situations is reason to consider whether it makes financial sense to tap into your home equity to use for unexpected life events.
Mortgage
Reducing monthly mortgage payments
Debt
Debt consolidation like credit cards and car loans into one monthly payments
Finance
Using home equity for purchasing additional property or other financially motived reasons
Improvement
Accessing home equity for home improvements or major renovations
Life
Managing life changes like sending kids to school, taking care of elderly parents, new babies, separation, divorce, etc.
Ready to Refinance?
Complete a new mortgage intake form and we will be pleased to assist you.