Any mortgage is a huge responsibility, and is usually gladly taken on when financing is a priority in the person’s life. Priorities often change, and can do so when the first term of the mortgage is over or if more financing is needed at any time, for any reason.
Before you decide to refinance your mortgage, you need to be aware that obtaining any type of mortgage financing, and especially refinancing, comes with regulatory and procedural challenges. It often isn’t as simple as walking into the bank and asking for more money. Many times, you will find yourself calling on a lawyer to help you. In fact, some banks and mortgage lenders actually expect you to involve a real estate lawyer.
This expectation exists because lenders want to make sure that the mortgage and property have been cleared by a qualified Ottawa real estate lawyer.
Your lawyer will conduct such tasks as performing searches on the property title, in addition to the first mortgage that was attached to it. There are various encumbrances to a title that can impact your ability to market your property to potential buyers.
These encumbrances are legal obstacles that can affect the sale of the property, especially if a lender is seizing a property due to default.
Liens, an unknown previous mortgage, rights of others to use the property and certificates of pending litigation are all encumbrances that can make it difficult to sell your home or refinance your mortgage. These factors, among others, can change the status of the property that you are seeking to refinance the mortgage for. So you, and your mortgage lender, will need to have these things checked out via a thorough, experienced and reliable Ottawa real estate lawyer.
There are occasions wherein a mortgage refinancing could be the right decision, and there are more options available than ever for individuals choosing to go this route. When you hire Francis Lawyers to guide you through this process, you can rest assured that we will spare you as much legal complications as possible, and ensure you proper refinancing.
We can save you time and money, all while helping you to stabilize your financial future.