Some companies offers zero-cost mortgage refinancing. Rapid Refinance Loan is an easy and fast way to refinance your mortgage with little or no closing costs.
With a Rapid Refinance Mortgage, customers can switch their loan to a new lender without their current financial institution getting in the way.
As much as your lender hopes you will keep paying on your mortgage to them, they will benefit daily from your continued payments. Making a lot more money in interest by delaying loan repayment by a week or two for everyone.
However, if you apply for a Rapid Refinance Mortgage, your current lender won’t have the ability to cause any delays. You don’t have to provide your new lender proof of ownership of the property before they advance you money; instead, they’ll just shut your previous loan account and deposit the money there.
In other words, the refinancing process can be finalized in a few days after the loan has been accepted and the loan offer has been signed and returned.
Advantages of a Rapid Mortgage Refinance:
- There is a wide range of loan maturities to choose from, from 5 to 10 to 20 years.
- Existing members pay no closing expenses, and new members pay only a modest $300 processing fee.
- No escrow required.
- Incredible rates: Rates as low as 5.88% APR.
- Loan-to-value: 80% maximum required.
- Lower credit score requirement: 660 minimum.
- Minimal required paperwork: To get your new loan set up, your new bank will get in touch with your old bank.
Today’s Rapid Refinance Mortgage Rates
Rapid Refinance Rate APR as low as Lender Fee
10-YEAR FIXED 5.875% 5.875% 0.00%
15-YEAR FIXED 5.500% 5.500% 0.00%
20-YEAR FIXED 5.990% 5.990% 0.00%
Pay as little as $149 in closing fees when you refinance your mortgage.
- Pick a term length of 8, 12, 15, or 30 years.
- Long-term loans at a rate that won’t change.
- Some companies offer cheap closing fees starting at $149.
- Ability to withdraw equity from a residence.
Rapid Refinance Mortgage Vs Traditional Refinance
- While traditional refinancing offers both fixed and variable rate terms, the more expedient option is limited to a fixed rate.
- The fees associated with closing a quick refinance are less than they would be with a regular refinance.
- The prices could vary.
- There are certain additional requirements for a quick refinance.
- Check out our mortgage refinancing comparison table for more info.
Compare Mortgage Refinance Options
Find out comparison of Traditional Refinance Mortgage vs Rapid Refinance Mortgage and Jumbo Refinance Mortgage
Traditional Refinance Mortgage
Best If…
You want a great rate and more flexible requirements.
Rate
Fixed or adjustable
Term
10, 15, 20 or 30 years (fixed)
15 or 30 years (adjustable)
Closing Costs
Standard closing costs
(such as title work, flood certification, recording fees)
Maximum Loan Amount
$647,250
Maximum Loan-to-Value
97%
(80% with home equity cash out)
Can I Escrow?
Yes
Option to Cash Out Home Equity?
Yes
Rapid Refinance Mortgage
Best If…
Your loan meets eligibility requirements and you want to save on closing costs.
Rate
Fixed
Term
8, 12, 15 or 30 years
Closing Costs
As low as $149
Maximum Loan Amount
$399,900
Maximum Loan-to-Value
70%
Can I Escrow?
No
Option to Cash Out Home Equity?
Yes
Jumbo Refinance Mortgage
Best If…
Your loan is for more than $548,250.
Rate
Adjustable
Term
15 or 30 years
Closing Costs
Standard closing costs
(such as title work, flood certification, recording fees)
Maximum Loan Amount
$800,000
(exceptions available for higher amounts)
Maximum Loan-to-Value
95%
(80% with home equity cash out)
Can I Escrow?
Yes
Option to Cash Out Home Equity?
Yes
Those that meet the criteria can then apply for a rapid refinance.
- It’s possible to borrow up to $399,900.
- No more than a 70% loan-to-value ratio. (Determine the equity in
- your home by subtracting the mortgage balance from the value of your property.)
- You must live in the property yourself.
How Long Does Rapid Refinance Mortgage Take?
The length of time it takes depends on factors including how complicated your case is and whether or not you have all of the necessary paperwork available.
It could take as long as three weeks. Other refinancing loans might take as long as a month, so this is a significant time savings.
Banks can accept and settle emergency loans in as little as two weeks when using a Rapid Refinance Mortgage.
Why Choose A Rapid Refinance Mortgage?
For a Rapid refinance mortgage, the Incoming Financial Institution can verify your paperwork and deliver the funds by electronic transfer to the Outgoing Financial Institution (OFI).
