Loan Compare Refi: What's Inside

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In this article we will review each section the Loan Compare Refi report. To learn how to create this report, go to the previous article "Loan Compare Refi: Step-by-Step Guide".

  • The top refinance picks by category are shown below. Most Monthly Savings vs existing loan shows which loan would save your customer the most money each month. Break Even Based on Cost shows how many payments it would take with each loan to break even on the closing costs.
  • The chart below shows a side-by-side comparison of each loan.
    • If you’d like to migrate any of the loans into the Debt Consolidation tool, click the arrows under the loan you’d like to select. 

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  • Monthly Savings shows which loan will save your customer the most money each month and the monthly payment difference between each of the loans. The total monthly cost of each is shown on the bar graph to the right. The monthly payment is broken down by HOA, PMI, Home Insurance, Interest, Taxes and Principal.
    • Below the chart, you will see a table with Monthly savings and Cumulative interest savings for each loan through the year selected on the slider.
    • MI savings will also be displayed, if applicable. 

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  • Cumulative Interest Savings shows the total amount of interest savings on each loan, and also shows which one saves you the most.
    • MI savings will also be displayed, if applicable. 
  • The Lowest Cost chart shows which option will cost your customer the least amount of money in loan costs, over the number of years selected.
    • Each option is highlighted in a different color on the graph.
    • The total cost of each loan through the year selected on the slider is shown to the left of the chart.
    • You can select or deselect different loans to compare in the graph above. 

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  • The Cost of Waiting analysis shows your customers how much money they would save by refinancing today, and also shows how long it would take for the incremental rate drop to recover the savings they would lose from not refinancing. 
    • Select the loan you would like to use in the analysis under Choose Loan.
    • Select the number of months your customer plans on waiting and the future rate drop from the dropdowns to the left of the graph. The chart will automatically adjust based on the information entered.

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  • The Mortgage Freedom Point shows how long it would take to pay off each loan if you were to apply the monthly savings gained from refinancing toward the principal every month.
  • The line graph under Amortization Gained shows the total amount of principal that would be paid on each loan over time through the amount of years selected on the slider. The bar graph below also shows the total amount of principal paid.

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