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| Tap on your hand
held’s Application’s Launcher symbol. You will see program icons on the screen. |
Click on the
“ReFi” icon and you are taken to the program. To determine closing costs, follow the directions for “GFE”.
When finished, tap on the “ReFi Details” button. |
You may now select
whether you want to include the closing costs within the loan. |
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| In the figure above,
the check box has been checked to put the closing costs within the loan.
Note that the “Total Mortgage” amount has increased when
compared to the previous figure.. |
Also note on ReFi:
Page 1 that there are spaces to enter Mortgage Pay-Offs.
In this example the borrower just has a first mortgage and its
pay off is $67,527. Enter
this number and tap the “Calc” button. Tap the “Next” button. |
ReFi: Page 2 is used
to document Credit Pay-offs and these items must be paid off prior to,
from the refinance, or subordinated to the refinance.
This form may also be used to list credit card and other debts
being paid off through a cash out refinance. |
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| ReFi: Page 3 is used
to manage cash out refinances and determines the amount of cash
available to the borrower. Note
that this form provides the LTV and a note concerning potential lender
restrictions on cash out refinances. |
If the mortgage is not
a cash out refinance ReFi determines the excess funds.
Lenders have strict limitations on excess funds on rate and term
refinances, so this loan would require restructuring. |
ReFi: Page 4 is used
to document the old and new mortgage payments.
Figure 6-9 shows the payments calculated by ReFi for the new
mortgage payment: P&I and PMI.. |
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| Next, using the
borrowers old loan documents, fill in the “Old” payments.
Tap the “Calc” button. |
When the “Calc”
button is tapped existing monthly taxes, insurance, and HOA fees are
moved to the new mortgage. The
old and the new mortgages are also totaled.
Tap on the “Next” button. |
ReFi: Page 5 gives the
monthly totals for the old and new mortgages, and the difference.
ReFi also totals all of the associated mortgage costs, and
provides the “break- even point” for this refinance.
When completed, tap on the “Done” button.
After tapping “Done” you may save your refinance scenario to
the Palm Memo Pad. |
