Category: Mortgage Refinancing

If you are planning to start or are in the middle of searching for a home in Toronto, there are invaluable mortgage application tips you should be aware of. For one, your past and current spending habits could undermine your mortgage approval. The local housing market is consistently fluctuating wherein prospective buyers see their dream home sold before they collect enough capital.

... 9 Mortgage Application Tips to Help with Mortgage Approval

As a reputable real estate and mortgage lawyer in Toronto, John Zinati has more than 25 years of experience in the housing market. In that time, he has seen various financing options that buyers and sellers have used to facilitate a successful sale.

In a recent Globe and Mail article, Zinati discussed the renewed interest in using vendor take-back mortgages to accommodate the rising interest rates by the Bank of Canada. This type of financing is used to benefit both the buyer and the seller if both parties agree to the terms and conditions.

The vendor take-back mortgage was seen widely in the late 1980s and in the first few years of the 1990s. It was offered as an incentive to buyers in a world of harsh financing terms by world lenders. Once interest rates began to drop, the vendor take-back mortgage option was quiet until rates rose again in 2018. It has also been seen in times where the housing market has slowed to the point where sellers want a quick sale.

... Vendor Take-Back Mortgages: Zinati’s Insights

The mortgage closing process can be complex, which is why it may be in your best interest to hire a mortgage closing lawyer in Toronto. While your lender or mortgage broker should be able to offer you sound advice, a real estate lawyer can advise you on all the legalities involved in the closing process.

... The Importance of Hiring a Lawyer for Mortgage Closing in Toronto

Denied! It’s one of the words in the English language that can easily launch emotions of sadness, anger, embarrassment, and hopelessness in a split second.

But being denied for a mortgage refinance loan is not the end of the world, although it may feel like it is. Underwriters of financial institutions follow specific guidelines and regulations when deciding on a mortgage refinance application.

While the reason behind the decision may be obvious, there may be unknown issues that can continue to keep you from being successful. Below, we will look at the top 6 reasons why a mortgage refinance application might be denied.

We also highly recommend that you contact a reputable real estate lawyer for mortgage refinance advice!

... 6 Reasons Why Your Mortgage Refinance Might Get Denied

Mortgage refinancing is a long and arduous process that requires attention to detail. Certain legal documents and parameters need to be taken care of in order for this endeavour to be executed correctly and with minimal financial risk. 

There are many different reasons why property owners might choose to refinance their mortgage from debt consolidation to cashing in on your home’s equity. Whatever your reasons are, there are a few important things you should know to prepare in advance. 

... What Documents are Required for Mortgage Refinancing in Toronto?

There are a lot of perks to refinancing your mortgage. Mortgage refinancing allows you to take advantage of lower interest rates, cash out on your home equity, and even lower your bi-weekly or monthly payments. Refinancing your mortgage entails paying off the full sum of your current loan in exchange for a new loan with more favourable and equitable terms. In some cases, it could mean extending the loan term of your mortgage, but it could have long-term savings opportunities for homeowners. Working with a qualified lawyer to refinance your mortgage will help you navigate every stage of the process and ensure that you fully understand all of your options and their advantages.

... Step-By-Step Guide to Refinancing Your Mortgage

Refinancing your mortgage doesn’t have to be a long and complicated process. It can be as simple as calling up your mortgage lawyer in Toronto to get the process started. There are a lot of cash saving benefits to refinancing your mortgage, given the right market timing and circumstances. If you’re on the fence about whether or not this is a necessary or feasible move at this juncture in your home ownership, then here are a few compelling reasons to consider refinancing your mortgage. 

... Top Reasons to Refinance Your Mortgage

There’s a certain sense of pride when it comes to home ownership. You have your own space and the freedom to do whatever you want with it as long as you’re not in violation of local building codes. But, there’s a lot of financial responsibility involved when you take on a mortgage loan. When the initial terms of your mortgage don’t cut it anymore and you need to make some changes to save money, refinancing your mortgage is a viable option. Where do you start? For one thing, you should hire a lawyer to refinance your mortgage in Toronto. Once you’ve secured the services of a qualified and reputable mortgage lawyer in Toronto, follow these important tips.

