Exactly what your lawyer and lender need to refinance, switch, or renew — and who provides each piece.
Who this is for: Ontario homeowners refinancing their mortgage, moving it to a new lender, or renewing — who want to gather the paperwork once and avoid back-and-forth. What you'll get: a clear definition of refinance vs. switch vs. renewal, a checklist of documents, the order of the legal steps, typical costs, and a table of who supplies what.
⚖️ This is a general guide, not legal advice. It can't account for your specific situation. Use it to get oriented, then confirm the details with a licensed Ontario lawyer.
Before you gather anything, know which transaction you're actually doing — they involve different paperwork and different costs.
First: refinance, switch, or renewal?
| Term | What it means | Lawyer usually involved? |
|---|---|---|
| Renewal | Your current lender offers new terms at the end of your term; you stay put and sign a renewal. The mortgage stays registered as-is. | Usually no — it's typically a simple signing with your existing lender. |
| Switch / transfer | You move your existing mortgage balance to a new lender for a better rate, without increasing the loan amount or changing the property. | Sometimes — depends on the lender's process; some handle it in-house, some require legal registration. |
| Refinance | You replace your mortgage with a new one — often borrowing more (accessing equity), consolidating debt, or changing terms substantially. The old mortgage is discharged and a new one registered. | Yes — refinances generally require a lawyer (or title services) to register the new charge and discharge the old one. |
💡 Tip: The word "refinance" gets used loosely. If you're increasing your loan amount or changing lenders with new registration, expect a lawyer, a title search, and registration costs. A pure renewal with the same lender usually skips all of that.
This checklist focuses on the refinance / switch scenario, where legal work is most likely.
The documents to gather
Group your paperwork as you collect it. Some items you already have; some come from your lender or government.
About your current mortgage
- Current mortgage statement — your most recent statement showing the lender, balance, rate, and account number.
- Mortgage payout / discharge statement — the exact amount to pay off your existing mortgage as of the closing date, ordered from the old lender (includes any prepayment penalty and discharge/administration fee). Your lawyer typically requests this once you authorize it.
⚠️ Watch out: Breaking a fixed-rate mortgage early can trigger a prepayment penalty that's larger than people expect. Ask your current lender for the payout figure before you commit — it changes the math on whether refinancing is worth it. (Amounts vary by lender and product — verify yours directly.)
About the property
- Most recent property tax bill — and proof of payment, so the new lender can confirm taxes are current.
- Existing title insurance policy, if you have one from when you purchased — it may simplify or reduce costs.
- Property details / legal description — usually pulled by your lawyer from title, but have your purchase documents handy.
- Current survey, if you have one (not always required).
- Home/property insurance information — lenders require proof of fire/property insurance naming the new lender.
- Condo status certificate, if it's a condo and the lender requests it.
About you (the borrower)
- Government-issued photo ID — your lawyer must verify your identity.
- Void cheque or pre-authorized debit (PAD) form — so the new lender can set up automatic mortgage payments from your account.
- Income / financial documents for the lender — pay stubs, employment letter, T4s or notices of assessment, etc. These go to the lender (not usually the lawyer) as part of approval.
- Lender commitment / approval letter — the new lender's signed offer with the terms.
💡 Tip: Keep a single folder (digital is fine) with all of the above. When your lawyer asks for "the payout statement" or "a void cheque," you'll have it in seconds instead of days.
The steps, in order
Here's how a refinance/switch typically flows once you've chosen your new lender:
- New lender issues instructions to your lawyer. The lender sends the lawyer the mortgage details and conditions to satisfy.
- Your lawyer searches title. They confirm you own the property, identify the existing mortgage and any other charges, and check for issues.
- Your lawyer orders the payout statement from your old lender (the exact amount to discharge the current mortgage).
- You sign the new mortgage documents with your lawyer (often virtually), and review the funds breakdown.
- The new mortgage funds and is registered on title.
- The old mortgage is paid out and discharged from the new funds, and the discharge is registered (sometimes shortly after closing, under an undertaking).
- Any remaining funds (in an equity-take-out refinance) are released to you, and your lawyer sends a reporting letter.
💡 Tip: If you're consolidating debt, your lawyer can often pay out specified debts directly from the refinance proceeds at closing — give them the payout details for anything you want cleared.
Typical costs
Costs vary by lender, property, and the kind of transaction. Frame all of these as estimates — confirm the actual amounts with your lawyer and lender.
| Cost | Who charges it | Notes |
|---|---|---|
| Legal fee | Your lawyer | Treadstone Law quotes flat fees for refinances — ask up front. |
| Discharge fee | Your old lender | A fee to discharge the existing mortgage; set by that lender. |
| Prepayment penalty | Your old lender | Only if you're breaking a closed mortgage early — can be significant. |
| Title search / registration costs | Government / service charges | For searching title and registering the new charge and discharge. |
| Title insurance | Title insurer | A new lender policy is commonly required; usually a modest one-time premium. |
| Appraisal | Lender / appraiser | The new lender may require an appraisal to confirm the property's value. |
⚠️ Watch out: Some lenders advertise "we pay your legal/switch costs" — but that often applies only to a straight switch, not an equity-take-out refinance. Read the fine print on what's actually covered.
Who provides what (quick reference)
| Document / item | You provide | Old lender | New lender | Lawyer obtains |
|---|---|---|---|---|
| Current mortgage statement | ✅ | |||
| Payout / discharge statement | ✅ (issues it) | ✅ (requests it) | ||
| Property tax bill | ✅ | |||
| Existing title insurance policy | ✅ | |||
| Photo ID | ✅ | |||
| Void cheque / PAD form | ✅ | ✅ (form) | ||
| Income / approval documents | ✅ | ✅ (reviews) | ||
| Lender commitment letter | ✅ | |||
| Property insurance confirmation | ✅ | |||
| Title search & registration | ✅ | |||
| New title insurance policy | ✅ (arranges) |
Mini-FAQ
Do I need a lawyer just to renew with the same lender? Usually not. A straight renewal with your existing lender is typically a simple signing. It's switching lenders or refinancing (especially borrowing more) that brings in legal work.
How long does a refinance take? It varies, but gathering documents promptly is the biggest thing you control. Once your lawyer has the lender's instructions and your payout statement, the registration and funding can move quickly.
Can I roll my closing costs into the new mortgage? Often yes — many borrowers finance the legal fee, penalty, and other costs into the new loan amount, subject to the lender's approval and lending limits. Ask your lender.
How Treadstone Law can help
Refinancing should be the easy part. Treadstone Law handles Ontario refinances and switches with flat-fee pricing, online intake, and all-province virtual signing — we order your payout statement, search title, register the new mortgage, and discharge the old one, so you can access your equity or lock in a better rate without the runaround.
- Flat fees, quoted before you start.
- Online intake at treadstonelaw.ca/start-file — sign from anywhere in Ontario.
- We coordinate the payout and discharge so the timing lines up.
See treadstonelaw.ca/real-estate, check treadstonelaw.ca/pricing, or begin at treadstonelaw.ca/start-file. Prefer to talk? Call 1-844-900-1070.
This is not legal advice
This guide is general information, not legal advice. Reading it does not create a lawyer-client relationship. Ontario laws, tax rates, and government programs change, and how the law applies depends on your specific facts. For advice about your situation, speak with a licensed Ontario lawyer. Treadstone Law is licensed by the Law Society of Ontario — reach us at 1-844-900-1070 or start a file online.