Refinancing

Refinancing

If you’re seeking to refinance your home equity or obtain a new mortgage from the same or different lender, Cube Law Corporation is here to help. When preparing a mortgage, lenders often require the name of the law office to whom the lender will send funding instructions. At Cube Law, we will carefully review the lender instructions upon receiving them and notify you of any outstanding requirements on your end. We will attend to the Lender requirements that are required from our Office. Once everything is in order, we’ll arrange a funding date and invite you to our office to sign the necessary documents and provide an explanation of the mortgage terms. After you’ve finalized the mortgage details with your financial institution or broker, simply let them know that you’ve retained our services. We’ll promptly review the instructions and get in touch with you.

Frequently Asked Questions

Refinancing can lower interest rates, reduce monthly payments, or change loan terms to better suit your current financial situation. Please work with your mortgage broker to evaluate your situation.

Consider current interest rates, the remaining duration of your mortgage, closing costs, and how long you plan to stay in the property. Please work with your mortgage broker to evaluate your situation.

The process includes reviewing bank instructions, registering the new mortgage on the title, removing the old mortgage from the title, and distributing any net proceeds to you, if applicable.

A prepayment penalty is a fee charged by lenders if you pay off your mortgage earlier than the terms specified in the mortgage agreement. This penalty often applies if you refinance your mortgage, sell your property and pay off your mortgage with the proceeds, or make a large lump sum payment beyond the allowed prepayment terms.

The calculation of a prepayment penalty varies depending on the lender and the type of mortgage you have. It’s commonly based on several months’ interest, a percentage of the outstanding principal, or the difference between the interest you would have paid and the current interest rate. It’s important to check your mortgage agreement for specific details or consult with your lender for precise calculations.

Avoiding a prepayment penalty may be possible if your mortgage agreement includes terms that allow penalty-free prepayments up to a certain amount. To reduce the penalty, consider only prepaying within the allowed limit. Additionally, if you plan to buy a new property, transferring (porting) your mortgage to the new property can sometimes help avoid these penalties.

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