Adjustable Rate Mortgage: Why You Should Refinance to a Higher Payment

 

Feel free to republish, just be kind and link back to the original article.

Who wouldn’t want 4.5%?  If you have an adjustable rate mortgage that has adjusted recently or is about to adjust, you probably have/had a 5 year ARM.  Think back to 2004 and remember this conversation:  

“Well, Mr/Mrs. Borrower, there are a few options to consider.  The 30 year fixed rate option at 5.5%, which would make your monthly mortgage payment $1,703 principle and interest.  Or, the 5/1 ARM option at 4.5%, which would make your monthly mortgage payment $1,520 per month — a savings of $183 per month, or $10,980 over the first 5 years!”

 Most people with an adjustable rate mortgage (ARM) remember this conversation well.  For a large percentage of borrowers, the conversation continued one step further . . .

“Also, Mr/Mrs. Borrower, an interest-only option is also available to you.  This program would allow you to decrease your monthly payment and cash-flow and maximize investments other places (increase your 401K, paydown other debts, etc, etc) and would give you an interest rate of 4.5% and a monthly interest only payment of $1,125 — a cash-flow savings of $578 per month!”

Most people remember this part of the conversation as well.  It is the NEXT part that many have forgotten.

“The 5/1 interest-only ARM is a good program for people who are going to stay in their home for 5 to 6 six years.  If you plan on staying in your home longer, you will want to refinance your mortgage . . . hopefully to a low fixed rate option.”

Now, please don’t read this and think that I am against adjustable rate mortgages.  If anything, people who have had an adjustable rate mortgage for the past 5 years, made the best (and luckiest) decision they possibly could have made — even better than most could have ever imagined.  They benefitted from an interest rate 1% point lower than the available fixed-rate, AND (by complete luck) now that the rate is about to adjust (at least for people with a 5/1 ARM), they are now able to refinance to the lowest fixed rate in history.  Easy decision, right!?!  Apparently not so much.  And here is why.

Adjustable rate mortgages change based on two numbers: the margin and the index.  The margin is a number determined and set at the time of closing and for most “A” borrowers, that number is equal to 2.25% to 2.5%.  The index is a number that fluctuates based on the financial markets — for most borrowers, their ARM’s index is the 12 month LIBOR index.  When you take those two numbers and add them together, that determines the new rate for the mortgage for the next 6 to 12 months (depending on your loan).  There are caps on adjustment, for example, the loan may only be able to adjust up or down 2% per year and no more than 6% over the life of the loan.

If you have an ARM that has recently adjusted or is about to adjust, chances are your interest rate is going to go DOWN.  That’s right.  Because the Federal Funding Rate is so low, the LIBOR index is crazy-low as well.  This week, the 12 month LIBOR was around 1%.  So, for most borrowers with an adjustable rate mortgage 2.5% (margin) + 1% (index) = 3.5% interest rate fixed for either 6 or 12 months.  Refinancing your mortgage today would cost you thousands of dollars and would give you a higher interest rate (around 4.75%) and a higher monthly payment.  So what should you do?  Wait it out for another year or two?  Save your money and just let it adjust?  Or refinance?  Here is the short answer: you should refinance.  Here is the slightly longer answer: seriously, you should refinance now.  And the full complete long answer:  if you are only going to be in your home for only 1-2 more years, you might consider keeping your current mortgage, otherwise, you should refinance now.

Here are a few things to consider . . .

• The 2 year average for the 12 month LIBOR index = 2.84.  This average plus a margin of 2.5% = 5.34% (would be rounded down to 5.25%)
• The 3 year average for the 12 month LIBOR index = 3.63.  This average plus a margin of 2.5% = 6.13% (would be rounded down to 6.125%)
• The LIBOR index tracks with the Federal Funding Rate, so when the Feds begin to raise rates, the LIBOR index will rise as well.
• In 2008 (before the Feds began to purchase mortgage backed securities to manipulate mortgage rates down), the average rate for a 30 year fixed rate mortgage = 5.90%.  In 2007 = 6.01% and in 2006 = 6.09%.

