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Maximum Professional AdvantageMaximum Professional Advantage REFINANCE SETUP
This tutorial Illustrates a Quick Cash Out Refinance
Payoff: Existing 1 st & 2 nd $10,000 Cash $13,000 Bills
Display Monthly Savings & Time to Amortize Refinance Costs.
In Less Than 2 Minutes.
First, click the NEW Button to Begin Refinance
Save or Discard the Current File.
FINANCING WIZARD Appears after the current file is Saved or Closed.
DEFAULT MENU SETTINGS Single Family Owner Occupied Full Doc Impounded Purchase
Select Refinance Type From PURPOSE Menu
Adjust the other menus as necessary.
In APPLICATION: Borrower Property Contact Manger File Status Notes
Payment of Commissions, Lender Fees and Buydowns are Setup here.
Hold your curser over labels for additional information.
Minimum information needed for a Refinance Quote
Information needed for a Refinance PreQualification
Unless Specific Amounts are required, LTV & Loan Amount are Calculated in the REFINANCE Screen.
Click REFINANCE Button.
To Open the REFINANCE WIZARD
Check Items to be Included in Refinance Loan
When Auto Calc is checked, the loan amount recalculates with all changes Uncheck when working with a specific Loan Amount or LTV.
Dates are Not Required however, Including them may spot Limitations
When Payments are entered, Monthly Saving is displayed in REFINANCE SAVINGS.
Required. Amounts Paid.
Check Subordinate when existing 2 nd is NOT Refinanced. DTI will include 2 nd Loan Payment.
Next, Close Refinance Wizard
Close Financing Wizard
Selected Rate Populates LOAN CENTRAL
All the borrower’s requirements are met.
Closing Costs, Cash Out & Personal Debt are included in the loan.
Click E For Detailed Cost Breakdown.
Click UPDATE. To Find Monthly Savings and time to Amortize Costs.
Click REFI SAVINGS
Detail of Amounts included In Refinance
Detail of New Refinance
Maximum Professional AdvantageMaximum Professional Advantage PURCHASE SETUP.
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