Since a remortgage is essentially the same as buying the house, even if through the same lender, there are still certain legalities that must be taken care of before the loan can be approved. A remortgage is essentially a homeowner selling the house to themselves as far as issuing the loan is concerned and if going through a different lender, to obtain a better interest rate, it can take more time to complete the transaction. It can take even longer if a fast remortgage is sought to take the equity value from the home in the form of cash, as it increases the amount of money paid out, bringing the value of the loan closer to the amount of collateral for the loan.
While come companies offer speed in processing a fast remortgage for many reasons, there are certain steps in the finance process that cannot be sped up, such as property inspections for appraisal purposes and the handling of the paperwork. The only way it can usually be accomplished quicker is if the lender already has intimate knowledge of a person’s credit history and has all the pertinent information in hand, which the current mortgage holder will have. Read the rest of this entry »