So if those aren’t reasons enough to convince you that you need to refinance your mortgage (even though it probably means a higher monthly payment), here is some math to help.  On a $300,000 mortgage, the savings between an adjusted rate of 3.5% (my best guess at your lower, newly adjusted rate) and a fixed rate of 4.75% is $217 per month = $2,604 for the year.  Assuming in year 2, that your ARM adjusts up to 5.25% (2 year average from above), the difference between 5.25% and 4.75% is $92 per month = $1,104 for the year.  Assuming in year 3, that your ARM adjusts up to 6.125% (3 year average from above), the difference between 6.125% and 4.75% is $258 per month = $3,096 for the year.

Still not sure whether or not you should refinance your adjustable rate mortgage to a higher rate and higher payment?  Well, even though I can’t definitely prove to you that you should refinance (i.e. here is the monthly savings; here are the closing costs; here is when you will break-even on the expense of your closing costs), you’ll know the answer for sure in two to three years from now . . . my guess is that you’ll also know the approximate payment for a fixed rate mortgage at 6.5% . . . and you’ll wish you had a payment for a fixed rate mortgage at 4.75%.

myRateTrack.com is a web application system for mortgage professionals — to market to past clients and new clients — by keeping them READY and “in the know” with their refinance options.  Once SET up, the myRateTrack.com system generates and delivers (via email) detailed, customized, customer-specific refinance reports to clients (also available instantly).  The RateTrack report is branded with the mortgage professionals personal information and is customized with their rates and closing costs.  They system also includes a Target Refi Rate Notification System and a feature to offer advertisement space to Realtor and referral partners.  For more information, visit www.myRateTrack.com.  Ready. Set. Refi.

Determining your Coefficient of Tweet

Regardless of whether or not you ‘tweet’ — you probably recognize the term.  And if for some strange reason you do not recognize the terms ‘tweet’ or ‘Twitter’, then a special thank you to you for finding my on-going roll of informational and editorial postings found here on my auxiliary world-wide-web webpage site, which can also be found at h-t-t-p, colon, back-slash, back-slash, myratetrack (all one word and all lower-case), dot wordpress, dot, com . . . ha.

Hopefully you already have a Twitter account and at minimum, you have uploaded an image and added a little bit of information about yourself to the bio section.  If you are slightly more advanced, you may have a custom image background on your twitter page (proof you’re not a newbie), and you are actively gaining followers, looking for people to connect with, and you are actively ‘tweeting’.  For any late adopters who have stumbled upon this post and do not yet have a Twitter account, please don’t be so quick to judge — remember all those ugly things you said about texting and about Facebook??  Probably wish you could take some of those things back, right? 

So, once you are up and tweeting, then what?  How do you measure your tweeting effectiveness?  (aside from the obvious of more connections, more business, more traffic, etc).

For fear of ruining my own hypotheses, while I have done some personal research, I have done zero google-searching on the topic,  so feel free to leave your comments, post links to similar info, etc. after this post and we’ll consider it a work in progress. 

Your Coefficient of Tweet (think of  it as your Twitter effectiveness, your personality, your tweet-power, or something similar) can be detemined and expressed by two main factors:  your frequency of tweet and your tweet-followation.

1. frequency of tweet

Your frequency of tweet is the number of total posts divided by the number of days since your first post.

For example, if you have 100 posts over the past 5 months (approx. 150 days), 100 divided by 150 = 0.66

What is your frequency of tweet?

100%+ — active tweetor (pronounced: twEE-Tor) — when speaking/tweeting of this person or to this person, it is proper to use the more formal tweet-or instead of less formal tweet-er, often pronounced: twEE-der.

80 to 100% — active twitter-er-er (additional -er’s may be added to the end of this word as deemed necessary)

60 to 80% – week-day tweet’r (It’s cool, it’s a work thing. I get it)

40 to 60% – twitter user (as in, ”Yes, I use the Twitter.”)

10 to 30% – the “oh-yeah I’m supposed to be twittering!” tweeter  (often pronounced: twEE-der)

1 to 10% — tumble-weed town twit (insert cowboy movie sound whistle ooh-aahh-ooooooooh)

0% — these users are in one of three categories: someone made me set up a Twitter account to hold my username; or, my boss made me set it up for work and then forgot about it by our next meeting; or, tweet-wall-flower — you are there, but you don’t like to dance . . . or mingle, or talk or even walk across the floor to get a glass of punch.

Anyone have any ideas for 200%+? or 600%+?  Is is possible to have a frequency of tweet that is too high?

2. tweet-followation

Your tweet-followation is the number of people you are following in proportion to the number of people who are following you. 

