REFINANCE TRANSACTIONS: MORTGAGES, TITLE TRANSFERS

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Mortgage refinancing involves creating a new mortgage loan to modify or replace the existing one. Many homeowners choose to refinance to secure a lower interest rate; this method reduces the amount they must pay each month. However, one potential drawback of refinancing is that it can extend the term of your loan. It's important to be aware of any penalties and fees associated with breaking their current agreement before the end of its term.

It's best to consult a real estate lawyer who specializes in mortgages and knows the current market trends and interest rates. They can help you make the most out of your mortgage. More importantly, their expertise allows them to explain any fine print legalities in a way that's easy to understand, making the entire new mortgage or refinancing process less daunting.

Refinancing a mortgage can take 2-4 weeks, but it can take longer depending on each step. Your property valuation, for example, can take longer since we have to call in an additional party to review it. To help the process go as smoothly and finish as soon as possible, ensure you have all your application information in hand, understand the process, and do additional research about refinancing your home beforehand.

The amount of money you can borrow by refinancing could be up to 80% of the equity you have in your home, however, it is subject to any additional charges depending on their policies. 

Understanding the differences between mortgage renewal and refinance is crucial for homeowners. A mortgage renewal is typically done at the end of your mortgage term, which is usually five years. Most homeowners will only be able to pay off part of the mortgage at the end of their term, necessitating a decision to renew, refinance, or switch. Each option has its own implications, and understanding them is key to making informed decisions.

When you opt for a mortgage renewal, you retain the same terms as your original mortgage and stay with the same lender. This means you maintain a consistent financial relationship and your mortgage rate may change, but you won't be able to increase your mortgage amount to borrow more money. However, this option provides stability and predictability in your financial planning.

Mortgage refinance offers a different kind of flexibility, opening up a world of financial 

possibilities. It can be done at any time, not just at the end of your term. This means you can take out money for various purposes, such as debt consolidation, home improvements, or even investing in other properties. While there are penalties for refinancing before your term is up, you can still refinance at the end of your term. Waiting until your term ends will allow you to refinance your mortgage without any additional penalties, giving you the freedom to explore better financial options.

Our firm can represent both lenders and borrowers in private mortgage transactions. We can help if you are lending money for personal or investment purposes and want to secure your money against the borrower's real estate. We'll prepare legal documents based on your commitment to borrowing or lending.

Obtaining a title, signifies legal ownership of a property, involves a series of steps. It begins with the property owner signing a transfer document, which is then registered in the government’s land registration system.

If you would like to transfer ownership to add or remove a person from a title, we can guide you through issues such as land transfer taxes and existing mortgages. 

Title searches can help you find any mortgages, judgments, liens, or unpaid appliance contracts that must be addressed before selling or purchasing a property. Knowing the history of a property before taking any immediate action is great. If you're interested in the history of a property, please contact our office, and we will assist you in conducting a title search and obtaining the necessary documents.