Best Mortgage Lawyers in Canada

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Moland Partners
Mississauga, Canada

Founded in 2000
50 people in their team
English
Moland Partners is an advisory and consultancy law firm made up of a team of highly driven professionals with in-depth knowledge of corporate and commercial law, real estate advisory, corporate governance and immigration. Our expertise positions us to offer the most practical solution to challenges...
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Pervez & Pervez Law
Toronto, Canada

Founded in 2022
2 people in their team
English
Pervez & Pervez Law, based in Cambridge, Ontario, offers comprehensive legal services tailored to individuals, families, and businesses across Canada and the United States. The firm specializes in business law, providing support in corporate structuring, contracts, commercial real estate,...
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English
TKL Law Professional Corporation, based in Brantford, Ontario, offers comprehensive legal services in Real Estate Law, Estate Planning and Administration, Corporate Law, and Immigration Law. The firm is dedicated to providing personalized solutions tailored to the unique needs of individuals and...

Founded in 2020
English
Corvus Law Corporation, formerly known as Higson Law, is a distinguished Canadian law firm with offices in Victoria and Dawson Creek, British Columbia. The firm offers comprehensive legal services in real estate, wills and estates, personal injury, and corporate/commercial law. Their team of...
MLA Law
Greater Sudbury, Canada

English
Moutsatsos Laakso Alexander LLP (MLA Law) is a distinguished Canadian law firm specializing in business law, mining and natural resource law, estate planning, and real estate. The firm's business law practice encompasses corporate and commercial law, secured lending, and mergers and acquisitions,...
Smits Law
Waterdown, Canada

Founded in 2019
English
Smits Law is a respected legal practice in Canada, offering specialized services in estate planning, real estate transactions, and notarial matters. The firmโ€™s team provides clear guidance on wills, trusts, and probate processes, ensuring clientsโ€™ wishes are properly documented and assets are...

Founded in 1968
English
McGregor Sims Schmoranz Hart Law Office, established in 1968, has been a cornerstone of the Kingsville and Essex County communities, offering comprehensive legal services with a focus on real estate, estate planning, corporate law, and general practice. The firm's experienced team provides tailored...

Founded in 2010
English
Walker Law Professional Corporation, located in Toronto's financial district, specializes in civil and commercial litigation. The firm handles a wide range of disputes, including contract breaches, employment issues, real estate conflicts, and shareholder disagreements. Their team has represented...
Toronto, Canada

English
Roncesvalles Law Office, located at 129 Roncesvalles Avenue in Toronto, Ontario, offers legal services in real estate transactions, estate planning, and wills. Led by Robert Beaumont, the firm provides comprehensive legal advice to clients in the Greater Toronto area. The firm is recognized for...
Sioux Lookout, Canada

Founded in 1948
English
Established in 1948 by Norman F. McAuley QC, McAuley & Partners has been a cornerstone of legal services in Dryden, Ontario, and the surrounding regions, including Sioux Lookout, Ignace, Vermilion Bay, Ear Falls, Red Lake, and the Far North. As the first law office between Kenora and Thunder Bay,...
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About Mortgage Law in Canada

Mortgage law in Canada governs the legal rights and obligations of individuals and financial institutions involved in mortgage transactions. A mortgage is a loan secured by real property, typically a home, which serves as collateral for the loan. The laws surrounding mortgages in Canada vary by province, but they generally set out the requirements for obtaining a mortgage, the rights and responsibilities of borrowers and lenders, and the processes for foreclosure and enforcement.

Why You May Need a Lawyer

There are several situations where you may need to consult with a lawyer specializing in mortgage law in Canada. Some common reasons include:

  • Negotiating the terms of a mortgage agreement
  • Resolving disputes with your lender
  • Facing foreclosure or default on your mortgage
  • Refinancing your mortgage
  • Transferring or selling property with an existing mortgage

Local Laws Overview

While mortgage laws in Canada are based on federal legislation, there are also specific laws and regulations that vary by province. Some key aspects of local laws that are particularly relevant to mortgages in Canada include:

  • Property law and real estate regulations
  • Provincial mortgage regulations and licensing requirements
  • Foreclosure procedures and timelines
  • Consumer protection laws related to mortgages

Frequently Asked Questions

What is the difference between a fixed-rate and variable-rate mortgage?

A fixed-rate mortgage has a set interest rate that does not change over the term of the loan, while a variable-rate mortgage has an interest rate that can fluctuate with market conditions.

What is mortgage insurance and do I need it?

Mortgage insurance protects the lender in case the borrower defaults on the loan. It is typically required if you have a down payment of less than 20% of the purchase price.

Can I get out of my mortgage early?

Most mortgages have penalties for early repayment, but it is possible to break your mortgage early by paying a prepayment penalty.

What is a mortgage broker and do I need one?

A mortgage broker is a licensed professional who can help you find the best mortgage terms from various lenders. While not required, a broker can be helpful in finding competitive rates.

What is a mortgage pre-approval?

A mortgage pre-approval is a lender's conditional commitment to lend you a certain amount of money at a specific interest rate, based on a review of your financial information.

What is a mortgage default?

A mortgage default occurs when a borrower fails to make their mortgage payments on time. This can lead to foreclosure and the loss of the property.

How long does it take to get a mortgage approved?

The timeline for mortgage approval can vary depending on the lender and the complexity of your financial situation, but it typically takes a few days to a few weeks.

What is a mortgage amortization period?

The mortgage amortization period is the length of time it will take to pay off the entire mortgage loan. This is typically 25 to 30 years in Canada.

What is a mortgage renewal?

A mortgage renewal is when your current mortgage term comes to an end, and you have the option to renegotiate the terms of the loan with your lender.

What are closing costs and who is responsible for paying them?

Closing costs are fees associated with finalizing a mortgage transaction, such as legal fees, appraisals, and title insurance. The responsibility for paying closing costs can vary between the buyer and the seller.

Additional Resources

For more information on mortgage law in Canada, you can consult resources such as the Financial Consumer Agency of Canada (FCAC), the Canada Mortgage and Housing Corporation (CMHC), and provincial regulatory bodies for real estate and mortgages.

Next Steps

If you require legal assistance with a mortgage issue in Canada, it is recommended that you contact a lawyer specializing in real estate and mortgage law. They can provide guidance on your rights and options, help you navigate complex legal issues, and represent you in negotiations or court proceedings if necessary.

Lawzana helps you find the best lawyers and law firms in Canada through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Mortgage, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Canada - quickly, securely, and without unnecessary hassle.

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.