Re-financing

There are a number of reasons why you may want or need to re-finance your real property. The most common reasons to re-finance include: gaining access to the equity in your home and/or reducing your debt, making renovations and/or major repairs to your home and unexpected or planned life changing events. Homeowners also have the option to “cash out” which is a re-financing plan that allows you to replace your existing mortgage with a new larger mortgage and then you would take the difference in cash. Whatever the reason may be, you will need a real estate lawyer to complete the transaction.

If you plan on re-financing, there are several factors to consider. You want to make sure that your credit is in good standing before applying. You can still apply if your credit is poor, however, the rate you are eligible for often depends on how good your credit is. Re-financing your home is like applying for a new loan, so you will need to make sure you have all of the required documents ready, for example:

• Mortgage statement
• Property tax assessment
• Letter from your employer regarding your salary, work hours and job security, and
• CRA Notices of Assessments from the last two years.

After you have your re-financing paperwork finalized it would then be forwarded to your lawyer where they would prepare the appropriate paperwork and register it on title.