- Mortgage Services -
Mortgages are a means for a person to borrow money using his
or her own home as collateral on the loan. Mortgages are
usually placed on a home as part of a purchase, however it is
also possible to place a second mortgage on a home or to
re-finance an old mortgage with a new one. It is a good idea to
allow at least 10 business days from the time of signing the
documents for your mortgage at the bank to the closing date.
Much of the legal work that is done on a mortgage alone is
similar to that of a mortgage that is done in the context of a
home purchase. If a new mortgage is to be placed on a home
with a different financial institution than the first mortgage,
the new institution will require a lawyer do a number of searches
to ensure that you have clear title to the property so that the
bank has valid security. If a mortgage is to
re-finance a property, some expenses can be avoided, particularly
if the financial institution remains the same; as only a lender
title insurance policy must be secured.
A lawyer will advise you what the institution is requesting;
he will do the required searches, review them to make sure the
title remains valid, receive the mortgage funds from the
financial institution into his Trust account, register the
necessary documents, pay out any amounts from the mortgage funds
as per your instruction, and give the balance of the mortgage
funds to you.
The fee for a mortgage is $400.00 plus HST + disbursements
(the cost of the searches and registration fees).
Please feel free to contact my office for more details as
well as my fees and a list of the disbursements.
Send E-mail to David Fysh at firstname.lastname@example.org