Objective
This SOP outlines the steps to create a property card specifically for refinancing a property, ensuring all necessary information is accurately captured.
Key Steps
1. Access Property Section 0:00
Navigate to the property section of the system.
Understand that property cards can be used for various types of deals, including refinance.
2. Create New Property Card 0:30
Click on 'Create New Property'.
Ensure the property is not listed for sale.
3. Search for Property 0:40
Look up the property you want to refinance.
Optionally, add a unique nickname for the deal or the borrower's name.
4. Validate Property Information 1:11
Review the property information retrieved.
Confirm the estimated value is accurate or update it if necessary.
5. Retrieve Mortgage Information 1:44
Click on 'Get Mortgage Information'.
Review the most recent mortgage details, including:
Original principal balance
Borrower's name
Loan term
Estimated interest rate.
6. Review Tax Information 2:51
Check the existing tax rate and amount.
Confirm if the property is in a city municipality and adjust accordingly.
7. Homeowners Insurance Consideration 3:21
If applicable, review the homeowner's insurance amount provided by the client.
Use the exact amount for calculations or validate against current rates.
8. Flood Zone Check 4:09
Confirm if the property is in a flood zone and mark accordingly.
9. Homeowners Association (HOA) Information 4:40
Note that HOA information is not critical for refinance but can be included for reference.
10. Finalize Homeowners Insurance 5:02
Enter the exact homeowner's insurance amount provided by the client.
11. Save Property Card 5:15
Finalize all entries and save the property card.
Ensure it appears in the first position for easy access.
12. Prepare for Refinance Deal 5:30
Use the saved property card to create the refinance deal.
Cautionary Notes
Always double-check the accuracy of the property and mortgage information before finalizing.
Ensure that the property is not listed for sale to avoid complications.
Tips for Efficiency
Use unique nicknames for properties to easily identify them later.
Keep a checklist of required information to streamline the process.
Link to Loom