For example, if you are following 300 people and 200 people are following you, 300 divided by 200 = 1.5

What is your tweet-followation?

0.001 to 0.25 — You’re cool like that.

0.26 to 0.5 – You’re good enough, smart enough, and doggone-it, people follow you.

0.51 to 1.5 — You’ve got Twitter-chi.  Nice balance.

1.51 to 2.0 — You’ve got a little “man, look at all the people you can follow on twitter” about you.

2.1 to 3.0 — You suffer mildly from “so, why don’t people follow me back? . . . I’m not a bot, you know”

3.0+ –  You might be disproportionately overly interested

0.0 — Remember a number IS divisible by zero (0).  You could be following 50 people with 0 people following you and your tweet-followation would be 50 divided by 0 = 0.  This is not so good; and if it continues, a phone call to one of the people you follow would be in order to ask for a little follow-back.  Or even easier, convince a co-worker or friend to set up a Twitter account and you just worked yourself out of the goose-egg.  See notes below for zero divided by a number.

ERROR — It is impossible to divide a number in to zero (0).  So, if you are following zero (0) people and 500 people are following you, your tweet-followation would = ‘ERROR: DOES NOT COMPUTE’, which happens to be a perfect description of this phenomena.  Your Twitter account is either completely inactive or could possibly be a publicity stunt or something similar.  Maybe you like for people to know all about you, but not really the other way around???

So, where do you fall?  What is your frequency of tweet and your tweet-followation?

Is there any truth to this?  Did I just make all of this stuff up?  Well, yes, kind of, on both counts.  Like I said, I didn’t want to go around searching the internet for something similar only to find posts that would wreck all of my ideas.  I also didn’t want to find some math-genius who had already done something similar who would critique my methods because I used the word coefficient instead of quotient or dispersion. 

Post a comment below on your results and if there is any truth to your findings.  I am open.  Remember, it’s a work in progress.

Thanks for reading!

Sincerely,

Jeffrey Pinkerton – a twitter’er’er’er (0.95 frequency of tweet); often concerned that my quickness to follow people who tweet about mortgages, interest rates, real estate, triathlons, or cycling, will have me confused for some kind of twitter-follow-bot (2.6 tweet-followation). 

P/S — Next time I’ll discuss your twitter quotient of retweet, your twitter quality-link dispersion factor, and your twitter defining outlier.  : ) 

myRateTrack.com is a web application system for mortgage professionals — to market to past clients and new clients — by keeping them READY and “in the know” with their refinance options.  Once SET up, the myRateTrack.com system generates and delivers (via email) detailed, customized, customer-specific refinance reports to clients (also available instantly).  The RateTrack report is branded with the mortgage professionals personal information and is customized with their rates and closing costs.  They system also includes a Target Refi Rate Notification System and a feature to offer advertisement space to Realtor and referral partners.  For more information, visit www.myRateTrack.com.  Ready. Set. Refi.

Follow myRateTrack on Twitter

The refinance boom of 2009 has kept things busy — apparently too busy to spend time much blogging.  The good news is, you can now keep track of what is happening with myRateTrack on Twitter.

 

 

Follow myRateTrack on Twitter and the Quick Refi Calculator is our gift to you!

Find myRateTrack on twitter.

myRateTrack.com is a web application system for mortgage professionals — to market to past clients and new clients — by keeping them READY and “in the know” with their refinance options.  Once SET up, the myRateTrack.com system generates and delivers (via email) detailed, customized, customer-specific refinance reports to clients (also available instantly).  The RateTrack report is branded with the mortgage professionals personal information and is customized with their rates and closing costs.  They system also includes a Target Refi Rate Notification System and a feature to offer advertisement space to Realtor and referral partners.  For more information, visit www.myRateTrack.com.  Ready. Set. Refi.

myRateTrack.com WEBINAR is a go.

If you are a mortgage professional and you have not had a chance to see inside the myRateTrack.com system, you need to attend an upcoming WEBINAR.

If a picture is worth a thousand words and if seeing is believing  . . . then, a 30 minute live demo of the myRateTrack.com system and website, must be worth . . . well, I don’t know how that translates exactly.  But I do know that it will be worth your 30 minutes.

 

Marketing with myRateTrack.com (15 minutes) 

Live Demo with myRateTrack.com (15 minutes)

 

Click here to see dates and register for an upcoming WEBINAR.

