Cost of Waiting: Step-by-Step Guide

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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. 

  1. Type in your client’s name. If multiple names, separate them with commas. 
  2. Choose a location by entering an address, city, county, or Zip code.
  3. Enter the price of the home you would like to purchase.
  4. The annual property tax and monthly home insurance costs will be automatically calculated. These fields are editable.
  5. Add a monthly association fee (if applicable). 
  6. Choose the rate of appreciation (forecast, historical or custom).
  7. Click Next.
  8. Enter a loan name (optional), down payment amount, term, loan program, loan type, interest rate, and points (if applicable).
  9. 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.

  1. Enter Closing Costs, Credits and Prepaid & Escrows. You can use a previously created worksheet to calculate the closing costs simply by clicking Use worksheet
  2. 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

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

Waiting Periods

To adjust the total time period for comparing the cost of waiting, use the drop-down menu provided. Modifying this duration will alter the available options for waiting periods.

Click the down arrow to make edits to each waiting period. 

You can make the following edits: 

  • Estimated purchase price
  • Rate 
  • 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

Edit Client Information

Click Edit under the Client to change or update the client’s name.

To add a co-brand partner, click Add and choose one from the drop-down. You can also choose where the co-branding will be displayed on the report.

Sharing the Report

When you have completed all input fields, click Review report to see the final product and share the report with others.  You may click the Edit button to make further adjustments, Download the report as a PDF, or Send a link via email with an optional video recording (not available for some users depending on their company permission settings).

Utilize the icons in the bottom right corner of the page to host a meeting with a client or create a video recording to supplement your report.


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