FCT (First Canadian Title) and FNF (Fidelity National Financial) are legal entities that can be used to register new mortgages. They will request a payout statement from your bank.

You may receive a call from your current lender trying to retain your business. You can choose to answer or ignore it.

Remember, your new lender has already covered the appraisal and legal fees for registering the new mortgage, in addition to giving you a really great mortgage. If you cancel, they may want reimbursement.

You will need to update the lender's name on your home insurance policy for the property, and your insurer will send you a “Binder Letter” to confirm. The Binder Letter informs the lender that a fire insurance loss has been placed on the home, which is security for the lender.

Lastly, once FCT:/FNF receives the payout statement, they will prepare your legal document package and contact you for a signing appointment - virtual or in-person.

The signing appointment typically takes place a few days before your closing day. The meeting should take no more than 30 minutes. You will need two pieces of government ID for the agent to confirm your identification. This meeting is to ensure your identity and that mortgage fraud is not being committed; this is for your security.

Happy New Mortgage Day. On the day of registration, you will receive an email from FCT/FNF and me saying the funding is complete and your new mortgage is in place.

FCT (First Canadian Title) and FNF (Fidelity National Financial) are legal entities that can be used to register new mortgages. The lender typically covers the associated costs when transferring a regular charge mortgage. If it’s a collateral charge, there can be a fee.

Please let me know when the agent contacts you. The appointment is for identification verification, confirming you are the legal owner, and signing the final commitment to register your new mortgage.

The final commitment will show your mortgage amount and new payment.

Remember, the signing agent is not a mortgage expert; they are there to prevent mortgage fraud. They may be unable to answer your mortgage questions, so feel free to call me if you have any questions.

Definitions: 

Payout Statement: The payout statement is provided to FCT from your current lender; it will include your current mortgage balance, your discharge fee and any property tax payments that you have on file with your existing lender. In most cases, the property taxes are deducted from proceeds lowering your mortgage balance.

Commitment: Mortgage approval document

Identification Form: This form is completed by the FCT/FNF agent. The purpose of the form is to ensure that mortgage fraud is not committed.