I would like to personally thank you for your professionalism and efficiency in the processing of our recent home loan refinancing application. You have gone above and beyond my expectations and during the course of the application have been diligent in providing assistance to facilitate the approval process, Alex first and foremost you, but also the team at Freedom Loans have provided us with an opportunity to launch a new business opportunity which would not have been possible without the available funds. Your exceptional customer service is second to none and you should be very proud of both your team and the attention to detail approach you have adopted throughout the process.Linda
Navigating Refinancing with Bad Credit: Your Path to Approval
At Freedom Loans, we’re experts in helping individuals with bad credit successfully refinance their homes. If you’ve been turned down by banks or are unsure how to start, we’re here to guide you through the process. We connect you with specialist lenders and craft applications that boost your chances of approval, all while illuminating the benefits refinancing can offer you. Let’s explore how we can make refinancing a reality for you.
Getting Refinancing With Bad Credit
If you want to refinance but aren’t sure how, or if you’ve had your refinancing application rejected for whatever reason, don’t worry. We specialise in helping people refinance their homes, and we can even help you if your credit record is less than perfect.
We’ve helped countless people refinance successfully after banks & major lenders have turned them down. We find the specialist lenders who are happy to help you refinance, and provide you with excellent refinancing options.
Read more about how we can help you refinance here.
The Benefits Of Refinancing
There are many benefits of refinancing, including borrowing extra money, consolidating debt and getting lower repayments.
Refinancing is a great option, but it’s become harder than ever to get a refinancing application approved in Australia. The good news is: this doesn’t have to be you. Freedom Loans specialises in getting refinancing approval. We will compile your application for you, and find reputable lenders who are willing to let you refinance and who best suit your needs.
Find out more about the benefits of refinancing here.
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Refinancing When Payments Are Late
If you’ve had late payments on your credit record it will affect your eligibility to apply for refinancing. Many people are surprised to learn that late payments that happened years ago may result in their application being rejected.
However, it doesn’t have to be the case. Our Freedom Loans experts will pair you with lenders who don’t take such a dim view of late payments, and will compile your refinancing application for you; giving you the best chance of success.
Find out how we can help you refinance here.
My Refinancing Application Was Declined
As a result of the new lending restrictions put in place by the Australian banks, refinancing has become harder than ever before. This has left many people locked into their loan repayments with no option to switch or refinance.
If you’ve had your application declined, don’t worry. We specialise in helping people who have been declined by the banks or other major lenders to secure refinancing. We help you find the specialist lenders who will let you refinance even when the banks won’t.
Finalising Your Refinance: What to Expect
What happens after refinance is approved?
Once your refinance is approved, you’ll move into the settlement phase where your new lender pays off your existing mortgage. This transition includes signing the new loan contract, which outlines your new loan terms, interest rates, and repayment schedules. You’ll be informed of the final steps, including any required documentation and the official settlement date.
What are the stages of refinancing?
The refinancing process consists of several key stages:
- Application: Submitting your application along with necessary financial documents.
- Assessment: The lender reviews your application, financial situation, and property value.
- Approval: Conditional approval is granted, followed by a formal approval after all criteria are met.
- Settlement: The new loan is finalised, and funds are used to pay off the existing mortgage.
How long does it take to settle a refinance?
The settlement of a refinance typically takes between 2 to 4 weeks from the date of formal loan approval. This timeline can vary based on the complexity of your financial situation and the speed at which necessary documentation is provided and processed.
Selecting a Lender for Your Bad Credit Refinance Loan
How do I choose the right refinance lender?
Selecting the right refinance lender involves comparing loan products suitable for bad credit, assessing interest rates, fees, and loan terms. Look for lenders that offer flexible criteria and consider your current financial stability. It’s also beneficial to consult with a mortgage broker who specialises in bad credit loans for personalised advice and options.
Which lender is best for bad credit?
The best lender for bad credit is one that offers products specifically designed for your situation. These lenders assess applications beyond just credit scores, considering overall financial health and improvement efforts. Specialist lenders and non-bank financial institutions often provide more accommodating options for those with bad credit.
Can you refinance with a bad credit rating?
Yes, refinancing with a bad credit rating is possible through lenders that specialise in bad credit loans. These loans may come with higher interest rates or require additional security, but they offer a pathway to better financial terms and loan conditions, even with a less-than-perfect credit history.
The Refinance Application Process Explained
What factors should you take into consideration when deciding to refinance?
When deciding to refinance, consider your financial goals, current and potential interest rates, loan terms, and any fees associated with refinancing. Assess how refinancing aligns with your objectives, whether it’s reducing monthly repayments, accessing equity, or consolidating debt.
What are the steps of refinancing?
The steps of refinancing include:
- Reviewing your current loan and financial goals.
- Shopping for new loan offers and comparing terms.
- Applying for your chosen refinance option.
- Undergoing a property valuation if required.
- Receiving approval and finalising the new loan at settlement.
What is refinancing strategy?
A refinancing strategy involves planning how to utilise refinancing to achieve your financial goals. This could involve securing a lower interest rate to reduce repayments, accessing home equity for major purchases or debt consolidation, or changing your loan type to better suit your financial situation.
Preparing Your Finances for Refinance Approval
Does refinancing hurt your credit?
Refinancing can temporarily impact your credit score due to the credit application and the closing of your old loan and opening of the new one. However, this impact is usually minor and short-lived, and the long-term benefits of refinancing can outweigh this temporary dip.
How long does it take to get refinance approved?
Getting refinance approved can take anywhere from a few days to a few weeks, depending on the lender’s processing times and how quickly you can provide the required documentation. Working with a broker can help streamline this process.
What are the four C’s of approval for a loan?
The four C’s of loan approval are Capacity (your ability to repay the loan), Capital (your savings and assets), Collateral (the value of the property securing the loan), and Credit (your credit history and scores).
Do you lose money when you refinance?
You don’t necessarily lose money when you refinance, but there are costs involved, such as application fees, valuation fees, and potentially break costs from your current loan. The key is to ensure the long-term savings and benefits of refinancing outweigh these initial costs.