Sales | Purchases | Refinances | General | New Builds

Refinances

Can you take care of our mortgage refinancing?

Absolutely we can.  Just advise your lender that you will be using our firm (give them our contact information).  They will send us our “mortgage instructions” and then we will get in contact with you to set up a time and date to meet and sign the relevant paperwork. We will also email you a copy of the instructions immediately upon receipt of same.

To ensure that your refinancing goes smoothly, we need you to email us with the full names and contact information for each individual involved in your mortgage refinance including address, phone number(s) and email address(es);

We'll also require the marital status and/or relation to you for each individual that will be registered with regard to the mortgage refinance;  Along with your current mortgage details (including bank, loan numbers and address of the servicing branch);

As well as 2 pieces of ID, either by email (preferred) or fax, of both sides, for each individual that is on title.

Be aware that the first piece of I.D. must be a photo I.D. (preferably a driver's license) and the second can be a major credit card.   A Health Card is not acceptable for privacy reasons. This information will only be used to verify your identification.

Finally, we'll require you to email (preferred) or fax to us your current property tax/realty tax information.

If you are refinancing a condominium, then you will need to order a status certificate from your property management.  This will likely cost you $100.00 and can take up to 10 days to produce.  So please, get on that right away!

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I've just received my Power of Attorney documents. What do I do?

Once we email you your Power of Attorney ("POA" ) documents, all you need to do is:

  • Print three (3) copies of the attached POA (on legal sized 8.5" x 14" paper); 
  • Attend at a notary's office and ensure you initial the bottom of every page and sign the last page;
  • Make sure you attend at the notary's office with at least one witness (who is not yourself);
  • Have the one witness initial every page and sign the last page; 
  • Have the notary initial every page and sign and seal the last page (as a witness); 
  • Have the notary write a letter confirming he/she has examined your identification and is satisfied as to your identity.

Fax them immediately and courier the original documents to our office.

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Do I need home insurance?

Home insurance is required when you purchase or refinance a property (typically a house).  Insurance binders are not required when you purchase or refinance a condominium.

Home insurance covers the replacement value of the building(s).  Premiums will vary depending on the value. Lenders insist on house insurance because the property is their security for the loan.  Should your house burn down, the insurance company is required to pay the lender first. You will still own the lot and will then have to re-negotiate with the lending institution to borrow to build a new house.  If you rent all or part of your house, be sure to declare this to your insurance company to avoid any future problems arising from insufficient or invalid coverage.
 
Discuss with your insurance broker other aspects of house insurance such as: contents, liability, and business coverage if you intend to run a home business.

So, if you are buying a house (not a condo) we will require confirmation from your insurance company that insurance has been arranged.  We get this in the form of an insurance binder that is faxed from your insurance company to us.  Just tell them you need an insurance binder, they will know what this means.  Once we receive it, we will forward it to you by email for your perusal.

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We'll answer all of your questions.