Finmo's calculator allows brokers to quickly and accurately determine the maximum mortgage amount a client can borrow based on their income and debt servicing ratios.
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How to use the refinance calculator to calculate a maximum mortgage and maximum equity take-out amount
1. Begin by selecting the refinance deal you are working on. Ensure the goal is set to "Refinance."
2. Before using the calculator, confirm that the income and any debts have been correctly entered into the application and check the subject property details, including property taxes and rental income. Make any necessary adjustments to ensure accuracy.
3. Click on the "Calculator" at the top of the page and select the"Qualifying details" tab.
Click on "Calculate max mortgage from target LTV".
4. Enter the estimated property value) and the desired loan-to-value ratio (LTV).
The tool will display the maximum mortgage amount and the maximum equity take-out based on the inputs.
5. Click on "Apply" to add values to the Calculator’s right-hand side.
6. Save your changes to input the calculated amounts into the deal.
7. Navigate to the "Payment details" tab to view the new mortgage amount.
Should you have any questions please click on the chat bubble.