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What you need to know about mortgages and refinancing (and what your lender might not tell you)

Home // Real Estate Law // Mortgages

If you are thinking about buying a property or refinancing, it won’t be long before the subject of mortgage rates comes up. This is understandable because just a small difference in rates can have a big financial impact.

Mortgage lawyer in Edmonton law office firm for expert legal help on property mortgages and refinancing

Do you really know what is in the fine print of your mortgage or refinancing agreement? Remove the mystery by taking advantage of the legal guidance offered by top Edmonton real estate lawyer Andrew Geisterfer.

But there is more to your mortgage than the rate – and these additional considerations could be very important. They may even allow you to negotiate a better rate, provided you have the benefit of sound legal advice, delivered by an experienced real estate lawyer, and make the right decisions before you sign on the dotted line. For example, here are some questions that need answers before you choose a lender:

Can I pay my property taxes directly to the city?

Answer: It depends on the lender. It’s preferable to pay your property taxes directly to the city.

Can I make a pre-payment without penalty?

Answer: It depends on the lender, some allow pre-payments, some don’t or apply a penalty for a pre-payment.

How much can I borrow without having to buy mortgage insurance?

Answer: If you borrow more than 75% of the value of your new home, you need to buy mortgage insurance. Some lenders insist on insurance even when the mortgage is less than 75% of the property value.

Should I go with an open or closed mortgage?

Answer: Lenders will typically offer both, but the terms will vary, which means you have to find terms that suit your financial circumstances.

Notice a pattern? Lenders offer different terms, often in language that can be confusing – just one more reason why you want the support and guidance of real estate lawyer Andrew Geisterfer.

Legal Scenario

First time home purchaser

"I have never bought a home before and am unsure about how to get started and what I will have to pay."

What Would Andrew Recommend?

Don’t hold back because you are afraid that you will be charged just to talk with the lawyer. Most lawyers, including me, will not charge you anything to talk over the phone or have an introductory meeting. If you call me (and I hope you do), I will give you a quick list of do’s and don’ts, based on the type of property you hope to buy. Just those few tips could end up saving you time and money. Many first time buyers think they can limit legal fees by bringing in a lawyer after the deal is done. That is a bad idea because no buyer, and especially no first-time buyer, should sign anything until it has been reviewed by a lawyer. Failing to take that step could mean that you have unknowningly accepted rights and duties that cost you much more than the lawyer’s fee.

Meet Andrew Geisterfer Edmonton Real Estate Lawyer

Andrew Geisterfer

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