Watch a complete demo on how to do mortgage scenarios in Finmo.
With Finmo, you can easily crunch calculations for your borrower's mortgage payments with our calculator functionality. This allows you to run scenarios for your clients without having to go to compliance/other pages. Everything is in one place!
How to create a scenario in the GDS/TDS Calculator
Click on the calculator link at the top of the page when in a deal. The calculator will display the "Qualifying details". Click on the section called "Payment details" .
This will open a pop up , on the left you will see a summary of the mortgage details, on the right you have the ability to go in and enter information into the available fields. As you make changes the new payment and mortgage details will update on the left.
Note: As you adjust the fields, they will be automatically updated in the "Mortgage" section of the application and vice versa.
It will also adjust the "Goal" and once you start a submission it will automatically populate the "Mortgage details" into your submission as well.
How to use the "Mortgage" section in the application
Click into the application you wish to work on
On the left menu select "Mortgage"
Click on the "+" icon in the Mortgage section to expand the view
4. If you wish to make changes click on "Edit details"
5. Make your changes and "Save"
These changes will also be reflected in the Calculator at the top of the deal. It will also populate into the "Mortgage information and request details" section in your submission to a lender.
NOTE: You can edit from within the Calculator, "Mortgage" or Submit sections in the application and Finmo will automatically update the information in all of the relevant sections.
This feature allows you to try out various scenarios and payment options which you can then discuss with your clients.
How to select an "interest only " mortgage on Finmo
Click on the "Calculator" at the top of the screen
Select the "Payment details" tab
Enter in the Mortgage info
In the "Payment schedule" section select "Interest only" from the drop down menu
Complete the payment details and save.
Should you have any questions please click on the chat bubble. :)