Every situation, application, and lender is different, so until you begin working with your chosen lender you can't be sure how long the refinancing process will take.
However, there are some things you can do to streamline the process so you get your results as quickly as possible.
It can take anywhere from a few days to six weeks or more to refinance. The timeline is different with every lender.
There are a number of other factors that can influence how fast the process is for you, including:
Being aware of what can hold up the refinancing process for you can help you plan and avoid any pitfalls. Some of the common factors that might make the refinancing process longer for you include:
The best chance of making sure your refinancing experience is speedy is to present yourself as the ideal applicant. Here are a few tips to help you do this:
Remember, even when your application is perfect, delays can still happen. If quick refinancing is important to you, speak to one of our home loan managers for tips.
There is no fixed rule for how often you can refinance your home. It comes down to whenever is right for your unique situation and there are a few key factors to keep in mind, including:
Refinancing can be a great money-saving solution for when your circumstances change or you feel you're not getting the best rate. However, always do your due diligence on costs versus savings before committing to a new loan.
Refinancing could save you money or give you greater financial flexibility, but there are costs involved. It's important to understand these to be certain that refinancing is a smart financial choice for you.
Ready to refinance?