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The compare tool offers an unprecedented level of flexibility to you when building scenarios for your clients.
You can compare rates with different payment frequencies, add custom amortization by year and month, and enable single or multiple pre-payments. You can compare location-specific transfer taxes, rebates, cash-to-close and even different deposits.
You can also enable default insurance with more than 20% down, highlight a specific scenario with colour, and add home expenses to calculate the total monthly cost for up to four scenarios—a perfect way to create a feature sheet.
The super convenient part is that it also calculates the differences over the term, such as interest, principal, balance and overall cost when selecting a Base Scenario. Additionally, there is a required income comparison tab, debt service comparison tab, and pre-payment analysis that is extremely flexible.
The Compare Tool has 2 modes. Purchase Mode, where you enter the purchase price, and it considers the down payment, default insurance, calculates the mortgage amount, cash-to-close, etc. In Mortgage Mode, you enter the mortgage amount, rate, and pre-payments; it has a P&I tab. Use this mode if you know the mortgage amount.
Single vs. Multi Entry Mode
The idea is simple. Whenever you need a variant per scenario, click the “Multi” mode and enter different values. Use the single mode to keep it the same for all scenarios. For instance, compare different purchase prices with the same down payment or use a single purchase price and build variances in other elements.
Scenario naming & colours
Did you know you can change scenario names by clicking on the title? Or adding colours to highlight your favourite option? The colours were picked based on the various lenders, but the Base scenario is always highlighted using your brand colours. By the way, your brand colours can be changed in your Web Admin Dashboard.
Make a 20% mortgage insurable
Most tools out there treat 20% as uninsured, but what if you want to enforce mortgage insurance and compare against insurable rates? Now you can. Once you enable mortgage insurance, the premium is added to the mortgage, and if applicable, the cash-to-close section will also calculate the PST.
Match Payment > Extend Amortization
Clients may want to keep the same payment at renewal, even though rates have increased. Use this new feature to set the desired payment and see the extended amortization.
Calculate & Compare APR
Compare Apples to Apples. The Compare tool now automatically calculates the APR for all scenarios. Click the APR button and select what you’d like it to include. You can also now add a Lender Fee and Brokerage Fee for completeness.
Required Income Comparison
Quickly compare “required income” at various GDS/TDS ratios for the same mortgage or multiple mortgages. This new addition is highly flexible and covers all possible variations you may like to try, including modifying rental income rules, B20 vs Contract rate MQR, and so much more.
Compare Debt Service Ratios
Compare Incomes and Debts to determine how they impact GDS/TDS ratios.
Now, you can enter and compare custom terms (like 23 or 16 months) in the Comparison tool. The Principal & Interest Section will also show you the principal and interest paid during the term and the ending mortgage balance.
Click on the Rate Settings and change the Loan Type to “Regular” Mortgage or “Interest-only” Mortgage.
Show Down Payment Diff
The Comparison Tool now shows the differences in down payments right below it.
Location-Specific LTT / Title Registration
The Cash to Close will calculate and show the correct Land Transfer / Property Transfer or Title Registration values based on the location.