![]() Review your current interest rate and the time you have remaining on your current loan versus fixed and variable rate options on the market to work out how different your repayments will be. You also want to understand your current financial situation and how refinancing will help you in the long term. This will help you and your home loan lender narrow down which loan type and interest rate will suit you. ![]() Step 1: Review your current situationĪnalyse why you want to refinance and ultimately whether it’s your best option. The refinancing process works in a similar way as applying for your original loan which is why it generally takes up to 6 weeks. From the time you return your completed mortgage documents and Loan Agreement to us, it only takes days to switch. This means you start saving on interest and repayments almost instantly. With the FastTrack Refi system, we pay off your old loan before sending any paperwork to discharge the loan. In other cases, some lenders may offer you a fast refi this process speeds up the time it takes to refinance your home loan by using insurance to allow lenders to payout your loan without having the hassle of waiting for your existing lender to action the discharge. Ensure your application is strong e.g.Provide enough information so your application is thorough.Upload your documents as soon as possible.If you’re wondering whether there is anything you can do to speed up the process, here are a few options: ![]() On average, you can expect the entire refinancing process to take anywhere from 3 days to 6 weeks depending on the lender and the complexity of the loan.įor instance, some lenders may take longer to examine all your documents and paperwork, than other lenders would prior to making a decision. How long does it take to refinance a home loan? We explore the step by step process of refinancing, the average time frame you can expect, and the documents you’ll need handy when you decide to refinance your home loan. If you’re looking to refinance your home loan to take advantage of benefits like lower interest rates, added features, or to access home equity, you may be wondering how long would the process take. The documents/paperwork you need to refinance ![]()
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