Home Refinance
A Refinance is when you withdraw money out of a property that you already own. 20% equity needs to remain in the home.
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How much equity can I potentially access in a Refinance?
a) the home value * 80% = x
b) x - existing mortgage/loans against home = y
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If "y" is positive, that is the amount that may be drawn out. (oac)
If "y" is negative, it is not time (yet) to do a refinance.
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REFINANCING YOUR MORTGAGE
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How much does a mortgage refinance cost?
This involves new legal documents and title re-registration; either can be used to facilitate:
a) FCT* or FNF** which are not lawyers, but they are able to process the legal documents for refinances. I would budget $1200 for this.
b) If a lawyer needs to complete the transaction I would budget approx. $1,500-$2,000.
The other cost will be for an appraisal which is approx. $350.
*FCT - First Canadian Title
**FNF - FNF Canada