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Real Estate Law
 
Mortgage/ Charge Refinancing

Mortgage refinancing is the process of paying off an existing mortgage/ charge and replacing it with a new loan with different terms than the original mortgage/ charge. Refinancing allows a borrower to obtain better interest rate and terms.

Don’t confuses mortgage/ charge refinancing with obtaining second mortgage/ charge, as they are much different. A second mortgage/ charge requires additional encumbrance to be registered on title in addition to your first mortgage/ charge.  A second mortgage/ charge does not replace the first one. A mortgage refinancing, on the other hand, replaces your existing mortgage/ charge, with a new one with better terms and/ or interest rate.

For borrowers with a perfect credit history, refinancing can be a good way to convert a variable loan rate to a fixed with a lower interest rate with better terms. Borrowers with less than perfect, or even bad credit, or too much debt, refinancing can be risky.

Since refinancing a mortgage/ charge can bring about various legal issues, it is highly recommended that legal representation be obtained. HTW Law can help you deal with the availability of mortgage refinancing; expediting the process; negotiating contract terms; and other facets of mortgage refinancing laws.

HTW Law works diligently and effectively to facilitate the entire process in refinancing to ensure that you can complete the transaction successfully, and have your financial interests protected.

HTW Law can help. Call us now at 647-849-6582 or send us a message if you have some legal questions / inquiries or want to schedule an appointment with HTW Law.