 

myRateTrack.com is a web application system for mortgage professionals — to market to past clients and new clients — by keeping them READY and “in the know” with their refinance options.  Once SET up, the myRateTrack.com system generates and delivers (via email) detailed, customized, customer-specific refinance reports to clients (also available instantly).  The RateTrack report is branded with the mortgage professionals personal information and is customized with their rates and closing costs.  They system also includes a Target Refi Rate Notification System and a feature to offer advertisement space to Realtor and referral partners.  For more information, visit www.myRateTrack.com.  Ready. Set. Refi.

myRateTrack.com is back in Vegas.

After attending the Mastery Business Plan event last week at the Mirage in Vegas, myRateTrack.com is back in Vegas at the NAMB West Conference.  If you are in town, make sure to stop by the booth and say hi (or give me a call before the tradeshow on Tuesday and we can catch up live and in person).

Instead of commuting all the way back to the east coast and shipping my booth material back and forth and being forced to pay the $350 to the exhibit folks for “handling” my shipment (see post below on my recommendation for the US government to regulate the convention industry), only to turn around and hop a plane back to Las Vegas, I decided to take a few days to get out and get some fresh air.

So, I took a short dam trip with a bunch of other dam tourists and got to go on a great dam tour (Hoover Dam jokes are funny and seemingly never get old).  See great dam photo below.  And then from there, drove out to the Grand Canyon for a few days of great views and fresh air. 

Rest and refreshed . . . ready for NAMB West.  Hope to see you in Vegas!

 

myRateTrack.com is a web application system for mortgage professionals — to market to past clients and new clients — by keeping them READY and “in the know” with their refinance options.  Once SET up, the myRateTrack.com system generates and delivers (via email) detailed, customized, customer-specific refinance reports to clients (also available instantly).  The RateTrack report is branded with the mortgage professionals personal information and is customized with their rates and closing costs.  They system also includes a Target Refi Rate Notification System and a feature to offer advertisement space to Realtor and referral partners.  For more information, visit www.myRateTrack.com.  Ready. Set. Refi.

The un-message: we are not a pricing engine.

Mastery Business Plan in Las Vegas was a great success.  Over 1,000 mortgage brokers from around the world gathered in at the Mirage on the Vegas strip to hear from some of the best trainers, speakers and originators in the business.  That’s right . . . around the world!  I talked to a few guys from Canada (aay, thanks for stopping by the booth-aay) and a handful of Aussie-friends (shout-out to my mates from down-under!).  In addition to the early-morning breakout sessions, the key-note addresses, the panel discussions and the daily updates from MMG, originators had plenty of great opportunity to walk the exhibition hall to find out more about some of the best mortgage-related products and services out there.

It can be tough for exhibitors in this kind of situation.  Participants are already suffering from information-overload.  They exit the speaking hall hoping to utilize the breaks to check-in with the office, return a few phone calls, and grab a quick bite to eat and maybe a re-fresh on the coffee.  My job, to tell originators about myRateTrack.com in 30 seconds or less — messaging is critical.

In the past, I’ve tried explaining the sytem this way:

“myRateTrack.com is an automated web-based marketing tool for originators allowing you to market to your past clients with customer-specific refinance reports.  Reports are branded with your information and are exactly specific to your client’s current loan information.  RateTrack refinance reports are delivered by email to the customer automatically either weekly, monthly or quarterly depending on their individual preference or are available instantly on-line.”

This message, while good and accurate, when delivered to an already information-filled brain, generally returns the following listener error: “uhh . . . say that again.” 

So to help passer-byers decide if they wanted and needed to talk, I changed the message to the new un-message, written simply on a myRateTrack.com notepad. 

“myRateTrack.com — we are not a pricing engine.” 

The un-message worked great,  partly because our name can be easily misunderstood, partly because it made people laugh, and partly because people instinctively grad something that is handed to them.  Without the new un-message, the common (incorrect) assumption had been something like, “yeah, I know, you track my rates, I don’t need, I already have it with [blank], etc.”  But for myRateTrack.com, because the system is focused on marketing to the consumer, the “my” actually refers to them.  The loan officer helps the client track their rates and their refinance options . . . for example (correct assumption), ”I love my loan officer because he/she helps me track my refinance options with a personalized email report.  And, he/she walked me through setting my target refinance rate and set it in the system so we’ll both be notified when the time is right to lock-in and move forward.”

