What is FASTRefi®?

FASTRefi® is a unique refinance process that uses title insurance to allow lenders to payout a borrower's loan account within days, as opposed to the standard refinance process which takes weeks to complete.

FASTRefi® accounts for faster settlements, surplus funds available to the borrower in less time and increase conversion rates reducing the risk of the existing lender's retention team contacting the borrower.

So, what is required to qualify for FASTRefi® ?

Each lender will have additional requirements based on their agreement with First Title (the banks settlement agent). However, these are the standard requirements:

  • Disclosure of all linked debts - including credit cards and guarantees. Where a loan has linked business loans it will not qualify for a FASTRefi®
  • Bank statements for all accounts - this is required to assist with the estimated calculated payout and up to 6 months of statements may be required.
  • Current balance for all accounts - this is required to assist with the estimated calculated payout.
  • Outgoing lender must be on the list of approved lenders - it's the incoming lender's discretion as to which lenders from the approved list may be used.
  •  All borrowers and mortgagors on the new loan must be the same as the existing loan.

If this sounds like something you would be interested in, give us a call to see how we can make this work for you!

Home Loans
Written by Chloe Boswell
10 July, 2023
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