Refinancing
Refinance timeline
From your first call to funds in your account. Timing depends on the lender and the legal process.
To start
Discovery call
We start with a call to talk about your goals, answer your questions and figure out the best way forward. There is no cost and no obligation.
First step after the call
Application & document collection
You'll complete the mortgage application and upload your income and property documents through the secure portal.
Once everything is received, I'll review the documents and work out a realistic borrowing amount and payment range based on your income, your home's value, your existing mortgage, and your debts.
After documents are in
Review & qualification
I'll review your income, credit, property value, existing mortgage, and any debts being paid out to determine which lenders and mortgage options best fit your situation.
We'll compare the available rates, payments, terms, and costs so you can understand the options before deciding how to proceed.
Often 5–10 business days, depending on the lender
Mortgage submission & conditional approval
Once we've selected the most suitable option, I'll submit the application to the lender. The lender may issue a conditional approval. This means they're prepared to lend, subject to reviewing and approving certain items. These conditions may include updated income documents, confirmation of debts being paid out, property information, or an appraisal.
Once we receive the conditions, I'll work with you to get everything submitted. The lender then reviews the documents and confirms whether the conditions can be satisfied. Additional questions or requests are sometimes part of the process. Conditional approval is not the same as final approval. We need to make sure the lender has accepted the required documents and signed off on the outstanding conditions before treating the financing as complete.
Alongside the approval
Existing mortgage payout & penalties
If you're replacing your existing mortgage, we'll need a payout statement from your current lender to confirm the amount required to discharge it. Depending on your mortgage terms, there may be a prepayment penalty, discharge fee, or other costs associated with paying it out early. I'll help you identify these costs so we can factor them into the decision.
In some cases, keeping your existing mortgage may make more sense than refinancing, particularly if the penalty and other costs outweigh the benefit of switching.
Once conditions are satisfied
Final approval & legal preparation
Once the lender's conditions are satisfied, the lender will prepare the mortgage instructions for your lawyer or notary.
Your lawyer or notary will coordinate the legal work, including registering the new mortgage and arranging the payout of your existing mortgage and any debts included in the refinance.
I'll keep you updated as we move through the process and help coordinate any outstanding lender requirements.
A few days before funding
Lawyer/notary appointment
Your lawyer or notary will contact you to arrange a signing appointment, usually a few days before the planned funding date.
You'll review and sign the legal documents and arrange any funds needed to complete the transaction.
If you're using the refinance proceeds to pay off other debts, your lawyer or notary will generally arrange those payouts as part of the closing process, depending on the lender's instructions.
Funding date
Funding day
On the funding date, your lawyer or notary arranges the mortgage advance and distributes the funds according to the closing instructions.
Your existing mortgage and any debts included in the refinance are paid out, and any remaining funds are handled according to the agreed instructions.
The exact timing of when funds become available depends on the lender and the legal process.
Breaking a mortgage early can carry a penalty, so we always check the numbers before you commit. Ask Kerri.