Same-day refinancing is advertised on the Internet as being available for home mortgages and car loans for those debtors who wish to get lower interest rates, or who have adjustable rate mortgages they wish to change to a fixed rate. What "same day", actually means is, they can supply loan approval the same day, thus locking in the lowest rate available to an applicant for that day. This prevents the interest rates from affecting the rate that was given. However, the approval is just the beginning.
A refinance loan has several steps before it is finalized. Just like a new home loan, same-day refinancing requires a title search to ensure the title is clear of encumbrances and a title insurance policy must be purchased. Someone has to appraise the property, and a survey needs to be done. Additionally, there is an inspection fee, an attorneys fee for the mortgagor's attorney, a loan origination fee, mortgage insurance, and points that range from 1% to 3%. If the interest rate can be reduced by at least 2% the added costs may be worth it.
Companies offering same-day refinancing have access to different groups of lenders than the car dealers, and some of them may be willing and able to offer a lower rate that will help get the loan paid off faster. At the very least, there are companies out there to help find out just where a person's standing is in relation to the interest rate market. If the present credit rating doesn't allow a lower rate, perhaps after some credit repair, this can be accomplished. Often a credit rating can be changed simply by checking that all of the items in the report are accurate.
Whenever making a big decision, especially ones concerned with finances, thinking before acting and using wisdom in that decision making is most prudent. In Isaiah 28:16, we are given some good Godly wisdom that needs to be heeded. "Whoever believes will not act hastily." As with doing business with any other company online, they should be checked out with the Better Business Bureau before signing anything or making any irrevocable deal. Thinking something through and weighing the costs ahead of time is always wise. The home and automobile market is very competitive now, so it makes sense for anyone looking for a way to lighten the financial load to check out same-day refinancing online.
http://www.christianet.com/refinancing/samedayrefinancing.htm
