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What is a rapid refinance?

April 26, 2017rapid Refinance

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What is a rapid refinance?

1 Answer

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10 Posted

A rapid refinance is when your new loan is advanced before your current lender in ready to be discharged. A rapid refinance may also be know as a fast refi, XRO or express refinance. The end result is that your new loan can be set up around one to two weeks sooner! The new lender can do this by depositing the estimated payout figure for your current loan directly into your current loan account. They also withhold a buffer just in case the payout figure is incorrect. Once your new loan is advanced the new lender will chase up the old lender to obtain the certificate of title during the following two to three weeks. The buffer is refunded to you once the certificate of title has been received.