Frequently Asked
‍Questions

If you have a loan, you are probably familiar with searching online to compare the interest rate you have versus current rates offered by Lenders.

What if you don’t check rates when interest rates are low?
What if there is a lender you’re missing?
What if you never check interest rates at all?

Most borrowers know that they should check interest rates regularly, but the facts are that they don’t. Many struggle to understand how much they will save, whether the timing is right, or what the impact of refinancing will have on their personal finances. MonitorMyRefi is here to answer all of these questions, while taking on the responsibility of continuously checking for lower rates and better opportunities.

We make money the same way that other online lending marketplaces make money. That is by collecting a fee from a Lender after we show our customer the Lenders offer. That is the only way we generate revenue.

The difference between MonitorMyRefi and other online lending marketplaces is that you only have to enter your loan details once. After that, we provide ongoing monitoring of interest rates and searching for opportunities to lower your monthly payment.

Other lending marketplaces have designed their customer experience around requiring customers to enter the details of their loans as frequently as possible. This way, they get to sell your lead multiple times. The problem is that this approach requires borrowers to come back to the site many times to check rates themselves.

This approach is why other marketplaces send you an endless number of emails with unrealistic teaser rates, even when they know the rate you’ll likely receive will not result in a great refinancing opportunity for you. Their goal is for you to enter in your personal details so they can sell your lead, not to find you a great refinancing opportunity.

We never share your loan details until you request that we do so. This is a very explicit communication with you and you will have to authorize us to do so. None of the details you enter into MonitorMyRefi will be shared with lenders during the period that we are simply monitoring your loans.

We only share the details of your loans after YOU have authorized us to do so. We only share your details with lenders after you receive a message from MonitorMyRefi notifying you of an opportunity to refinance your loan and you have indicated to us that you would like to receive real offers from lenders.

We are so focused on maintaining your privacy, that we even allow you to remain anonymous on the platform until you have indicated to us that you want to receive real offers. At that point, you must add details (such as your name) because lenders need this information to validate the offer that they are sending you.

You will always refinance your loan directly with the Lender of your choosing. All the documentation will be executed between you and the Lender. All immediate and future payments will be processed directly with the Lender.
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MonitorMyRefiis not a bank, and does not underwrite or originate any loans.

MonitorMyRefi does not charge you for using its services. Each Lender you are matched with determines their own policy regarding closing costs. Unfortunately, we are unable to determine the amount of closing costs or out-of-pocket closing expenses. If we are able to match your request with a Lender, you may discuss your specific situation with them once you are in contact.

MonitorMyRefi was built to support the 80% of borrowers that have never refinanced their loans! That's why we've built a product that simplifies the process by taking the responsibility of discovering refinancing opportunities off of your shoulders.

Our philosophy is; why should the customer worry about refinancing a loan until they know they have a good opportunity?

You'll notice that we don't show you today's rates or offers from lenders and that is because it can be confusing to borrowers who aren't familiar with the refinancing process. You can let us handle that part, and then we'll support you in getting offers from lenders and understanding how to assess those offers.

When talking with our customers, we've identified 3 categories of borrowers:

a) Borrowers that don't trust themselves to assess the offers to refinance their loans from lenders
b) Borrowers that don't trust the lenders to properly suppor them through the process, or
c) Borrowers that don't think about refinancing their loans at all (even though they should)

If you fall into any of those categories, then you're ready to sign up with MonitorMyRefi!

While the process may sound complicated, it's actually very simple.

Refinancing a loan simply involves taking out a new loan to pay off your original loan. Once your new lender pays off the old lender, your original loan is terminated and you have a new loan with the new lender. Generally, you will have lower monthly payments and/or a new loan term with the new lender.

The specifics around exactly how much money the new lender needs to pay off the old lender happen later in the process and are easily gathered from your existing bank. No need to worry about this until you know you have an opportunity to refinance your loan anyway.

MonitorMyRefi will be able to walk you through all of these steps once we identify an opportunity for you to refinance your loan.