Refinance Loan Comparison: Step-by-Step Guide

Use our Refinance Loan Comparison tool to evaluate different loan scenarios, ensuring your clients make the best decision for their unique needs. This tool provides a comprehensive comparison, including the costs of each loan, detailed payment breakdowns, and the variations in closing costs based on the duration your clients plan to stay in their home.

Adding Current Loan(s)

1. Type in your Clients' Names, separated by commas (if applicable).

2. Search for a Location by address, city, county, or Zip code and select from the drop-down.

3. Enter the Original Purchase Price for the home. The Annual Property Tax and Monthly Insurance will be automatically calculated based on county averages.

4. Enter the Monthly Association Fee.

5. Select the Purchase Date, year and month

6. The current Estimated Home Value will be automatically calculated. This field is editable.

7. Click Next.

8. If your client refinanced, click the bubble next to Yes and fill out all of the fields below related to their home loan including Refinance Year and Month, Loan Amount, Term, Loan Program, Loan Type, and Rate. The Estimated Mortgage Payoff will calculate automatically.

9. If your client did not refinance, click the bubble next to No is selected and fill out all of the fields below related to their home loan including Loan Amount, Term, Loan Program, Loan Type, and Rate. The Estimated Mortgage Payoff will calculate automatically.

10. You can add an additional loan by clicking + Add second existing loan

11. Click Next to continue.

Adding New Loan Scenarios

To begin adding new loan scenarios for refinancing, follow the steps below:

1. Click + Add loan.

2. Add information about the loan including a Loan Name (optional), Loan Amount, Term, Rate, Loan Program, Loan Type, APR, any Points used, Monthly Mortgage Insurance, and Prepaid & Escrow amounts.

Helpful Tip: By default, Points, Prepaid & Escrow amounts as well as Closing Costs are calculated as financed and added to the loan amount. However, you can uncheck this box to not include them in the loan amount.

3. You can choose an LTV limit percentage which automatically changes the accessible cash available. The current LTV can be seen above the box outlined in red below.

4. Enter the amount of cash your client would like to receive from the refinance. The available cash can be found above the field outlined in red below. Click Apply to take out all accessible cash in this loan scenario.

5. Click Save.

6. Repeat this process until all desired loan scenarios are complete.

Adding a Custom Message

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

2. Type in your custom message for your client and click Save.

Adding Co-branding for Referral Partner

1. Click Add under Co-branding.  

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.


Once you have added all desired loan scenarios and made your final touches, click Review report to preview the final report and share it with your client(s).

Your Loan Comparison Report will then be generated. From here, you can share your report with clients by recording, emailing a PDF or link to the report, 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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