Frequently Asked Questions - Consumers
Q: What is a RateTrack report?
A: A RateTrack report is a customer-specific refinance report that shows a consumer his or her available refinance options.
The report calculates six different refinance options (options are based on loan officer's settings). Options include ARMs, interest-only ARMs, fixed rate loans and a "no closing cost" option. The report calculates applicable closing costs and estimated prepaid expenses and determines possible monthly savings amount assuming that the consumer will finance the closing costs in to the new mortgage.
Q: Are there additional features of the RateTrack report?
A: Yes. In addition to the six refinance options shown, the RateTrack report also includes:
Break-even calculation of Monthly Savings vs. Closing Costs
Calculations for making additional principle payments
ARM Watch page if you have an Adjustable Rate Mortgage
Additional historical graphs and charts with interest rate and index data
Q: Can I view a sample RateTrack report?
A: Yes. You can view a sample report here.
Q: What about taxes, hazard insurance and PMI (Private Mortgage Insurance)?
A: Because the taxes and hazard insurance will be the same amount as with the current loan, those figures are not necessary for calculating a difference in monthly payment and monthly savings. If you currently pay PMI each month, a refinance is more likely to cause that part of the monthly payment to decrease (or possibly stay the same).
Taxes and insurance are estimated in order to calculate an amount for the new prepaid expenses.
Q: How do I receive my RateTrack report?
A: You will receive your reports via email weekly, monthly or quarterly (depending on your preferences), and can access a report any time by logging in to your account and using the 'instant report' feature.
Q: Are the interest rates accurate?
A: Yes, the rates on the RateTrack report are accurate; however, they may not be available to every client. Because interest rates are based on a your credit score, your loan-to-value ratio (your loan amount in proportion to your home's appraised value), your combined loan-to-value ratio (total loan amounts in proportion to your home's value), and your overall ability to qualify for financing (debt-to-income ratios, etc.), it is impossible to quote an absolutely accurate rate to you without having those specifics.
Q: What is a PROMO code?
A: A PROMO code allows a consumer to access the myRateTrack.com service absolutely FREE. Visit our page on PROMO codes for more information.
Q: How do I cancel my myRateTrack report service?
A: If you are interested in canceling your account with myRateTrack.com, please contact your mortgage professional. His or her contact information is included on the RateTrack report and is available by logging in to your account. You can also send your mortgage professional a message from inside the system under the 'my Mortgage Info' tab. If you have an account that is not provided by a mortgage professional, and would like to cancel your service, please call 888.781.0005 x 2 for customer support.