Creating a Refinance Existing Scenario

Navigate to your deals section.

Select 'Create a new refinance deal'.

Choose 'Primary Residence' and select 'Rate and Term'.

Save the deal and proceed.

Click on 'Create Existing Scenario' for the refinance deal.

Ensure you have a property card created; if not, create one.

Name the scenario (e.g., 'Stewart's Current Loan').

Select the property to pull in estimated value and mortgage information.

If no mortgage information is available, manually enter the origination month and year.

Input the original principal balance and loan type.

Enter the term and interest rate (e.g., 3.75%).

Confirm the approximate current principal balance and principal and interest payment.

Review the existing loan property card which appears in dark gray.

Proceed to build the new scenario for comparison.

Create the new scenario based on desired loan terms.

Compare the new scenario against the existing loan scenario.

Document the differences in interest rates and monthly payments between the existing and new scenarios.

Calculate points charged and total closing costs.

If applicable, calculate the breakeven point based on the payment difference and closing costs.

Note that breakeven calculations are only for rate reductions on the same term.

Ensure all data entered is accurate and matches client documentation.

Be cautious when comparing different loan programs or terms; breakeven calculations may not apply.

Use templates for common scenarios to save time.

Regularly update property cards to ensure accurate data retrieval.

Double-check calculations for accuracy before presenting to clients.