Managing Your Mortgage

by

blog-author-jeffreypinkerton5

When was the last time you reviewed your overall financial picture?  Or reviewed your most recent retirement statement?  Or rearranged your holdings in your investment account?  If you are like most people, despite your best intentions to not look at the (likely) damage done to your finances over the past year or two, you review where you are, because it is the only way to really asses your situation.  Without reviewing things, good or bad, you won’t know where you are, and you won’t know how to get wherever it is you want to get (retirement, debt-free, more cash in reserves, funds for college, weddings, etc, etc.)

While most people spend time each month or each week reviewing their budget and their personal finances, most don’t take the time to review their biggest investment – their home (and the means of purchasing that investment = their mortgage, their biggest debt).  A monthly statement from the loan servicer is a good reminder of some of the highlights of your mortgage: current loan balance, interest rate, monthly payment, escrow balance, escrow disbursements; but it doesn’t really provide the information you need to manage your mortgage well.  It tells you where you are, but it doesn’t tell you where you are going (or if there is a better way to get where you are going).

In addition to watching your finances on a regular basis, you probably use some automated systems to help you manage your finances – online bill-pay, automatic draft from your bank account, and maybe stock buy-sell orders.  Why not take some time to set up something similar for your mortgage?

In order to help my past clients, friends and new referrals manage their mortgage, I offer a refinance monitoring service through myRateTrack.com.  This service is free to use and is exactly specific to each individual customer.  Once an individual’s loan information is setup in the system, he or she will automatically receive a RateTrack refinance report itemizing refinance options available based on that customer’s current mortgage balance and monthly payment and that day’s available rates and closing costs (view sample RateTrack report).  The report is emailed automatically each month and is also available instantly by logging in to the website.  This RateTrack report allows individuals to monitor available refinance options and helps to answer the two main questions that my clients have.  Question number one, “Could I save money (would it make sense) for me to refinance my mortgage?”  And question number two, “If it does make sense, should I call Jeffrey?” 

The system also allows each client to enter a Target Refinance Rate in the system, so if and when that interest rate is available, they receive an email alert letting them know it’s time to take action (the answer to question two, part B, “Should I call Jeffrey today?!?”

To sign up for a myRateTrack.com account, simply visit www.myRateTrack.com and use the PROMO code = themortgageblog to access the site for free and to be entered in to my database of clients and referrals.  You will need some general information about your current mortgage (original loan amount, closing date, interest rate, loan type, ARM information), but you do NOT have to enter personal information such as income, assets, or social security number.  Once you are signed up, the system will alert me, I can review your mortgage and make sure you have the information you need to set an appropriate target rate and are on track to managing your mortgage well.

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