Once we receive instructions from the new lender and have been able to confirm our retainer with you, we will conduct our searches and review the mortgage instructions and send you our initial report along with a list of further information we need from you to prepare the documents.
If a mortgage is registered on the title of your property, we then contact the lender to obtain a discharge statement from them. The discharge statement will show us the exact amount we will have to pay out to the lender in order to oblige them to release the mortgage from the title on completion. We will then prepare the documents and contact you to book an appointment for signing the documents.
On completion day, we will file the new mortgage in the Land Title Office and receive the funds from the lender. We will then pay out the existing lender in accordance with the discharge statement, pay other unsecured debts (if any) and pay the rest of the funds to you after deducting our fees and other disbursements*.
You can expect to receive your funds from the refinance proceeds within two days after the completion.
* For more information on other disbursements payable on closing click here.