Mortgage refinancing refers to paying off an existing mortgage and then replacing it with a new one. At Buzaker Law firm we will guide you through the process, saving you money, avoiding pitfalls, helping you weigh your options, and understand your obligations and liabilities.
Switching your mortgage to a new lender involves an approval process that is similar to the one involved in taking the original mortgage. You can opt to assign the existing mortgage or apply for another one. The latter is more applicable when you want to borrow a larger amount for debt consolidation where high-interest rates are involved or if you want to renovate your property. Some documents need to be drafted and costs may apply for services such as discharge fees and legal fees. Appraisal fees are applicable for a completely new mortgage instead of switching the existing one.
Your lawyer will help you understand the prepayment features for the current mortgage and explain whether the prepayment features can be factored to decrease any penalties that could have been incurred.

Non-mortgage refinancing loans.

Non-mortgage refinancing loans
If you are not going to use a mortgage to secure a debt, you can secure the debt on the title to a property. This happens via a promissory note or an agreement charging land. If this describes your situation, a Toronto refinancing lawyer can help especially with security documents.

Private Lenders

At Buzaker Law firm we are well aware of the common pitfalls in mortgage refinancing. These pitfalls can be extremely expensive and may result in foreclosure. Your lawyer will help you understand whether your mortgage company included any pre-payment penalties in your loan contract, usually included as a clause if the property is refinanced or sold before a particular date. Note that most lenders do not include pre-payment penalty clauses in the loan contract. However, where they are included, they could be as high as 85% or 6 months of interest on the original loan balance. With your lawyer, you can be able to identify any penalties before signing the loan contract.

We represent private lenders in commercial real estate transactions, including but not limited to 

  • Review of security documents, 
  • Draft of charge documents, 
  • Commitment Letter, 
  • Postponement documents, 
  • Prepare security agreements, assignment of rent agreements and registration thereof
  • Prepare all the execution documents for the transaction, draft customized requirements applicable,
  • Review of property appraisals, 
  • Draft and review securities, acknowledgement and direction regarding PPSA registration and registration of PPSA, priority and standstill agreements affidavit of writs, and 
  • Draft of Indemnity documents and draft of applicable declarations. 

What We Do

The importance of a real estate lawyer cannot be underestimated when it comes to mortgage refinancing. We will help you understand your obligations and liabilities. We will help you avoid common pitfalls like expensive penalties. We represent lenders as borrowers.

We represent corporate borrowers for commercial collateral mortgages to purchase a commercial unit or warehouse – preparation of all the execution documents, review and draft of corporate documents of the corporation and preparing to counsel legal opinion in that regard.

Mortgage Refinance Transactions

The process of mortgage renewal is quite similar to the purchase transaction. Generally speaking, refinancing implies paying out the existing mortgage with the funds provided by a new lender.
We request a payout statement from the existing mortgagee and assist you with the mortgage discharge. Direct cooperation with a bank and/or with a mortgage broker regarding your financing. Acting on behalf of the lender in accordance with its instructions and complying/fulfilling the pre-funding conditions/forms/documents. Completion and electronic registration of a Charge/Mortgage. Conducting title and owner’s searches. Obtaining a title insurance policy.