... Steps to Take for an Effective Mortgage Refinance

You’ve found your dream home, now comes the hard part: paying for it. Your house is typically the greatest source of equity (meaning the most important investment) you’re likely to make. As any good mortgage lawyer in Toronto will tell you, that means the conditions of the loan you take out and adjust to pay for your home will have a massive impact on the future of your finances. As such, it’s absolutely critical that you avoid costly mortgage refinancing mistakes.

... 4 Common Mortgage Refinancing Problems to Avoid

Finding your dream home is pretty exciting. The same cannot be said about qualifying for a mortgage. Many homeowners find refinancing their mortgage to be stressful, and for good reason—from different interest rates to amortization periods and penalties, there is a lot to consider.

But it can be worth it. Refinancing a mortgage with more favourable terms and conditions can save you thousands of dollars in interest charges. Refinancing a mortgage with a lower interest rate is also a great way consolidate and pay off debt and access some of the equity you’ve built up in your home.

If you’re thinking about refinancing your mortgage in Toronto, here are six things you need to consider.

... 6 Things You Need to Know about Refinancing Your Mortgage

Over the last few months, there has been a lot of uncertainty surrounding the COVID-19 pandemic and the economy. Millions of people lost their jobs, businesses were forced to shut down, and Canadians coast to coast were required to isolate and social-distance. While the pandemic has certainly taken a toll on our social lives and on the economy as a whole, it’s also forced many homeowners to question whether they will be able to pay their mortgage. Luckily, the five largest banks in Canada—Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), and Canadian Imperial Bank of Commerce (CIBC)—have stepped up to offer mortgage deferrals in Toronto and across Canada. What is a mortgage deferral? And does a mortgage deferral hurt your credit? Here’s what you need to know about this new form of financial assistance from lenders and whether it’s the right move for you and your family. ... Things to Consider Before Opting for a Mortgage Deferral

The COVID-19 pandemic hasn’t just affected millions of Canadians financially, but it has also sent the global economy spiraling. Many Canadians have already lost their jobs and the housing market has taken a major hit, which has led to concerns that the mortgage process will be affected, too. Now more than ever, people are rushing to refinance their mortgages and provide themselves with a bit of a safety net. But is mortgage refinancing during COVID-19 really the right move? The answer is that it strongly depends on each individual’s circumstances. Here’s a breakdown of whether you should refinance your mortgage now and a few of the benefits of mortgage refinancing during COVID-19. ... Should You Refinance Your Mortgage in the Wake of COVID-19?

Refinancing your mortgage can be a great way for you to gain finances to consolidate debt, complete a home renovation, or pay for your children to attend post-secondary school. For many homeowners, refinancing can be cost-effective; however, to find out if refinancing your mortgage is the best option for you, you need to first consider the interest rates and other mortgage refinancing fees involved, and compare these costs with other options available to you. Here’s what you need to know about mortgage refinancing costs and how you can avoid them. ... Mortgage Refinancing: Avoid These Hidden Costs

If this is your first time considering refinancing your mortgage, there are some important things you should know. There are several mortgage refinance myths circulating that make it difficult to know what to expect in the process. Here you can see the most common mortgage refinancing myths busted and stay informed as you move forward with the refinancing process.

... 8 Mortgage Refinancing Myths Busted

Many homeowners go through situations in their lives that make it difficult to make their mortgage payments on time. Sometimes mortgages can feel like a trap, leaving homeowners stuck with bills that never seem to end. It may be relieving to know that there are options for managing your mortgage. There are generally two ways mortgages are structured: fixed and variable. Choosing the option that is best for your needs and lifestyle is key to relieving the stress as you pay your mortgage. Here’s what you need to know about each kind, and which option may be the best for you.