Notary for a mortgage refinancing in Sherbrooke and Magog
Mortgage refinancing is one of the most frequent transactions we handle at CBNotaire — and one of the smoothest when properly planned. Whether you're refinancing for a better rate, to consolidate debt, to finance renovations, or to access equity, the notary's involvement is mandatory to establish or modify a hypothec on your property.
Our team specializes in the fast and rigorous handling of refinancing files, in direct coordination with your new mortgage lender.
Our role during refinancing
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Analysis of the mortgage instructions received from your lender
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Examination of title and verification of existing charges
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Obtaining the release of your current hypothec (if changing lenders)
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Calculation of the prepayment penalty with your current lender
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Drafting and signing of the new hypothecary deed
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Publication of the new hypothecary deed and release at the Land Registry
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Disbursement of funds according to your instructions (consolidation, equity release, etc.)
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Coordination between outgoing and incoming lenders for a seamless transfer
Our refinancing services
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Mortgage transfer to a new lender
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New hypothec on a property free of charges
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Refinancing to release equity
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Refinancing to consolidate debts
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Home equity line of credit (Manulife, RBC, etc.)
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Refinancing for a major renovation
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Refinancing of an income property
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Refinancing of property held in undivided co-ownership
How long should you plan for?
For mortgage refinancing, plan for approximately 3 weeks between receiving the lender's instructions and signing. This is shorter than a purchase because the property is already in your name — we don't need a full title search, but we still need to verify existing charges and coordinate with two lenders if you're switching institutions.
FAQ: Real Estate
Can I refinance to release equity from my property?
Yes. If your property's value has increased and your mortgage balance has decreased, you can refinance to release part of that equity. This amount can fund renovations, consolidate high-interest debts, be invested, or serve any other purpose. Current mortgage qualification rules will apply.
What is the penalty if I refinance before my mortgage term ends?
It depends on the type of mortgage. For a variable rate, the penalty is usually 3 months' interest. For a fixed rate, the penalty is the greater of 3 months' interest or the "interest rate differential" (IRD), which can be substantial depending on the gap between your rate and current rates. Your current lender can provide the exact calculation.
Do I need a new certificate of location for a refinancing?
Usually not, unless your existing certificate is outdated (often more than 10 years old), non-compliant, or if significant modifications have been made to the property (extension, added structure, pool). Your lender may also require a new certificate based on internal policy, or a title insurance — we will confirm this upon receipt of your instructions.