You need to work with your current bank and discuss the situation. The sale agreements of both houses should be firmed so a timeline can be established. If the closing dates are the same, the bank will know what to do and it will be seemless from your end. The discussion you will be having is the new rate. If the rate you have in the past is higher, check to see if it makes sense including penalties to just start with a new one. The rates would make the difference - new rate vs. ported and blended rate. In the end your financial situation should be better if not the same.

Lawyers are very important, they are the `inbetween` for you and the banks, they will make sure you understand what you are signing, make sure there is no problems with the title of the property and register the mortgage properly so you dont have any problems in the future. There are companies that act as lawyers, one is called First Canadian Title but they work on refinances and switches. Your Real Estate Lawyer works with someone they trust so if you trust your Real Estate Agent it may not be a bad idea to work with that lawyer.

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How long do i have before transferring the title, also my lawyer never mentioned this to me, he wants to sell the property, i am administrator over the estate, this is a debt owed by my father and his estate is less than $5,000.00 is that why the bank offered me the deal of transferring the deed?

it would be in your best interest to transfer the title. but theres several things that will affect your actual ability to do that. if your fathers estate only had a 5k balance in it - then chances are - he owed more then 5k out in outstanding bills at the time of his passing. usually when someone passes away- their estate is handed over to a attorney if one was appointed or to the state, they take a tally of all of the bills outstanding that the person owed, and what property the person had. if the person had a ton of bills to pay - and a little bit of property- then the property is sold to pay all the bills. that can be discussed with the estate attorney but if thats true then - you probley could not transfer the title into your name without the settling the estate (bills) first. if your father had minimal bills owed and minimal owed on his home- then you will most likely be given the option of paying the bills for release of the title and then you will be able to transfer it into your name. theres other factors also like if he had a will, and what type of title he had. if by chance he left the title to the house with your name on it also with the rights of survivorship- then the home would be turned over to you and never enter his eater filings.