Benevolence Financial Group (BFG) is now Open Home Loan. Start home loan rate tracking and let Open automatically shop around for you – over your loan duration. When your ideal rate is reached, we’ll ask your bank to match it. Choose to stay or switch in minutes. No effect on credit score. Start for free.

How long does refinancing a home loan take?



< 1 Mins


Share this post

The time it takes to refinance a home loan can vary depending on several factors, including the lender, the complexity of your financial situation, and the type of loan you are refinancing into. Generally, the refinancing process can take anywhere from 30 to 45 days, although it may take longer if there are issues or delays with the appraisal or loan approval process. Here’s a breakdown of the refinancing timeline:

  1. Application process: The application process typically takes one to two weeks, during which you will submit your financial information and the lender will review your application.
  1. Loan processing: The loan processing stage can take another one to two weeks, during which the lender will verify your income, assets, and credit history, and order an appraisal of your property.
  1. Underwriting: The underwriting stage typically takes one to two weeks, during which the lender will evaluate your loan application, review the appraisal, and make a decision on whether to approve your loan.
  1. Closing: The closing process can take several days to a week, during which you will review and sign the loan documents and pay any closing costs.

Overall, it’s important to be patient and stay in communication with your lender throughout the refinancing process. Keep in mind that some lenders may offer a faster or slower refinancing process, so be sure to ask about their timeline when shopping around for lenders.

Send Us a question

Have something in mind?