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Refinancing is an important financial milestone, and while there are a few moving parts, the process is straightforward when guided step by step. Here’s how it works with Ownright by your side.
Step 1: Share your mortgage instructions
Once your refinance is approved, your lender will send us the mortgage instructions directly. To help us get started quickly, make sure you’ve provided your lender with everything they need — like income verification, property details, or an appraisal. We’ll take it from there, reviewing the instructions and preparing the required documents.
Step 2: Title search and due diligence
Behind the scenes, we’ll conduct a title search on your property. This helps confirm ownership and ensures there are no issues — like liens or old mortgages — that could delay registration of your new mortgage. If anything unusual comes up, we’ll explain it clearly and resolve it on your behalf.
Step 3: Signing your documents
A few days before funding, you’ll meet with your Ownright lawyer over a video call to review and sign the necessary documents. These will include your new mortgage paperwork and the documents authorizing us to pay out any existing mortgage or line of credit. You’ll just need to join on a device with a camera and that works with DocuSign (laptop, tablet, or smartphone). We’ll walk you through everything and answer your questions so you feel fully confident before signing.
Step 4: Paying out your old mortgage
On closing day, we’ll receive the new mortgage funds from your lender. Using those funds, we’ll pay out and discharge your old mortgage (or secured line of credit). This ensures the title to your property reflects only the new mortgage going forward. You don’t need to worry about coordinating between lenders — we handle it all.
Step 5: Receiving additional funds (if applicable)
If your refinance involves taking out extra equity, we’ll arrange to transfer the remaining funds to you after your old mortgage has been paid out. Most often, this is done by wire transfer. We’ll confirm the amount with you ahead of time and make sure everything is delivered securely.
Step 6: Final reporting package
After closing, we’ll prepare and send you a final report with copies of your signed documents, confirmation that your old mortgage was discharged, and details of your new mortgage. This package is for your records, and of course, we’ll remain available in your Ownright account if questions come up later.
Wrapping up
Refinancing is a great way to put your home to work for you, but the closing process can feel intimidating. At Ownright, we make the process simple, transparent, and stress-free. From reviewing your mortgage instructions to discharging your old loan and transferring new funds, we’ll handle the details and keep you informed every step of the way. With Ownright, you can move forward with confidence — knowing the paperwork is done right, and you’re free to focus on your financial goals.
