Mortgages and refinancing
A mortgage is a financial charge registered against the title to your property as security for a loan. Typically, a mortgage can be financed through a bank, credit union, trust company, or a private lender.
You may need a mortgage for a new purchase or for an existing home. A line of credit often gets registered against your title as a mortgage depending on your lender's requirements.
You are getting a mortgage
Once you have been approved for a mortgage, depending on the lender, typically you will need to retain a legal representative. Ridge Notaries will prepare the documentation needed to register the loan against your title with the Land Title Office. For institutional lenders, we can act both for you as the borrower and them as your lender. We work closely with your lender who will send us mortgage instructions which we must follow to ensure your financing is successful.
You are refinancing your existing mortgage
Refinancing your existing loan will often require the service of Ridge Notaries, which includes:
- Obtaining information about your existing mortgage to obtain a payout statement;
- Receiving instructions from your new lender for the preparation and registration of your mortgage;
- Preparing your documents;
- Meeting with you to review and sign your legal mortgage documents;
- Receiving the mortgage funds in trust from your lender;
- Register the new mortgage;
- Payout the existing mortgage;Providing your existing lender with discharge documents to remove the existing lien from the title;
- Reporting to you and your new lender upon completion of the file.
What are the costs involved when refinancing my home?
- Land Title and Registration Fees: These are the fees the Land Title Office charges for registration of the relevant security documents of your mortgage and discharging existing loans off your title.
- Strata Forms: If your property is stratified, your lender will require that we order and review a document called a Form B – Information Certificate before they will advance the mortgage proceeds
- Insurance Binder: Your lender will require us to contact your house insurance agency to confirm existing insurance and to notify them of the lender's interest.
- Title Insurance: Your new lender will require an updated title insurance policy. Title insurance protects your ownership interest of your property from losses incurred because of an unknown defect to title, or fraud. The policy protects both you as the homeowner but also the lender so if there are any title defects that would affect your mortgage payments, the lender is protected from loss. In a refinance, we would be ordering an updated lender policy only based on the amount of the new loan.
Discharging your mortgage
You have paid off your mortgage or you are ready to payout and would like to remove the financial charge from your title. Congratulations! Our office can assist with discharging your mortgage by:
- Obtaining information from you about your mortgage;
- Ordering a payout/discharge statement from your existing lender;
- Taking payout funds in trust and forwarding same to your lender (if applicable);
- Preparing the discharge paperwork and providing it to your lender for execution;
- Reviewing and registering the discharge at the Land Title Office;
- Ordering your State of Title Certificate and reporting to you.
Let's Begin Your Ridge Notaries Journey
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Contact Us
Location
#105 - 11893 227th Street,
Maple Ridge, BC
V2X 6H9
Canada
Conveniently located in the Brickwater Building!
Street parking available