How long does it take to refinance, and how can you get it done quicker?
Refinancing your loan from one lender to another can be a lengthy process. There are many steps that need to be taken before settlement can take place.
Depending on the lender, it could take up to 6 weeks or even shorter with a digital lender. If the length of time will be a deciding factor, then pick a lender that can meet your time expectations.
There is submitting the application, approval, contracts, and settlement process. Each step is as important as each other and if not done correctly can cause delays in the process.
Here are 3 tips to get your refinancing done quicker
Get your info together
Ensure you prepare and provide all the necessary documents from the start. A good mortgage broker or lender will be able to give you a list of documents required for the loan to be approved. You may even be able to obtain an approval from the lender in the first submission.
Ask your lender to order a valuation upfront
Ordering a valuation upfront eliminates waiting for the valuation after the conditional approval has been issued. You have all the information from the start and the lender will be able to issue a formal approval in one go.
Let your current lender know
The process that delays a refinancing, most times, is the discharge process. This is the process of the current lender releasing the title deeds to the new lender. Some lenders take 4 weeks to discharge a loan. We suggest you let your current lender know as soon as you have submitted an application to refinance, this will give your current lender time to prepare your discharge.
