Summary
The Cost of Waiting tool will help you show your customer how much more it would cost to wait on buying a home vs. purchasing now. Follow the steps below to get started.
Navigating to the Cost of Waiting Report
You can find your Cost of Waiting report within Client Manager as well as within the Loan Comparison tab of the left-hand navigation menu.
Navigating through the Client Manager
Client Manager allows you to create reports for your clients using previously saved loan and property details, saving you time when building new scenarios. To learn more, click here.
Navigating through the Menu
To access the Bid Over Ask report using the left-hand sidebar menu, click Loan Comparison, then click Cost of Waiting.
Helpful Tip: You can also search and favorite reports, tools, and calculators. Click here to learn how.
Building a Cost of Waiting Report
If not already selected via Client Manager, select your client’s name or click + Add new to add a new client to your account.
- To loan a previously built report, click Saved Reports.
Select a saved report by clicking Load in the corresponding row.
Choose a previously saved property in the dropdown or select + New Property to enter and select a location using an address, city, county, or ZIP code.
💡 Helpful Tip: Property and loan information is saved to your client, so any updates or changes made will automatically apply across all of their reports where those properties and loans are used.
- Enter the price of the home you would like to purchase.
- The annual property tax and monthly home insurance costs will be automatically calculated. These fields are editable.
- Add a monthly association fee (if applicable).
- Choose the rate of appreciation (forecast, historical or custom).
- Click Next.
- Select a previously saved loan from the dropdown or create a new loan.
💡 Helpful Tip: Property and loan information is saved to your client, so any updates or changes made will automatically apply across all of their reports where those properties and loans are used.
- Enter a loan name (optional), down payment amount, term, loan program, loan type, interest rate, and points (if applicable).
- Your Mortgage Insurance Premium and APR will automatically be calculated. For FHA, VA, USDA loans, an Upfront MIP, Funding Fee, or Guarantee Fee will be calculated with the option to finance the fee into the loan amount.
- Enter Closing Costs, Credits and Prepaid & Escrows. You can use a previously created worksheet to calculate the closing costs simply by clicking Use worksheet.
- Click Next.
A Cost of Waiting report will then be generated. From here, you can make several edits and changes to the report and see it reflected automatically. See what edits you can make under each section.
Property Edits
Click Edit under the property section to modify property information. This includes:
- Location
- Purchase price
- Annual property tax
- Monthly home insurance
- Monthly association fee
- Appreciation rate
💡 Helpful Tip: Property and loan information is saved to your client, so any updates or changes made will automatically apply across all of their reports where those properties and loans are used.
Loan Edits
Click Edit under the Loan section to modify loan information. This includes:
- Loan name
- Down payment amount
- Term of the loan
- Loan program and type
- Interest rate
- Points
- Monthly mortgage insurance
- Mortgage insurance premium
- Guarantee fee
- Funding fee
- Closing costs
- Credits
- Prepaid and escrows
- APR
💡 Helpful Tip: Property and loan information is saved to your client, so any updates or changes made will automatically apply across all of their reports where those properties and loans are used.
Waiting Periods
You can hide or make visible a waiting period by clicking on the eye icon seen below.
To make edits to a Waiting Period's Estimated Purchase Price, Rate, and Closing Costs, a click Edit.
By clicking the More Options drop down within the editing window, you can make the following updates:
- Down payment amount
- Term of the loan
- Loan program and type
- Interest rate
- Points
- Monthly mortgage insurance
- Mortgage insurance premium
- Guarantee fee
- Funding fee
- Credits
- Prepaid and escrows
- APR
Edit Client Information
Click Edit under the Client to change or update the client’s information.
You can also add a referral partner's co-branding on your report. To learn more about co-branding, click here.
To add a referral partner's co-branding, click + Add under Co-branding.
2. Use the Co-brand drop-down to select an agent.
- If the agent's co-branding is not saved and available in the drop-down, click + Add new co-branding partner.
3. Select either Display left or Display right to determine how you want the co-branding displayed on the report footer.
4. Click Save.
Click Review report in the top right hand corner to then generate and preview your report. To share the completed report, click Share. A dropdown menu will appear.
- Click Download to download the report as a PDF.
- Click Send a link via email with an optional video recording (not available for some users depending on their company permission settings).
- Click Host a meeting to virtually meet to discuss the report with your client.
- Click Record a Video to provide your client with a clear walkthrough of the report along with your own insights and context.
To learn more about sharing your report, click here.
Have questions or want to learn more? Submit a ticket or call us today!
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