The refinance monitoring tool acts as your automated mortgage(s) watchguard. It runs quietly in the background to notify you when it could make sense to refinance your existing mortgage.
Here is how the process works, from setup to savings:
1. Enable refinance monitoring: To get started, you’ll first add your current mortgage(s) to the platform. There are two ways to do this:
- Automatic sync (Recommended): We securely and digitally connect to your current mortgage and automatically import your loan details. As you make payments and your balance changes, the information updates automatically so our refinance monitoring stays accurate, ensuring that we can help identify opportunities to help you save.
- Manual entry: Alternatively, you can type in your mortgage details yourself. This is a less preferred approach because your loan balance will not automatically update over time, meaning you will need to manually adjust it to keep your refi alerts accurate.
2. Link your property details: Once your mortgage is connected, you will link it to the actual property.
- You simply provide your property address and your property usage (e.g., primary home, investment property).
- Using your address, our system automatically pulls in the property type and an estimated property value (which you always have the option to manually edit or override if you feel it is incorrect).
3. Automated monitoring & alerts: Once your property and mortgage are linked, our automated tools take over.
- We automatically check your specific loan details against current market rates and refinancing scenarios.
The savings trigger: If we identify a personalized quote that is at least 0.5% (50 basis points) lower than your current mortgage rate, we will alert you that you have a potential savings opportunity via a mortgage refinance. The system actively looks for eligible loan options that offer the lowest interest rate with points closest to par (meaning you pay the fewest points).