You’ve reviewed your options and made the decision to refinance. After all, it looks like it’s going to put almost $5,000* a year in interest charges back into your pocket. Why wouldn’t you go ahead?!
Your application has been approved, you’ve signed the loan documents but now your existing lender is delaying the process. They don’t want you to discharge your home loan and they’re doing everything they can to hold up the process.
A “fast” refinance might be the solution.
A “fast” refinance (it’s called different things by different institutions) allows the process to happen much quicker. It allows you to start seeing the benefits of the refinance – perhaps a reduced interest rate, less fees and charges, or loan features you can actually use – much sooner than a ‘standard’ refinance.
With a standard refinance, the new lender will contact your existing lender to advise them of the refinance. Your existing lender will then start to prepare your loan and property title for discharge – sometimes it can take them weeks to get ready for settlement.
Things work a little differently with a fast refinance because the new lender will pay out your existing lender and then arrange to get the title to your property at a later date.
Your new loan will settle, but the lenders involved will still be working behind the scenes to get the t’s crossed and I’s dotted. It doesn’t really matter how long it takes for them to get it sorted, because you’ve already got your new loan and are already enjoying the benefits of the refinance.
Chat to us about your personal situation to find out whether it could work for you.
*This figure has been used as an example only of what might be possible. It does not in any way represent the interest savings available to you. It merely shows what might be possible and reflects what we have been able to achieve for some of our clients. Potential interest savings will vary from client to client and will depend on your personal situation. Before we can ascertain whether there are interest savings to be achieved, we would need to conduct a Preliminary Assessment of your personal situation. If there is no significant benefit to be gained from refinancing – whether that be interest savings, added loan features or other cost savings – MO’R MORTGAGE OPTIONS will not suggest refinancing.
**Please note that a fast refinance may not be an option for you due the nature of the refinance, the type of loan being refinanced or the lenders involved.