Maybe originators should try something similar? 

“[INSERT NAME HERE] — I am not a good-faith-estimator.” 

“[INSERT NAME HERE] — I am not simply an interest-rate-quote’er.” 

“[INSERT NAME HERE] — I am not just a loan-application-taker.” 

If you were in Vegas this week, you are well equipped to say any one of those with great confidence . . . assuming you implement some of what you know now!!  More on that next time.

 

Maybe I should consider a new disclosure at the bottom of each blog post.  myRateTrack.com is not a pricing engine.  For more information, visit www.myRateTrack.com.  Ready. Set. Refi.

Mastery Business Plan 2008

The credit crisis, the mortgage melt-down, bank failures, the sub-prime mortgage debacle, ever-growing billions of dollar government bailout, stricter underwriting guidelines, loan programs disappearing, home values declining . . . and on and on and on.  These are the points that have consumed most loan officer conversations for 2008.  At some point, dwelling on the negative (and especially looking backwards and dwelling on the negative) has to stop.  At Mastery Business Plan tonight — thanks to Barry Habib and Todd Duncan — it did.

For the next few days, a group of 1,000+ mortgage professionals will learn from some of the best in the industry.  The goal – to get their business plans in order for 2009.  My goal – to spread the word about myRateTrack.com – and to find out how it might fit well in to that plan.

Here are a few highlights of the night:

- (Barry Habib) – People WILL continue to buy houses, and those people will need mortgages, and they will need mortgage professionals

- (Barry Habib) – Things WILL get better

- (Todd Duncan) – Purpose is more important than profits

- (Todd Duncan) – Value creation is more important than value added.  You must take the value add INTO the relationship. 

- (Todd Duncan talking about the over-use of certain promises, one in particular of being a “Lender for Life”) – ” . . . if you want your clients for life, you need to talk to them during their lives.”

- And then on the point of not measuring success by past disappointments, failures, etc.  Did you know Michael Jordan missed over 9,000 shots in his career?

- Did you know that 26 times he was given the opportunity to make the game winning shot and he missed?

There was a lot more to what Barry said in setting the stage for the next few days, and to what Todd addressed in the key principles to success, but those were a few things that hit-home with me, that resonated with me as to why I created myRateTrack.com, and a few things that helped confirm why I traveled across the country to spend four days with some of the best mortgage professionals in the country.

 

myRateTrack.com is a web application system for mortgage professionals — to market to past clients and new clients — by keeping them READY and “in the know” with their refinance options.  Once SET up, the myRateTrack.com system generates and delivers (via email) detailed, customized, customer-specific refinance reports to clients (also available instantly).  The RateTrack report is branded with the mortgage professionals personal information and is customized with their rates and closing costs.  They system also includes a Target Refi Rate Notification System and a feature to offer advertisement space to Realtor and referral partners.  For more information, visit www.myRateTrack.com.  Ready. Set. Refi.

myRateTrack.com in the Big Easy

NAMB Southeast in the Big Easy . . . not big, not that easy.

The NAMB Southeast Tradeshow was an attempt for the National Association to take over an event in the hopes of consolidating state associations in to one centralized annual tradeshow and convention (Florida, Georgia, South Carolina, Alabama, Mississippi, Louisiana, Tennessee and maybe even Arkansas).  in theory – and possibly even in a booming market - this is a great idea.  It’s great for continuing education reasons; it’s great for brokers in different markets to share ideas and it’s great for exhibitors to be able to attend one main event and get the word-out to a large audience of mortgage brokers.

Apparently, with out much reason to party, mortgage brokers didn’t show up in the hundreds or thousands as hoped (more like the dozens . . . well, more like the three dozen).  If your state association cancelled this year’s state specific event to opt for the NAMB Southeast, chances are the committee to reinstate that annual event is forming soon.

Despite a slower than expected turnout, myRateTrack.com got the Presidential (GAMB) Treatment at NAMB Southeast! 

