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Real Estate Refinance Lawyers in Vancouver

Real Estate Refinance Lawyers in Vancouver British Columbia

Trusted guidance at every turn of the financing process

Refinancing can lower your monthly mortgage rate and may be exactly what your family needs right now. However, if you’re planning to refinance a commercial or residential property, it’s a good idea to speak with an experienced lawyer first.

At Castle Real Estate LLP, our team can work with your mortgage advisor to ensure everything goes according to plan. We can assist you in drafting paperwork, managing routine legal formalities, and closing on time.

Refinancing a mortgage in Vancouver, BC

When you refinance real estate, it means you are setting up a new mortgage to replace the original. However, unless you are legally savvy, getting the best deal can sometimes prove difficult. First, the documentation must be correct. Secondly, the new mortgage arrangement must be set up correctly. Our attorneys can ensure all paperwork is accurate and assist you in completing the registration process in a timely manner.

Our real estate refinance lawyers will assist with the following:

  • Contacting your lender regarding refinancing instructions 
  • Contacting your mortgage advisor about the refinancing arrangement
  • Obtaining a payout statement from your lender 
  • Drafting your refinancing documents based on the terms set by your lender
  • Arranging the signing at our Vancouver offices
  • Receiving the proceeds on the day of completion
  • Registering the new mortgage on the title of your property
  • Paying out the mortgage that is being replaced
  • Registering documentation to discharge the old mortgage from the title of your property
  • Transferring any residual funds remaining after the refinancing is complete

If this is your first time refinancing real estate, these steps may be daunting. Rest assured, our lawyers can ease your concerns and take care of all paperwork required for the registration process. 

What are the main reasons for refinancing real estate?

Real estate owners looking to improve their financial situation may wish to refinance their property. You may wish to take advantage of refinancing options as a result of personal changes or because of sudden real estate market swings. 

Generally, our clients refinance mortgage debt for the following reasons:

  • Debt consolidation — In some cases, refinancing is used to consolidate debt which allows a client to lower high-interest debt on car loans or credit cards. 
  • Better terms — Clients may wish to refinance their mortgage debt because of market changes, lenders offering special promotions, or because a new lender enters the market. 
  • Fund large investment — Some of our clients in sound financial standing choose to refinance mortgage debt to fund a large purchase. 
  • Funding home improvements prior to a sale — Homeowners may wish to use home equity to fund home improvements which can help resale value in the long run. 
  • Funding for unexpected life events — Sometimes our clients refinance to pay for medical care for an elderly loved one, special tuition for a child, or for a legal bill.
  • Property transfer — When property is transferred in the case of a divorce or because of an elderly family member, the mortgage may need to be paid out and refinanced before a person can be added or removed from the title.

Real estate refinance: The closing process

After choosing a new replacement mortgage, our attorneys will begin the “closing” process which typically involves the following steps:

First, we must gather the names of your insurance and management companies (if the property is strata title) as well as payout information for your existing mortgage. 

Depending on the circumstances, additional information may be required. You will be notified at this time if tax or title information is needed.  

Our skilled legal team will prepare all closing documents including the mortgage and Order to Pay.

In most cases, the signing of documents takes place one to three days before closing at one of our Vancouver offices.  

Our lawyers will register your new mortgage, obtain funds from your lender, pay current lenders or approved creditors (in accordance with the Order to Pay) and schedule payment of any remaining funds.

Lastly, our legal team will provide a comprehensive report to your lender. 

Contact Castle Real Estate LLP, Vancouver for help with your real estate refinance

Refinancing mortgage debt can be a strategic or even necessary decision. Whether you’re looking to consolidate debt, or free up equity to fund a home improvement project, an attorney can increase your chances of obtaining a favorable outcome.

At Castle Real Estate LLP, our skilled legal team can help you find the best refinancing deal for your situation. To discuss your real estate refinancing matter with one of our knowledgeable attorneys, call or contact us online.  

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If you are looking to buy, sell, lease, or develop land in Vancouver, be sure to seek competent legal counsel.