The Complete Guide for understanding Fast Refinance
Posted: Dec 20, 2014
Refinancing your mortgage from one lender/credit provider to another can be lengthy, costly and time consuming. The new and efficient way to refinance your mortgage is to use "Fast Refinance."
What is Fast Refinance?
Fast Refinance is a unique refinance process whereby your new lender/credit provider uses a product called Title Insurance to:
- Facilitate the refinancing of your loan in days, not weeks (faster same-day settlement)
- Enable an "Unattended" refinance settlement (no settlement meeting or booking takes place)
- Reduce settlement costs (all correspondence and funds sent electronically)
- Streamline the mortgage loan process (requires minimal additional documentation)
What is Title Insurance?
Title Insurance provides protection to lenders/credit providers against known and unknown title defects on a security property. It offers additional risk cover to strengthen and enhance your legal interest in the mortgage and the security property.
Why Choose Fast Refinance?
You should refinancing your home mortgage with the same extreme care you put into getting your original mortgage, and it is just as big a financial decision. So when you are thinking of refinancing, you should consider the following benefits of "Fast Refinance" and more importantly why wait for up to 6 weeks or more to take advantage of these benefits, such as:
- No Fees – most lenders do not charge Fast Refinance fees
- Very quick Settlement – when all documents are received and certified you can have an approval in as little as one or two days
- Savings – if refinancing at lower interest or extended term, it will save you money and even reduce your monthly repayment
- Easy for you – as your new lender will contact your current lender and organise the new loan, you do not have to approach your old lender
- Access to Funds – you may be able to access additional or surplus funds much quicker than when doing a standard refinance transaction
- No Contact from your old Lender – process circumvents the old lenders "retention unit" from making contact to try and persuade you to stay with them
How Does Fast Refinance Work?
You will need to complete a new loan application with the new lender/credit provider and provide all requested documentation for your new loan, and the new lender/credit provider will:
- Approve the loan application
- Prepare all the Fast Refinance loan documents
- Request you to sign and complete all the documents and state the "payout figure."
- Deposit into your old loan account sufficient money to reduce the loan balance to Nil
- Pay you direct any surplus funds from the new loan
How Can a Finance Broker Help With Fast Refinance?
A professionally qualified finance broker is very experienced with arranging refinancing of client loans and he/she will help you in answering the following questions:
- Am I eligible and how can I qualify for a "Fast Refinance" loan?
- Can you help me to compare my current product features against the new product features before I decide to refinance my home loan?
- Can you help me obtain formal approval to Fast Refinance my existing home loan and at the same time obtain pre-approval loan for new investment property?
- With a Fast Refinance loan can I access the equity from my existing owner occupied property to assist me in the purchase of a new investment property?
- Will I be better off refinancing my existing home loan and consolidating my debts?
- What documents do I have to provide when refinancing or consolidating my debts?
- Can you help me to calculate the value of my home equity?
- Can you help to calculate my present loan-to-value ratio?
So, don’t forget to help of a finance broker. He/she will make you ready for fast refinance and ensure that you get cheaper rates and a better deal.
Quicker approval and better interest rates can be availed by refinancing your current home loan. Solve all your financial troubles by calling on 0424 190 908. Singh Finance will not only help you in managing your current loan effectively, but it will also help you in making new investments by providing easy real-estate investment property loans.
I am a retired Accountant/Compliance & Risk Auditor married to a wonderful retired lady. I previously spent 44 years of my working life in the Westpac Group working in a number of management roles. I now work as a contractor with a reputable finance