Refinancing Mortgages With Calgary And Edmonton Lawyers
Mortgage refinancing lawyers help people to access equity (value) from their property.
A mortgage is a document that secures a lenders loan. Everything below is equally applicable to financing or refinancing. The term mortgage financing refers to when someone is getting a new loan on their property. The term mortgage refinancing is used when people replace an existing loan with a new one. In Alberta, mortgages are registered on title at the Land Titles Offices in either Calgary or Edmonton. Kahane Law Office helps complete these transactions in a variety of ways. Keep reading to learn more.
Why Refinance A Mortgage
Every year thousands of Albertans refinance their properties. This includes both residential and commercial properties. There are many reasons to refinance a mortgage. Every family has its own reasons and needs. For example, these reasons include:
- Securing better mortgage rates or terms;
- Consolidating a number of debts into a single payment (such as credit cards) with a lower rate mortgage;
- Adding the financial flexibility of a line of credit to draw on;
- Payout an existing mortgage on its maturity;
- Starting or completing home renovations or vacations;
- Removing a co-owner from the mortgage and/or title;
- Buying out a co-owner’s interest in the property;
- Accessing funds for investing;
- Drawing equity from your home to buy a rental or recreational property;
- Free up equity for other purposes; and lastly
- Transferring mortgage debt for better tax planning.
Situations Where Our Mortgage Refinancing Lawyers Help
Our clients come to us with a wide range of situations and reasons for refinancing. The real estate lawyers at Kahane Law Office assist clients with all their mortgage refinancing needs. For example, we assist with the following situations:
Residential mortgage refinancing or financing
Whether new financing or replacing an existing loan our mortgage refinancing lawyers can help you. Using a lawyer ensures you understand your obligations and liabilities under the mortgage. Mortgages are used to secure both regular housing home equity loans and secured lines of credit. We explain to you what you need to know about the mortgage. We also go over easy ways to save thousands of dollars during your mortgage. Learn more about saving money on your mortgage with our video.
Commercial mortgage refinancing or financing
Commercial mortgage refinancing lawyers have additional experience in dealing with issues specific to commercial transactions. The security documents for commercial mortgages are often more numerous and complex. Additionally, lenders are often protected with the addition of specific searches that are not done in residential loan situations.
Other non-mortgage refinancing loans
In addition, sometimes people do not use a mortgage to secure debt. The debt can be secured on the title to a property by way of an agreement charging land or a promissory note charging land. Often these loans come up with relatives or friends lending money to one another. They wish to protect their money by securing the debt on title. Occasionally, these loans exist as a part of a bridge or intern financing situation with a commercial lender. Our mortgage refinancing lawyers can assist with these types of security documents.
Construction financing is often done through construction mortgages. This is financing paid out in stages to build a new building on property. We register the mortgage on title, or titles, to secured the loan used for the construction mortgage. The lender sets out the specific stages when they advance funds. For example, stages include, completion of the foundation, lock up stage, after drywall completion, etc.. Clients negotiate these stages with their lender prior to our office receiving the mortgage instructions from the lender.
Lastly, as part of our mortgage refinancing legal services, we act for many private lenders. Our mortgage refinancing lawyers protect our private equity lending clients through proper security. This means drafting secure, enforceable mortgages to protect your loan. We also have a foreclosure team that can assist if a borrower does not pay.
In addition, we frequently act for people borrowing from a private lender. We never act for borrower and lender in a single private mortgage transaction. When acting for a borrower, we sometimes simple complete independent legal advice on the loan. Alternatively, we act to complete the entire financing.
Lawyers Who Save You Money
The experience of our mortgage refinancing lawyers save you money. The experience in dealing with billions of dollars of mortgages has led us to develop ways of savings clients money. Often, these savings exceed our legal fees and have been as high as thousands of dollars. Our video help you understand this simple yet effective money saving technique.
Who We Act For With Mortgage Refinancing
The mortgage refinancing department at Kahane Law Office acts for private and corporate lenders and financial institutions as well as borrowers for both residential and commercial lending. While we only act for property located in Alberta, we also offer signing agent signings for people who engage lawyers in other jurisdictions but need to sign in Alberta.
Refinancing Lawyers: Here When You Need Us
When we act for a mortgage refinancing, we have flexibility to serve your needs. Typically we suggest leaving a week or two to complete the transaction. However, due to our number of mortgage refinancing lawyers and paralegals, we can meet your timing needs. While a rush fee may apply, where necessary, we have funded mortgages in less than 24 hours.
Retaining Mortgage Refinancing Lawyers In Edmonton Or Calgary
Many residential refining clients just tell their mortgage specialist that we are acting. The mortgage specialist then instructs the lender. The lender then sends us mortgage instructions and we draft the required documents.
If you have mortgage refinancing related questions, contact the experienced team at Kahane Law Office today to see how we can help in your financing situation. Our lawyers in both Edmonton and Calgary, Alberta help people with their home financing needs. Call Kahane Law Office toll-free at 1-877-225-8817 or (403-225-8810), or email us directly here.