FAST REFINANCE.

Refinance is the replacement of a current debt obligation using another debt obligation albeit under different terms and conditions. Usually, debt replacement occurs during periods of financial distress. Refinance is influence by several factors such as political stability, currency stability, projected risk, inherent risk, the credit worthiness of the borrower, national credit ratings and the existing banking regulations. As such, refinancing usually involves the bank one way or the other. Normally, refinance is done mainly for the reasons stated hereafter: to benefit from the fluidity of interest rates, consolidation of debt, reduction of monthly repayment amounts, alter financial risk and to free up some liquid assets.

Fast refinance describes the process whereby borrowers seek refinance from a lender without the inclusion of the bank in the transaction. Exclusion of the bank speeds up the refinance process as it eliminates the time consuming bank bureaucracy. Therefore, once the loan is approved by the lender and the loan offer properly signed and processed, the borrower can get the cash. As such, fast refinance does enable the borrower to consolidate his cash reserves.