Although refinancing shouldn't be considered a difficult process, there is a certain amount of effort you will need to put in.
So when does effort stop being a good thing and start to be not worthwhile? We all know the age old adage that anything worthwhile takes effort.
However, we have also learnt from life experience that when everything becomes too hard, the universe is giving us a big hint that perhaps our effort should be spent elsewhere.
Refinancing your home loan takes effort. So how much effort is reasonable when you refinance? Well, you certainly need to be prepared to put in a good effort – you do need to complete and sign forms, provide supporting documents and be prepared to provide additional supporting documents (beyond what you may have initially expected). Having done all this you should feel that your loan application is flowing – moving along and being processed. You should also feel that you have a point of contact where you can check in on your application.
Whilst the lender is giving you money and needs to conduct its due diligence, you should definitely expect courteous staff that listen and respond to your questions. Also, if you choose an online lender then it is still reasonable to have direct contact with real people. Keep in mind that the way you are treated at application stage is probably a good indication of how you will be treated once your loan settles. The idea is that you are partnering with this organisation for the long term. So, if your good effort all becomes too hard, perhaps the universe is opening another door to you somewhere else.