We want to make your application with us as simple as possible and our expert consultants will discuss all your available options and benefits of refinancing your home loan. We’ll have a variety of solutions and will help you find the best option suited to your unique situation. Our professional consultant will discuss the entire process with you, ensuring you’re comfortable with the process and once we have the go ahead from you will finalize the entire application.
You may feel overwhelmed by the idea of refinancing your home loan but here are some steps that can be taken to ensure your application is fast and convenient for you:
- Preparation is Key: Before beginning with this process we strongly suggest you check your ITC score. Companies such as Experian & Transunion offer a free credit report every year. If anything affects your score negatively it is best to have it cleared up. Report any disputes you may have to the Credit Beareu. Once you’ve received your credit report it is best to start getting all documentation that will be requested ready. We will request a copy of your ID, 3 months payslips, 3 months bank statements and proof of residence. Having these documents ready will make your life easier once we request them.
- Find the Home Refinance Loan Best Suited for You: Do your homework. Ask yourself the following questions in order to choose the refinance option best suited for your needs:
- What is your end goal? Would you like to save money monthly? Perhaps you want to pay your loan off faster at a better interest rate.
- How long have you owned your property?
- How long to you plan on owning this property?
- Have you explored all options besides refinance?
- Complete the Application Form: Complete the form on our website and one of our expert consultants will contact you and go through the entire application with you. This way we ensure we have all the information needed and at any point you can ask our consultant any questions you may have. They will also give you advice on what your options are and discuss the benefits of each option.
- The Appraisal: Once the loan application is complete and we’ve received all relevant documentation we will send an appraiser to the property. They will determine the value of the property and give us their report. This may positively or negatively affect your application. Ensure all home improvements have been done and that everything is according to building regulations. They will review each room, so ensuring that each room is clean and tidy gives a great first impression.
- Underwriting: Your application will be sent to an underwriter for review. They will examine each document and determine if you can afford the new repayments. If needed, they may request additional documentation.
- Approval and Conditions: If your application is approved we will send you a letter stating so. In this letter there will be terms and conditions stipulated and your approval may have been based on certain conditions, so it will be your responsibility to ensure these are adhered to.
- New Interest Rate: Once you’ve been approved we will discuss your new interest rate. Interest rates are subject to affordability, credit rating and the current economic climate.
- Loan Documentation: Once you’ve agreed to all the terms & conditions as well as your new interest rate we will send you the loan’s documentation. If you have any questions at any point regarding any part of the contract, our consultants will gladly assist you. Once you’ve read through everything and you’ve agreed to it, you can move on to the next step.
- Signing of Contract: We will ensure that you understand each page of the contract and may ask to meet up in order to do so. Once you are 100% happy with the contract after discussing the terms on of your new agreement, you will now be ready to sign the contract.
- Closing: Once you have refinanced your home loan you will have a 3 day cancellation period. If you are happy we will pay off your existing loan(s) and you should receive a statement from the institution that is currently funding your home loan stating that it has been settled. We will also set up a debit order for your new payments with us and will send you monthly statements regarding your account. You may contact us at any point if there are any questions or queries regarding your account.