1. Mortgage Pre-Approval – set up meeting with Candice by calling/texting 306-531-6880 or email Candice@candicecarr.ca
2. Estimate a Value – If you know a “ball-park” value of your home, that helps! I can also get a rough estimate from a Realtor who can check some comparable properties. The actual value will be confirmed by an appraiser.
3. Determine if you have enough Equity to Refinance – in order to refinance (not including a spousal buyout) you can only borrow up to 80% of your home’s value. Value x 80% – current mortgage = the amount of funds you can have access to.
4. Decide which Debts to Pay – your credit bureau will show all of your debts you have. We will go through them together and determine which (if not all) are best to be paid off from the proceeds of the refinance. Typically the highest interest rates get paid out first.
5. Approval – the mortgage approval will be based on a number of conditions such as income, value of home, etc. When I get the commitment, we will meet again to review and sign the paperwork.
6. Order the Appraisal – They will contact you to schedule the appointment which takes about 15 minutes. He/she will take pictures and compile the report off site to send to the lender. You will not receive a copy of the appraisal. The new mortgage amount can be altered depending on what the appraisal comes in at. Typical cost of an appraisal is $300 + depending on location of the property.
7. The Timeline for refinancing is about a Month – From the first appointment to the time the new mortgage will fund is about a month. It can be faster if you have all the paperwork required up front (I can run as fast as you can)! Letter of employment, recent paystub, tax info for most recent tax year and recent mortgage statement.
8. Lawyer Appointment – Legal fees are around $800 to refinance. The lawyer will register the new mortgage onto the title and pay out any debts outlined in the mortgage commitment.
9. Funding date – Your old mortgage will be paid out and the new one will take effect. The first mortgage payment will be determined when the commitment is signed.