What is Fast Refinance?
Fast refinance is a way for borrowers to move their loan to a different lender without giving their current bank a chance to slow down the process. Every day that you keep your home loan with the same lender is good for them. By making everyone pay back their loans a week or two later, they make a lot more money in interest.
But if you refinance quickly, your old bank doesn’t have time to slow things down. Before giving you the money, the new lender doesn’t ask to see the title of your property. Instead, they put the money directly into your old loan account and close it on the spot.
In other words, your refinance is done in just a few days after your loan is approved and the loan offer is signed and sent back.
How long does it take to fast refinance?
It depends on how hard your situation is and whether or not you have all of your documents ready. Most of the time, it will take between one and three weeks. This is shorter than other refinance loans, which can take up to a month or more.
Banks can approve and pay off urgent loans in as little as two weeks with a fast refinance.
Why Choose Fast Refinance
With a fast refi, your new lender can certify your documents and send the money electronically to your current bank, which is called the Outgoing Financial Institution (OFI). This means that your refinancing will be quick, easy, and handled by your new lender. This will make the process less stressful and difficult.
There are a lot of good things about a quick refinance:
- No fees: Most lenders don’t charge a fee for their fast refinancing process.
- Settling quickly: Once your paperwork has been received and approved, your fast refinance can be approved in as little as two days. This means that from the time you apply for your loan to the time it is given to you, it will take three weeks.
- Save money on interest: You will save money by refinancing to a new loan with lower interest rates.
- No complicated paperwork: Your new bank will talk to your old bank to set up your new loan, doing most of the work for you.
Will I qualify?
Some lenders have rules about who can apply for this loan and who can’t.
To be eligible for a fast refi:
- You can’t get a loan for an Old System Title or Company Title property.
- Your current loan must have either a variable interest rate, a fixed interest rate (with some restrictions), or a line of credit (some restrictions apply).
- The property that is used as security for the loan can’t have any caveats or other restrictions on it.
- You can’t use your loan to pay off other debts, like a business loan secured by your property. These debts must be paid back.
- The amount of your loan that you want to refinance must meet the bank’s rules for loans. Some small loan amounts won’t be able to be refinanced with this product.
What Do I Need To Provide?
Each lender has different documentation requirements. However, most lenders will usually ask:
- Three months’ worth of bank statements, with the most recent statement being less than 60 days away from settlement.
- A number that shows how much you are still paying on your loan.
- Completed loan documents with a new loan amount
Does a fast refinance cost anything?
Due to the nature of this type of loan and the speed with which it can be approved, some banks and other lenders will charge a fee. Others will charge an application fee, a fee to get out of the contract, and a fee to settle.
Get the lowest rates!
When choosing a fast refinance loan product, you should look for a bank with the lowest rates. After all, that’s what refinancing is all about!
So, which lender has the lowest rates of interest? Our mortgage brokers always have the most up-to-date numbers as they change.
This means we know which lenders could save you thousands of dollars over the life of your loan.
Refinance your mortgage today!
Get a fast refinance loan today if you want a great home loan with the best rates on the market. If you switch to a lender with a better loan package, you can save a lot of money on interest.
Find out more about your fast refinance home loan online and apply for it today!