Refinance your mortgage. Know the break even before you sign.

The refinance lawyer pays out your old mortgage, registers your new mortgage, and moves the funds. Specifically, Khan Law reviews the new lender commitment, orders payout statements from your current lender, pulls title to confirm no new charges or liens, receives the new lender funds in trust, pays out the old mortgage, registers the discharge and the new charge in Teraview, and reports to both lenders. The legal work is about 70 percent of the same work as a purchase, at the same 999 fee.

Depends on the math. Rolling 40000 of credit card debt at 20 percent into a mortgage at 5 percent saves 6000 in annual interest, which can justify a refinance even with 5000 in closing costs. But you have extended the debt from revolving to amortized over 25 years. The actual saving depends on whether you pay down the refinanced amount aggressively or make minimum payments. Run the calculator above with your numbers.

Break penalty is what your current lender charges to let you out of your mortgage before term end. Fixed rate mortgages use the greater of three months interest or the interest rate differential (IRD). The IRD is your current rate versus the lender current rate for a comparable term, multiplied by your balance and remaining term. This can be small (1000 to 3000) or very large (15000 to 30000 plus) depending on where rates moved. Variable rate mortgages use three months interest only.

Ten to fourteen days is standard. Can compress to seven days with urgency. The bottleneck is usually payout statement issuance from the current lender, which can take three to five business days. Khan Law orders it on day one of file open.

Yes. Switching lenders is the most common refinance scenario. The new lender underwrites, issues a commitment, and funds at closing. The old lender is paid out with the new lender proceeds. Khan Law coordinates both lenders and ensures clean transition on closing day.

Depends on lender and loan to value ratio. Most lenders require appraisal for refinance over 65 percent LTV. Some use automated valuations under that threshold. Your new mortgage commitment will state the requirement. Cost is typically 300 to 500, paid directly to the appraiser.

Renewal is staying with the same lender at the end of your term, usually for a new term at the lender renewal rate. Legal work is minimal because the charge stays in place. Refinance is ending the current mortgage, discharging the old charge, and registering a new one. Full closing required. Renewal fees are typically zero on legal side. Refinance is a full mortgage closing at 999 legal.

Yes, this is called a cash takeout. Your new mortgage amount is the old balance plus the cash amount, up to 80 percent loan to value on most residential properties. Cash is wired to your account at closing. Khan Law can also disburse the cash directly to specific creditors for debt consolidation purposes.

Three options. First, HELOC stays in place in second priority behind the new mortgage, with the new lender agreement through a priority agreement. Second, HELOC paid out at closing from refinance proceeds. Third, HELOC rolled into the new mortgage if the combined amount fits within LTV. The right choice depends on interest rates and flexibility needs.

Break even months under 24 means yes, under 48 is judgment, over 48 usually no. Also weigh qualitative factors. Debt consolidation can justify longer break evens. Accessing equity for a specific time sensitive purpose (renovation, second property, business injection) can justify costs that pure rate arbitrage would not. Run the calculator above with your real numbers.

Yes. Same legal process. Break penalties and rate differentials apply the same way. Lender loan to value may be tighter on investment property (65 to 75 percent versus 80 percent on principal residence). Attribution rules on corporately held property require accountant coordination. Khan Law handles all three scenarios.

Lenders cannot block a lawful discharge, but they can drag on payout statement timing or on post discharge registration confirmation. Khan Law has protocols for escalation with every major Canadian lender. In 10 years and 4000 plus refinances, zero discharges have been permanently blocked. Delays happen, but they are always resolvable.