Point User Guide
417
Comparing loans
The
Loan Comparison
screen is displayed.
Any existing loan data in the loan file is automatically populated in the corresponding
fields in the
Prospect
Program
column.
Enter up to three loan scenarios in this screen and use them for comparison
purposes. Use the
Prospect
Program
column for entering and editing data. The
Alternative
1
and
Alternative
2
columns contain read-only fields.
Move the scenarios from column to column with the
Copy to Alt
and
Swap to Edit
buttons.
3
To retain the loan information in the
Prospect
Program
column, click
Copy to Alt 1
to
copy the data to the
Alternative
1
column.
4
Click
Loan Prg
to select a loan program template, or enter one manually.
5
Click
CCScen
(closing cost scenario) to select a closing cost scenario.
6
Enter the sales price and down payment in the
Sales
Price
and
Down
Pmt
fields. For
refinance alternatives, enter only a loan amount.
7
Enter or edit the data in the remaining fields as needed for the comparison.
8
Click the
Mth Pmt
button to open the
Monthly Payment
dialog box and enter or edit
the hazard insurance, property taxes, mortgage insurance, and homeowner’s
association (HOA) dues in the applicable fields. Click
OK
.
9
Click
ARM
to enter or edit the adjustable rate information.
10
To enter another loan scenario, click the
Copy to Alt 2
button to copy it from the
Prospect
Program
column to the
Alternative
2
column.
11
Enter the next loan scenario, if needed.
12
Click
Notes
to open a dialog box to enter any notes about the loan comparison.
13
To include the contact information of the party for whom the comparison was created,
click the
Prepared For
button and complete the
Prepared For
dialog box.