Mortgages come in many different formats. Mortgages can be locked or fixed and the amortization period can be, in some cases, 25-35 years. Most people tend to enjoy the fixed rate for a five year spam when the interest rate is low. However, when the interest rate is high, people prefer to not be locked in for a long period of time in hope for a lower rate to come. To understand mortgages and to see what best fits your plans, consult an expert mortgage broker. In either situation, most people with a mortgage will “refinance” or “re-mortgage” at some point in time prior to fully paying-off their mortgage; actually, many people will refinance or re-mortgage several times prior to fully paying off their mortgage or selling their home.
When you refinance or re-mortgage, you are in essence acquiring a new mortgage with new terms. All mortgages, also known as “charge”, are registered on the title of the property. Because the new mortgage must be registered, a lawyer will be involved. In most cases, the lawyer will represent both you and your bank. The lawyer will fully disclose all information to both parties and ensure that the banks instructions are fulfilled in order to satisfy the conditions of the refinance. The process is stress-free.
When it is time to refinance, call 519-254-HOME to retain the lawyer that will protect your rights throughout every step of the way and make the refinancing-process easy and comfortable.
Call 519-254-HOME and allow me to help you with the process.
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