Mortgaging / Refinancing Property
Once you have been approved for your mortgage, you will have the lender send the mortgage instructions to the Notary Public or Lawyer of your choice. We can start your file after receiving the instructions from your mortgage lender.
We will ask that all those going on the title of the property and all those guaranteeing the mortgage come in their original identifications, including at least one valid, government issued photographic identification.
We will ask you for the name (address and/or contact phone number) of the insurance broker or insurance company that you are using to insure your home. Mortgage lenders require proof of this insurance.
We will usually ask for a recent survey certificate for the property. Often, there is not a recent survey available, or, the survey available does not meet the lender's requirements. In this case, we can talk about ordering a new survey certificate or obtaining title insurance in lieu of a survey. This will usually depend on your lender's particular requirements. Some lenders provide the option of obtaining either a survey or title insurance. Other lenders require title insurance and a survey in all situations.
If there is a mortgage or a line of credit registered against the title to your property, it is a good idea to gather the most recent mortgage or line of credit statements from your existing lender. This may include finding out the particular branch details (name, address and/or phone number) where your mortgage is held, as well as your mortgage and line of credit reference numbers. You may want to find out about any prepayment interest, charges and fees that your lender will be applying to your mortgage or line of credit.
If you have any liens, pending litigation, judgments, encumbrances or other financial charges registered against your property it is a good idea to have the contact information about the charge holder's lawyer (name, address and/or phone number) available. For these types of charges, we typically contact the charge holder's lawyer to obtain a written request of the total amount owing to the holder of the charge. This payout amount may also include penalties, fees, interest and other associated costs.
If the new mortgage lender requires that you pay out certain bills, such as credit cards, unsecured credit lines, loans etcetera then you should gather your recent statements, as well as information (names, address, contact names and numbers) about the bills that need to be paid out. In some cases, the lender may want our office to process these payouts, prior to advancing the new mortgage proceeds to you. You may have already paid out some of the bills, as required by the new mortgage lender, in which case, you should keep the proof of payment for those bills handy.
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