(above: JD Crowe – current GAMB President, Jeffrey Pinkerton – with myRateTrack.com, and Walter Moody – past GAMB President) 

 

myRateTrack.com is a web application system for mortgage professionals — to market to past clients and new clients — by keeping them READY and “in the know” with their refinance options.  Once SET up, the myRateTrack.com system generates and delivers (via email) detailed, customized, customer-specific refinance reports to clients (also available instantly).  The RateTrack report is branded with the mortgage professionals personal information and is customized with their rates and closing costs.  They system also includes a Target Refi Rate Notification System and a feature to offer advertisement space to Realtor and referral partners.  For more information, visit www.myRateTrack.com.  Ready. Set. Refi.

myRateTrack.com in Broker Magazine — July 2008

Just in case you missed the July issue of Broker Magazine, check out the nice article with some details about the myRateTrack.com system.  Click on the magazine cover below to see the article.

 

myRateTrack.com is a web application system for mortgage professionals — to market to past clients and new clients — by keeping them READY and “in the know” with their refinance options.  Once SET up, the myRateTrack.com system generates and delivers (via email) detailed, customized, customer-specific refinance reports to clients (also available instantly).  The RateTrack report is branded with the mortgage professionals personal information and is customized with their rates and closing costs.  They system also includes a Target Refi Rate Notification System and a feature to offer advertisement space to Realtor and referral partners.  For more information, visit www.myRateTrack.com.  Ready. Set. Refi.

How about some government regulation in the convention business??

The news and media is, as you know, buzzing with the US Government’s role in the mortgage melt-down — national registration of loan officers, stricter rules on what types of loans can and can’t be done, maximum fees allowed, etc.  For the past 12 months, the mortgage business has been under severe scrutiny.  The actions of some mortgage lenders, sub-prime lenders, and some mortgage originators have helped to create an economic ripple of global proportion.  And whether you are a big-government democrat, a big-business government republican, a small-government libertarian or even a gun-slinging anti-government “you can’t make me pay my taxes” (what DO these people call themselves?  colonists?? little-house-on-the-prairie-ans??); no matter where you find yourself politically, most people would agree that the mortgage melt-down, and the economic slump it has created, needed and continues to need some government intervention.  (Although depending on where you fall politically, you may refer to this as government-assistance, government-bailout, or government-regulation).

To my point . . . as the mortgage industry is coming under greater regulation, the “convention” industry is mind-boggle-ling (not sure if that is a word) expensive and apparently, unregulated.  And it’s not just expensive because it is complicated with lots of moving parts — it’s expensive because the facilities hosting the events are amazingly and boldly ripping companies off.  You want carpet on the floor (which is required), that will cost you $150; electrical-service and installation (known to us in the free-world as an extension cord and power)? $150; internet connection even to the hotel wi-fi? $700 per connection; a table?  with a skirt? chairs? use of the bathroom? (just kidding on that one) and on and on and on. 

A few weeks ago, we attended the FAMB (Florida Association of Mortgage Brokers) Tradeshow and Convention in Kissimee, FL — it was a few miles from Disney World (a place where money flows out of pockets like the waters of the Kali River Rapids ride).  The group putting on the tradeshow with FAMB did a great job communicating everything to us as exhibitors, making it easy to register, etc.  We had a great response at our booth and met hundreds of professionals in the mortgage industry.  It was well worth the time.  The fee for the booth rental and the hotel room and the other accommodations was absolutely fair and overall it was a great investment for myRateTrack.com.  For those of you that skim blog posts, let me repeat, the fees to attend the convention, totally fine.  It was the “extras” that were the killer (you know, the under-body rust protection stuff).

 

So, unlike some of the multi-plasma-screen, smoke-machine, small-bank-branch office constructions of our neighboring exhibitors, we decided that the first big tradeshow for myRateTrack.com would be on the simpler scale of things.  A simple booth for a company with a simple concept – loan officers, market to your past clients and new leads.  Give them what they need — mortgage information specific to their situation (a RateTrack report) and great, professional mortgage advice (that’s where you come in). 

Looking forward to our next tradeshow in New Orleans coming up August 22-26th.  With such a big response in Florida, we’ve got bigger banners for the Big Easy!!  Hope to see you there!

myRateTrack.com is a web application system for mortgage professionals — to market to past clients and new clients — by keeping them READY and “in the know” with their refinance options.  Once SET up, the myRateTrack.com system generates and delivers (via email) detailed, customized, customer-specific refinance reports to clients (also available instantly).  The RateTrack report is branded with the mortgage professionals personal information and is customized with their rates and closing costs.  They system also includes a Target Refi Rate Notification System and a feature to offer advertisement space to Realtor and referral partners.  For more information, visit www.myRateTrack.com.  Ready. Set. Refi.