Purchase Loan Comparison: Step-by-Step Guide

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In this article, we will show you how to easily compare different loan options for your clients, including costs for each loan, breakdowns of each payment, and the difference due at closing depending on the number of years they plan on living there, using the Loan Comparison Tool. 

Creating a Purchase Loan Comparison Report

  1.  Enter your client’s name. You can include multiple names if separated by commas.
  2. Choose an area or address to use for your loan comparison and type it into the search bar. You can use: 
    • Full street address
    • Zip code
    • State and county
  3. A drop-down will appear as you start typing the location. From this dropdown, choose the desired location.
  4. Add the purchase price.
  5. Property taxes are defaulted to use the county average tax rate. You can either:
    • Use the default tax rate percentage
    • Enter a custom tax rate percentage or dollar amount
  6. Enter monthly home insurance (if applicable).
  7. Select one of three appreciation options to show in the comparison:
    • Forecast (based on zip code entered)
    • Historical (based on zip code entered)
    • Custom
  9. Click + Add alternate price to add additional purchase prices for comparison. Screenshot 2023-11-09 at 9.49.43 AM.png
    • You will need to add a price, annual property taxes in dollars or percent, and the monthly home insurance.
  10. To add an additional property to compare, click Add new location or property. Repeat steps 2-8
  11. Click the purple Next button in the bottom right hand corner to proceed.

Creating Loan Scenarios

We give you the ability to create and compare up to five different loan scenarios at a time. Here’s how to create your different loan scenarios:

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  1. Enter the first loan option by clicking the purple + Add loan button.
  2. All loan input fields are required except for Loan name. Complete all required input fields.
    • For mortgage insurance, it is calculated automatically based on a FICO score of 720-739. You may enter a dollar amount or click Use worksheet to calculate mortgage insurance based on specific modifiers.
    • For closing costs, either enter a dollar amount or click Use worksheet to generate a more detailed closing cost estimate.
  3. Once all required fields are completed, click Confirm to save the first loan option.
  4. Enter the next loan option by following the steps above or selecting Duplicate on the first loan, then adjusting any of the fields (make sure you update the loan name for the duplicate loan scenario!).
  5. Continue until you have all loan options you want to share, (up to five loans max per report).
  6. Click Edit to adjust or remove a loan option.

Properties or Purchase Price Options for Comparison

You can add additional locations to your loan comparison report to compare different properties or purchase prices for the same location. 

To Add an Alternative Purchase Price

1. Under Locations on the left hand menu, click Add alternate price.

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2. Next, choose a loan scenario for which you would like to change the price and click on the down arrow to expand. 



3. Click the Purchase Price drop-down and choose the desired price.

4. Click Update

To Add an Alternative Location

1. Under Locations on the left hand menu, click Add location.

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2. Search and select a city, zip code, county or address. 

3. Add a price for the location and monthly association fee (if applicable).

  • Annual Property Tax and Monthly Home Insurance will automatically calculate but these fields are editable. 

4. Choose a loan scenario for which you would like to change the location and click on the down arrow to expand. 

5. Click on the location drop down and choose a location. 

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6. Scroll to the bottom of the expanded pop out window and click Update

Adding a Custom Message

1. To add a personalized message to your client, click Add Message.

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2. Type in your custom message for your client.

3. Click Save.

Adding Co-branding for Referral Partner

1. Click Add under Co-branding.  

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2. Click on the drop-down menu and select an agent or add a new agent.

3. Choose the orientation for how you want their branding displayed on the report.

4. Click Save.

Generating and Sharing your Report

Click Review report in the top right hand corner to then generate and preview your report. From here, you can share your report with clients by emailing a PDF or link to the report, or record or go live with Speed Meeting to walk them through their loan options. Click here to learn how. 

Have questions or want to learn more? Submit a ticket or call us today!



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