This means that the process of refinancing will be handled by your new lending institution, reducing your workload and minimising any potential complications.
When I try to refinance my mortgage, will the bank provide me with a fast loan?
Some lenders may accept a small subset of potential applicants for this loan.
To qualify for a rapid refi mortgage, you must:
The property must be on something other than Old System Title or Company Title, which means you cannot borrow money to purchase it.
It would help if you currently had a variable-rate, fixed-rate (with some caveats), or line-of-credit loan (some restrictions apply).
There can be no caveats or other restrictions on the property being used as collateral for the loan.
Business loans backed by collateral cannot be combined with other outstanding debts. Money owed must be paid back.
To qualify for a refinancing loan, the new loan amount must be within the bank’s acceptable range for new loans. However, this solution can only refinance some loans, especially those with low principal amounts.
The Best Refinancing Rates Available
Look for the best rates at a financial institution before deciding on a Rapid Refinance Mortgage loan. That is why one would seek refinancing in the first place.
So, who has the most affordable rates of interest? As the market fluctuates, our mortgage brokers have access to the most current data.
We are familiar with the lenders who can help you save the most money throughout your loan.
What Resources Am I Expected To Contribute?
The necessary paperwork can vary from one loan provider to the next. It is important to note that most lenders will require the following:
Statements from the last three months, the most recent being no more than 60 days after settlement.
The current balance of your loan is expressed as a numeric value.
Documentation for the loan is complete and includes the most recent loan amount.
Talk to this company today at 1300 889 743 or submit an inquiry on our website if you’re interested in applying for a Rapid Refinance Mortgage loan so that we can put you in touch with a lender who can provide you with the best possible interest rates.
Are there any costs associated with a quick refinance?
Some financial institutions would impose a cost for this loan type due to the high demand and short processing time.
Others will cost you to apply, get released, and settle.
On the other hand, we know which significant banks have none. It occurs because the bank obtains and pays for the title insurance.
In need of a quick mortgage refinance? Find out which banks provide this service.
The availability of a Rapid Refinance Mortgage product is expected. It is essential to see a mortgage broker who can direct you to lenders who can approve this loan in as little as three weeks.
However, what if my current mortgage lender needs to provide a fast refinance option?
If your lender does not provide this choice, it may be due to your circumstances. You may need help changing loan types or lenders, or there may be issues with the title of your property.
There are steps you may do, however, to quicken the pace of your home refinancing:
You should get your application materials in order before submitting them. You won’t have to contact different people to receive various information, saving you time and effort.
You should tell your new lender if you need a speedy turnaround on your loan. Your application could be given more weight if they approve it.
Keep in touch with your previous lender to ensure a timely and easy transition.
Even if you don’t qualify for a Rapid Refinance Mortgage, you may still want to consider refinancing. Your new home loan application may take longer to process, but it could save you tens of thousands of dollars.
Loan Refinancing With Interest Paid Up Front
If you are a real estate investor and want to take advantage of tax deductions this fiscal year, consider refinancing to a fixed rate interest in an advance home loan.
Prepaying interest before the end of the fiscal year may qualify you for a significant reduction from some lenders.
Even if the end of the fiscal year is quickly approaching, a Rapid Refinance Mortgage can let you refinance before the 30 June deadline without your present lender prolonging the process.
As a result, you’ll be eligible for higher interest rates when refinancing and more beneficial tax deductions—the popularity of this type of loan spikes in the spring, specifically between April and June.
Is A No-Or-Minimal-Document Loan Fast Refinancing Possible?
Yes. You can receive a low-doc refinance loan if you wish to refinance your current full-doc mortgage, but you still need to get the required paperwork ready.
If you’re self-employed and need help substantiating your income, this tool will be a lifesaver. You could get a loan for up to 80% of the house’s value.
Please visit our page on refinancing with a low-doc loan for additional information on the documentation the banks want for this type of loan.
Financial Advice for Refinancing
Do you want to refinance your home? There are a few things to think about before you do this, though:
It’s crucial to research which banks offer the most affordable rates on their Rapid Refinance Mortgage loans if costs are required. Try to choose a bank that doesn’t charge you any fees. To keep your new loan payments to a minimum, do this.
Begin everything in order before applying for a quick refinance; that way, you won’t waste any time and can get the process rolling in just a few days.
Pick your option: a Rapid Refinance Mortgage loan will help you get out from under a loan with excessive interest rates and terms that are out of your price range. Moving your banking relationship could be costly, but it could be worth it over a long time.