Vernon & Salmon Arm Real Estate Lawyers Providing Mortgage Services

A mortgage is involved in nearly every residential and commercial real estate purchase, whether the purchaser is obtaining a new mortgage or refinancing a property they already own. People look to refinance their property for a variety of reasons: they may wish to consolidate debt, renovate their home, start a new business, or pay for a significant expense such as a child’s post-secondary education. Alternatively, they may want to restructure their existing mortgage payment schedule or take advantage of a more favourable interest rate.

The reasons for refinancing are endless, but the process is generally the same in each instance. Lenders often require strict conditions to be satisfied before releasing the mortgage funds, and in many cases, some third-party lenders or creditors need to be paid from the proceeds. The mortgage and refinancing lawyers at CM Lawyers oversee your mortgage transaction to effectively coordinate the various parties and ensure all obligations are completed before the refinancing date.

What to Expect When Closing a Mortgage

The legal portion of a refinance transaction should begin approximately two weeks before the registration date, which refers to the date the lender releases the funds and the new mortgage is registered on title. Giving your lawyer sufficient time to properly execute the necessary searches, document review, and coordinate efforts with your lender and any other parties involved is essential. Two weeks is generally enough time for your lawyer to review the title to the property and ensure it is in good condition to satisfy the lender’s requirements, purchase title insurance if required, and prepare documents for signature before registration.

When working with CM Lawyers on a mortgage or refinance transaction, you can expect the following:

1. Upon receipt of your file, we will contact you to discuss the transaction and any concerns or priorities you have, including the payment of third-party lenders or creditors from the proceeds.
2. We will coordinate with all parties involved and ensure all obligations are met by the registration date.
3. At the request of the lender, we will perform and review a search of the property’s title, complete a tax search to verify there are no existing municipal property tax arrears, and order a title insurance policy if required.
4. We will prepare all of the legal documentation and meet with you to have you sign everything before the registration date.

Refinancing a property may seem like a relatively simple endeavour. However, the timing of the process can be critical. There may be strict deadlines for paying previous debts, and a delay in registering the new mortgage could result in costly late fees with third-party lenders.

Making Refinancing Simple & Hassle-Free

Our real estate lawyers are exceptionally skilled in overseeing refinance transactions and will work to ensure the process runs smoothly and efficiently up to the date of registration. Our approach with clients is designed to make the process as stress-free as possible. To simplify the process, we have embraced various technical tools that allow for the easy exchange of information and documents between lawyer and client, making last-minute trips to the office unnecessary. Our lawyers and staff also make it a priority to be easily accessible to our clients in the event of any questions or concerns throughout the process.

Contact CM Lawyers for Experienced Mortgage Refinancing Services in Vernon & Salmon Arm

Working with a skilled real estate lawyer to refinance your property ensures a smooth and efficient process from start to finish. We will provide a stress-free transaction and keep you informed throughout the process. Our clients benefit from more than 50 years of combined real estate experience. Our lawyers anticipate issues and provide solutions proactively before they can threaten the closing of a mortgage transaction. Clients can rest assured knowing their matter is in the hands of skilled professionals.

CM Lawyers has two convenient locations in Vernon and Salmon Arm and serves the surrounding communities, including the Northern Okanagan and Shuswap. To discuss your refinancing issue, call our Vernon office at (250) 308-0338 or our Salmon Arm office at (250) 803-9171 or reach out online.