More than a million homeowners have refinanced their homes using the Home Affordable Refinance Program since its passage in 2009, according to Reuters. That number may rise even higher in the coming months as Congress tries to widen the program and include more borrowers, the news source reports.
The amount of paperwork required to refinance can become overwhelming. This is where document management tools (such as online fax and file sharing services) can make a big difference.
Since many refinance documents require signatures and contain personal information (such as a social security number, bank account numbers, etc), data security is a major concern when transmitting documents. For example, if you're faxing sensitive documents to a real estate office, and the fax arrives at a fax machine in a common area, anyone walking by that fax could pick up those documents.
One way to help ensure that sensitive information remains secure in transmission is via an online fax service. With online fax, faxed documents are received in a private email inbox, as opposed to a public fax machine.
Requiring only an internet connection, or WiFi access, an online fax service -- also known as fax to email -- is a tool that could help Americans refinance more quickly, potentially contributing to a quicker economic recovery.
Because of the current increase in number of people refinancing, many brokers are overloaded with existing projects, according to The Wall Street Journal, leading to delays of up to 90 days. "That doesn't do much for someone interested in the market right now," Craig Foyer, a potential refinancer, told the news source.
With interest rates on housing loans at historic lows, any streamlining of the refinancing process could decrease delays and save money for borrowers like Foye.
If you're considering refinancing in the near future, consider signing up for an online fax service. You can sign up online in minutes.
Offering fax numbers in more than 49 countries around the world, eFax is a recognized leader of internet fax services. To find out more about how eFax can streamline your online fax capabilities, visit www.efax.com.