Refinancing can certainly be a cost effective way to access capital for a homeowner, particularly if you are benefitting from a lower interest rate or trying to free up equity to be used for renovations or to put towards your children’s education. However, understanding the rules to properly refinance and knowing whether that is the best option at the moment needs to be considered before making any decisions. This can be especially important when considering a reverse mortgage or a special low-rate mortgage.

Cohen LLP have a firm knowledge of refinancing regulations and will be able to accurately communicate the implications as they refer to your mortgage.

The following are the some of the steps that we take and some of the items we will ask you to help us with to ensure a smooth closing:

• Please provide our contact information to your mortgage or line of credit lender or broker
• Please provide us with the bank and loan number for each mortgage or line of credit registered against to the property
• We recommend that you speak with your mortgage lender to be aware of any pre-payment charges or penalties that may apply to refinancing your existing mortgage
• Please provide us with a copy of your most recent property tax bill

We will:

• Prepare the required mortgage and related documents
• Obtain a sub-search of the title
• Review payout balances outstanding on your existing mortgage or line of credit, and arrange for these to be paid upon receiving the refinance proceeds
• Meet with you to obtain signatures on closing documents
• Deposit net mortgage proceeds from the refinancing directly into your bank account (for any of the major Canadian banks)
• Providing you with a copy of the final report letter