The Loan Compare Report provides you two tabs: Overview and Loan Details.
- Loans will be ranked from first to last in three distinct categories:
- Lowest monthly payment
- Lowest total cash to close
- Lowest cost over time
- The Lowest Cost Loan Snapshot will show you which loan will cost your customer the least amount of money over time. The importance of this data will depend on how long your client plans on owning the home.
- The Estimated Home Value Appreciation shows what the forecasted value of the home is going to be over the next 15 years.
- The Equity Snapshot breaks down the total amount of home equity your customer will have as the years go on. This is broken down in principal paid and total property appreciation for each loan. Adjust the slider to see the total amount of equity gained over a 30 year period, year by year.
Loan Details Tab
The Loan Details tab presents you with an in-depth comparison of each loan option including loan amount, rate, points, closing cost and much more. To review your loan options within the Loan Details tab, follow the steps below:
- Adjust the slider to reflect the amount of time your customer plans on staying in the home. Estimates in your breakdown will be based on the amount of years selected.
➥Helpful Tip: 10 years is the average residency in a home according to the National Association of Realtors.
- The Lowest Cost Loan Snapshot Analysis shows which loan will cost your customer the least amount over the amount of years selected. Each loan is highlighted on the graph in a different color.
- Below the graph is a breakdown of the total amount that would be paid towards each loan in the amount of years selected on the slider. The amount paid is broken down in Financed MI, Closing Costs, Interest, Cost of Points and Mortgage Insurance. Diff. vs. Highest Cost shows the cost difference between the loan option and the highest cost loan.
- The Total Monthly Cost Snapshot shows what your customer's monthly mortgage payment will be for each loan. The payment is broken down by principal, interest, fees, insurance and taxes. The cost difference between the loan option and the highest cost loan is displayed below.