Fast Refinance
Changing the credit provider or the lender, or to refinance an australian mortgage is a process that can take a significant amount of time and expenditure. The latest active process of getting a refinance for mortgaged homes is called “Fast Refinance.”
What does “Fast Refinance” stand for?
The new credit provider or lender uses the product called “Title Insurance” which is a part of this is unique process so that:
The refinancing of your loan gets done within a few days instead of a few weeks making the same-day settlement option even faster.
No meetings or bookings required for the “unattended” refinance agreements.
The minimum number of documents that one needs for the process of refinancing mortgage loans.
What do you mean by “Title insurance”?
“Title insurance” is a feature that protects the credit providers and the lenders from unknown and known defects in the title of a security property. It also provides a cover for additional risks which makes yours interest in the security property and the mortgage stronger and more meaningful.
Why should you select “Fast Refinance”?
You should the same care that you had taken earlier for your original mortgage when you are trying to get refinancing on the mortgage as the importance of the financial decision is the same. When trying for a refinance it is better to take advantage of the benefits provided by “Fast Refinance.” than waiting for six weeks or more for the regular benefits like:
Exemption of fees – most of the lenders do not charge anything.
Fast settlements – you can get an approval within one or two days if all the necessary documents get submitted.
Saving money – if the refinancing is available at lower interest rates or for a longer term, then you can save some money on monthly repayments that are lower.
Easy to get – you do not have to meet your current lender as the new lender contacts your current bank directly to organize the new loan.
Accessibility of funds – you will be eligible to get surplus and additional funds faster than getting a standard refinance.
The current lender does not need to contact – the “retention unit” of your current bank does not try to convince you to remain with them.
How does a Finance Broker help you in executing “Fast Refinance”?
A professional finance broker has enough experience and is qualified to make arrangements for refinancing of loans.
You can get help from him or her to answer the questions given below:
Is my qualification enough to make me eligible for a loan with the help of “Fast Refinance”?
Can the finance broker guide me when I make a comparison between the features provided by the new loan and my current loan while deciding on a refinance of my mortgage loan?
Can the finance broker help me to get a pre-approval to buy a new investment property while I am trying to get a “Fast Refinance” loan approved?
Can a “Fast Refinance” loan help me to access the equity from my property that is still occupied by the owner and allow me to buy a new property with it?
Is it better to refinance my current home loan and consolidate my debts?
What are the documents required for the refinancing process and during the consolidation of my debts?
Will I get help while calculating the value of my home equity?
Will I get help in calculating my current loan-to-value ratio?
Hence, take the advice of a finance broker who will help you to get a faster refinance at cheaper rates that may turn out to be a good deal for home loans.
