Introduction to Refinancing
Refinancing a loan is often one of the most significant financial decisions you can make. There are many factors about your future that need to be considered to understand if refinancing makes sense for you. Of course, the first step is understanding when lenders can offer you a lower interest rate or when they can lower your monthly payment.
That's where MonitorMyRefi comes in! We are constantly monitoring interest rates offered by lenders and let you know when the timing may be right to refinance for loan.
How To Set Up Your Account
Securely share the details of the loans you'd like us to track and we'll do the rest
We'll notify you when we've identified a great opportunity to refinance your loan (whether its today, or 10 years from now)
Complete your refi directly with any lender you choose, or ask MonitorMyRefi to help you evaluate your options before choosing a lender
HOW WE ALERT YOU
We'll notify you when we discover any any great refinancing opportunities
HOW TO COMPLETE YOUR REFI
You can request offers from lenders and/or ask MonitorMyRefi for support in understanding your options
The most important benefit to achieve when refinancing your loan, is to lower the interest you are paying. Maybe your credit has improved since you took out your original loan, or maybe the markets have changed. Whatever the reason, if you lower the interest rate on your loan, you could reduce your monthly payment substantially.
Depending on how much you can lower your interest rate, you may be able to shorten the term of your loan while keeping your monthly payments at-or-below your current amount. If this is achieved, you'd be able to pay your loan off faster while also paying less money out of pocket towards interest over the life of the loan.
Maybe you have an adjustable-rate loan and want to convert it to a fixed-rate loan, or maybe you want to stop paying insurance by switching to a conventional loan. Factors like these can be adjusted by changing the type of loan you have through refinancing the loan.
If you're in need of cash you may be able to access funds through equity you've accumulated in the asset collateralizing your loan. A cash-out refinance allows you to leverage a the equity accumulation and borrow additional funds.
PROS & CONS
Like most financial strategies, refinancing has both advantages and disadvantages
Once I was notified that refinancing at a lower rate was possible, MonitorMyRefi showed me REAL rates from each lender.
Knowing that MonitorMyRefi doesn't "sell" me data and is working on my side is really comforting. It was great just working with one company throughout the process.
I never have to wonder if I should be refinancing my loans because MonitorMyRefi is keeping track for me.