We all want things done well and fast, why should financial products and services like fast credit repair and fast remortgage be any different? If you want to do a fast remortgage then you will need to understand what will be required at each and every step, especially when dealing with remortgage companies which may not be looking out for your best interests.
The first thing you need to do is decide why you want to do a remortgage. Are you looking for get a better interest rate or pay off debt? Are you looking for a consolidation remortgage for debt management purposes? Maybe you want to lock in a low rate now for a home loan remortgage because you feel interest rates will go up in the future. Your reasons are valid and when you know the “why” then the rest becomes easier.
Next thing to do on your list is contact your local mortgage expert who can secure a no obligation quote from various lenders all fighting for your remortgage business. You want to get the most flexible remortgage terms that you can find. Remember that these quotes are no obligation but do come with conditions so ask your mortgage expert about the underlying conditions of each deal. Some of these deals may have a teaser rate to hook you in but you end up paying more in fees over time. This is where your mortgage expert saves you time and a lot of money. They understand all the finer nuances of a remortgage and will sift the deals to find one that is closest to your requirements.
You are required to do your part as well which involves getting your documentation ready. First on the list is your income documents. Are you self employed or employed ? The difference in the documentation required is vast. A salaried person just needs a salary slip or employment letter or a combination depending on the lender. A self employed person will need income tax assessments and other banking documents to show both their gross and net taxable income.
There are more lenders who are reaching out to self employed clients but not enough yet to make the playing field truly level between self employed and salaried people. Once you have your financial documents in place the next item on your fast remortgage agenda is to check out your credit report. Your credit is very important since having a low score may increase your interest rate or make it so you cannot remortgage at all.
Just like a brand new mortgage a remortgage lender is looking closely at the equity you have in the property as the make or break factor on a deal. If you have a lot of equity in the property but a lower credit score the lender may be able to work out a deal. So what is equity? It is the difference between what your property is worth today (also known as the “fair market value”) minus all debt attached to the property. If the balance is positive, that is your equity. If it is negative then your mortgage is considered “underwater”.
When trying to do a fast remortgage if you have your documents ready and equity in the property it can take place in a very short amount of time provided everyone is on the same page. Also finding a great remortgage specialist is key to finding a great deal while simultaneously processing your loan application quickly.