Step 1 of 5 - Refinance Amount (New Mortgage Amount)

When you retain us for your closing we will review your mortgage commitment at no charge. Yes, that's for Free!


This applies when acting for a private lender only, where the loan is greather than 50,000. And in acting for both the private lender and borrower where the loan is equal to or less than 50,000. (Also by private lender we mean NOT a Bank, Trust Company, Credit Union or other financial lending institution)

Refinance Amount (New Mortgage Amount)
Legal Fees
Admin Fees or Disbursements
Title Registration Costs
Statutory*
ELRSA

What is the total amount of your new mortgage including any insurance premiums such as CMHC fees?

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Total
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Step 2 of 5 - Tenancies (up to six (6) units)

Legal Fees
Admin Fees or Disbursements

If your property is a residential multi0plex made up of more than one (1) single family residence but up to six (6) residences, please enter how many tenants there are (e.g. if your property has more than six (6) single family residences, in other words, more than six (6) apartments please contact us for a quote, otherwise enter the number of tenants. If there are no tenants enter "0" (zero))

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Total
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Step 3 of 5 - Title Insurance & Mortgages

Legal Fees
Title Registration Costs
Statutory*
ELRSA
Title Insurance

Will you be transfering title to a spouse? (If you intend to transfer title to anyone other than your spouse then we will need to treat this like a purchase, and depending on how you are doing the transfer you may or may not be obligated to pay land transfer taxes. Please call us to discuss, possible solutions.)

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Will this new first mortgage be registered against more than one property? (i.e. will this mortgage need to be secured against not just the property you are refinancing but another property you own or someone has provided as collateral security?)

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Will you be obtaining a new second mortgage, second line of credit, bridge loan or other form of additional financing, which we will be acting on in addition to your first mortgage?

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Is this new second mortgage, line of credit or other form of financing, which we will be acting on from a private lender? (i.e. not a Bank, Trust Company, Credit Union or other financial lending institution)

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Will this new second mortgage be registered against more than one property? (i.e. will this second mortgage need to be secured against not just the property you are refinancing but another property you own or someone has provided as collateral security?)

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Total
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Step 4 of 5 - Searches & Due Diligence
Legal Fees
Admin Fees or Disbursements

Do you want a Property Tax Certificate ordered? (Recommended in situations where you have not paid your property taxes for a while and are uncertain of what is owed exactly.) (As the owner you inherit all past property taxes and thus will be responsible to pay all arears plus interest and penalties, often times its easy to loose track of what they owe, or you may have substantially renovated or built new the property you are in thus resulting in Supplemnetary or Omitted Tax Bills that have been recently issued or overlooked. Remember Property Taxes take precedence over mortgages even if the mortgage was registered prior to the property tax lien. This will jeopardize the mortgage and push it into default even if you make your monthly mortgage payments on time.)

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Do you want a Property Information Report? (Recommended for custom new built homes, homes that have been renovated or look like they had some work done) (As the owner you inherit all active building permits, violations, work orders and the zoning designation that apply to the property, this could cost you thousands to remedy and possibly requiring you to retain architects, planners and lawyers as well. The letter describes what the property is zoned for, if there are any applicable by-laws and if there is anything active on the property (e.g. active building, heating and plumbing notices or orders to comply, it will identify any outstanding work orders, previous Committee of Adjustment applications or building activity, as well as anything related. For example, outstanding workorders and open permits could mean thousands of dollars are required to rememdy the issue, thus resulting in lowering the marketability of the property reducing its overall value and therefore the lender's Loan To Value will be higher than expected thus again pushing your mortgage into default.)

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Do you want a thorough Property Title Search and Off-Title Search? (Recommended for properties that are NOT condos or subdivison homes, average cost is 250 for simple single family dwellings, more so for larger parcels of lands and buildings) (As the owner you inherit the entire history of ownership, such as encumbrences, right-of-ways, easements and planning act violations, most of which cannot be discovered by a simple title search of your property only. Most lawyers will only pull title to your specific property, without studying the abbuting lands bordering your property lines and their history of ownership. These lawyers will require you to rely on the title insurance they originally ordered for you instead. This often results in an incomplete conveyance of title, whereby a severe planning act violation resulted in a nulliefied transfer some-time in the past, resulting in the seller never having the right or conset to have sold you the property or acquire the property himself when he did (Yes, a very scary situation). Not to mention complications when shared laneways, driveways, access roads or paths are never registered on title or are not exactly as they appear to be when you visited the property. Often times lawyers will not know what to look for without studying the abbuting lands and their right-of-ways. And although the original seller may have been enjoying the use of a neighbors driveway or lanway, it was never registered on title to either property, and therefore can be taken away at any time. Hence often times buyers are paying for something that can be taken away at anytime. Also title insurance may not be that quick to help, like all insurance companies you need to first show that the problem falls within their coverage and that you are either being sued because of the problem or that you are able to quantify the actual dollar value of the damages you have suffered because of the problem. This may be extremly difficult if its a laneway you thought you had access to but do not and thus need to use a different laneway that is further away from your property to bring your car in. And although the original seller told you that it can be used, you now discover that your neighbor is building something over it. And yes it was only a matter of convenience to you - something that cannot be necessarily quantified for title insurance coverage - it may have been a significant inducement to you purchasing the property in the first place. This can now result is a lower marketability of the property reducing its value, therefore increasing the lender's loan to value and pushing your mortgage into default.)

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*HST does not apply.
Step 5 of 5 - Total
Legal Fees, Disbursements & Land Transfer Taxes
HST (Taxes)
Total
Legal Fees
$0.00
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$0.00
Admin Fees or Disbursements
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Title Registration Costs - Statutory*
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$0.00
Title Registration Costs - ELRSA
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Title Insurance
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$0.00
Total Fees & Disbursements
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$0.00
Land Transfer Taxes*
Ontario
Not Applicable
$0.00
$0.00
Toronto
Not Applicable
$0.00
$0.00
Total Land Transfer Taxes & Credits
Not Applicable
$0.00
$0.00

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