Creating A Refinance Deal and Refinance Scenario

Click on 'Create New Deal'.

Select 'Refinance Deal'.

Choose 'Primary Residence', 'Second Home', or 'Investment'.

Select 'No Cash Out' or 'Cash Out Refi' (for this example, choose 'No Cash Out').

Select or create a new client.

Enter the client's name and estimated credit score.

Current address is optional.

Confirm the deal type is 'Refinance'.

Change status to 'Active' if the client is ready to proceed.

Click 'Save Deal'.

Navigate to the deal home or directly create a new scenario.

Name the scenario (e.g., '15 Year Refinance').

Select the property associated with the deal.

Choose a loan template.

Select a lender fee template.

Select a settlement fee template specific to refinance.

Enter the estimated property value (update if necessary).

Input the loan amount (e.g., $375,000).

Set the interest rate (e.g., 5%).

Specify the loan term (e.g., 15 years).

Set the closing date (e.g., May 26).

Review appraisal and unique costs.

Confirm waiving of escrows and homeowners insurance.

Check loan amount and monthly payment.

Confirm cash due from borrower.

Review lender and settlement fee templates.

Use the 'Lock LTV' feature to adjust loan amount.

Drag the handle or manually enter values to see changes in cash to close.

Lock the LTV once satisfied with adjustments.

Update the scenario and ensure all details are saved.

Return to the deal home to view the property card and current offer.

Ensure all client information is accurate to avoid processing delays.

Double-check the loan amount and interest rate to ensure they are realistic and beneficial for the client.

Familiarize yourself with the templates to speed up the selection process.

Use the 'Lock LTV' feature effectively to minimize manual calculations.

Keep client communication open to quickly resolve any discrepancies.