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Refinancing Your Home
Refinancing your home is a pretty straightforward process once you have selected from the many mortgage products available on the market. We want to make the process as easy and understandable as possible and this section provides information on the refinance process. If you have any additional questions please don’t hesitate to call our offices and speak to Richard or Ron. Bell Alliance acts for clients primarily in Vancouver and the Lower Mainland of British Columbia but the information provided applies throughout B.C. We also act for clients outside of B.C. where we utilize technology to streamline the refinancing process.
“What’s it going to cost to close my refinancing?” is usually the most pressing question for most people refinancing their home for renovations, investments or debt consolidation. And for most home owners they’re thinking just in terms of legal fees when they really need information on:
- Third Party Closing Costs.
“What do I do now?” is usually the second most commonly asked question by people refinancing their home. Take a look at the Closing Process.
Refinancing: The Closing Process
To help alleviate the stress of refinancing it is important to understand the closing process step by step:
Step 1 - Retain the services of a lawyer or notary. Ask your other professional advisors for a referral. You should retain your lawyer or notary as soon as you have a mortgage approval and preferably at least 10 days before closing.
Step 2 – Your lawyer or notary will need to gather information from you including the name of your insurance company and if the property is strata title, the name of the management company. The lawyer or notary will also gather payout information for any existing mortgages or third party creditors to be paid out with the refinancing.
Step 3 – Your lawyer or notary conducts a title search and obtains tax information and any additional information necessary to prepare the Mortgage and Order to Pay.
Step 4 – Your lawyer or notary prepares closing documents including the Mortgage and Order to Pay.
Step 5 – 1 - 3 days before closing is when you usually meet with your lawyer or notary to sign documents.
Step 6 – Your lawyer or notary will register the Mortgage, obtain funds from your lender, payout any existing lenders or creditors approved in the Order to Pay and arrange for deposit or pick-up of proceeds.
Step 7 – Your lawyer or notary will provide a final report.
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