Mortgage Refinance

The decision to refinance can be your best decision, depending on your circumstances. Once your mortgage is approved,  you can contact a Notary or lawyer about seven to ten days before closing  to assist you with preparing the mortgage documents.  Your Notary will help you to experience  “affordable peace of mind” during your refinance.

Some important ways that your Notary can help you with your mortgage refinance are as follows:

  • Contacting you to determine the amount owing on each mortgage, credit line, and its reference number.
  • Requesting a payout statement from each creditor at the closing date.
  • Contacting your mortgage broker or loan officer to obtain mortgage instructions.
  • Investigating your title at the Land Title and Survey Authority of B.C. (or LTSA) to determine if any financial charges remain affixed to the land, and requesting municipal tax information from LTSA.
  • Requesting a Form B Information Certificate from the Strata Management Company, if your home is a strata or condo.
  • Obtaining an insurance binder from your insurance company.
  • Holding back your last mortgage payment on your behalf to ensure that all debts are paid as described, usually, in the terms of your mortgage contract.

About 1  to 3 days before closing,  your Notary will invite you to the office to sign the mortgage documents and  an “Order to Pay” and  to pay for legal fees and disbursements.  Once the funds are transferred to the Notary’s trust account, the debts and the any legal fees and disbursements are paid. The remaining funds are transferred to you via a trust cheque or wired to your account.

Importantly, If you registered on title as a Joint Tenant with others, then the cheque will be made out to all parties who are  registered on title. You can  prepare for this event by ensuring that each Joint Tenant is named on the bank account. If all parties are described on the title search as Tenants in Common, then a cheque will made out to each person based on his share of the title to your home.