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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Founded in 1984
English
Suzanne Desrosiers Professional Corporation, established in 1984, offers over 40 years of combined legal experience in Timmins, Ontario, and surrounding communities. The firm specializes in employment law, providing comprehensive services to both employers and employees under federal and provincial...
Vani Law Office
Etobicoke, Canada

English
Vani Law Office, located in Toronto, Ontario, offers a comprehensive range of legal services, including corporate and commercial law, employment law, immigration law, litigation, notary public services, real estate law, tax law, transportation law, and wills, trusts, and estates law. The firm is...
Schwalb Legal
Montreal, Canada

Founded in 2014
50 people in their team
French
English
ExperienceWhether you are a foreign national making an application for a temporary employment, student visa, a permanent resident visa, a business or individual who wishes to purchase a commercial or residential property, a person going through a divorce, we will always apply the best possible...
Fonkalsrud Law Firm
Moose Jaw, Canada

English
Fonkalsrud Law Firm, also known as Advocate Law, is a distinguished legal practice based in Moose Jaw, Saskatchewan. Led by founder Estes Fonkalsrud, the firm offers comprehensive legal services across various domains, including criminal defense, real estate transactions, family law, employment...

Founded in 2016
English
Nihang Law Professional Corporation is a Toronto-based law firm specializing in immigration, real estate, wills and estates, and corporate law. The firm is dedicated to providing innovative legal solutions tailored to each client's unique needs, ensuring effective resolution of legal matters. Their...

English
Felipe Ramirez-Joubert Law Office, located in Toronto, Ontario, offers a comprehensive range of legal services tailored to meet the diverse needs of its clientele. The firm's practice areas include real estate transactions, family law, wills and estates, corporate law, and notarial services. With a...
Toronto, Canada

Founded in 1932
English
Ramsay Law Office Professional Corporation has been a cornerstone of the Temiskaming legal community for over 90 years, offering comprehensive legal services in both English and French. The firm's areas of practice include Real Estate transactions, Corporate and Commercial law, Wills and Powers of...
Seif Law Firm
Richmond Hill, Canada

Founded in 2011
English
Seif Law Firm, based in the Greater Toronto Area, specializes in real estate law, offering comprehensive services for both residential and commercial property transactions. Their experienced team assists clients with buying and selling properties, mortgage refinancing, title transfers, and...

English
Colautti Landry Partners stands out as a premier Canadian law firm with a focused expertise in civil litigation, providing high-caliber legal representation and strategic advice across a diverse array of practice areas. The firm’s skilled team brings deep knowledge to employment law, insurance...
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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.