Now that you have complete quotes in the Loan Estimate format, you’re ready to use the IMG app to compare them by a number of criteria, to make sure that you get the best loan for your individual goals.
First, watch this two minute video on how the IMG app works.
Get instant access
To get access, just go to the Instant Mortgage Genius app and click on register at the bottom of the log in page. You can use any email/password combination (right now, this web site and the IMG app are two separate log ins and web sites, but we are working on a fix to tie them together for a single log in).
Then, all you have to do is get quotes. And it couldn’t be simpler.
Make sure you are using complete quotes, as described in the previous Loan Estimate section. Otherwise, your results won’t be accurate.
When you get a quote, there are two ways to upload it into Mortgage Genius:
- Take a photo or a screenshot of the quote the loan officer sends you from your screen (we put it in for you)
- Enter the information yourself
If you take a photo or screenshot and upload it, we do the work of double checking the entry so you don’t have to lift a finger, but please allow for 4 hours for real people to enter and check it between the hours of 8am to 8pm. It may take us less than 4 hours, depending on the volume.
How to fill out the quote fields
There can be so many pieces to a quote – or so few – depending on what a loan officer is providing you. What you should keep in mind is that you want to compare “apples to apples”, so if one bank gives you different categories, ask for the missing categories from the other banks. If you need help at anytime, please email us at firstname.lastname@example.org and we can walk you through it, or take a look at your quotes and let you know how to enter the information.
Here’s what you should put in the fields:
Bank/Loan officer name: This is for you to keep track of who’s giving you the quote. You can list it by person or by corporation, whichever you prefer.
Date of quote: This will automatically default to today’s date but you can change it (like you can any of the fields) at any time.
Purchase price: If you are buying a home, put the price of the home you are buying. If you are refinancing, put the total amount you are borrowing for the refinance.
Downpayment amount: If you are buying a home, put the amount of the downpayment you are making. If you are refinancing, just put zero (0) in this field.
Interest rate: This field is for interest rate you’ve been quoted. In the case of an adjustable rate mortgage, put the starting interest rate.
Appraisal fee: Put the amount the lender will charge to have the home appraised.
Loan type: Select the type of loan that you are applying for. For example, a 30 year fixed, 15 year fixed, 3/1 ARM, etc. If your loan is not listed there, as there are many different types of adjustable loans, for example. Choose a fixed loan of the length your quote is for, and be aware that the loan will adjust to an unknown interest rate (as future interest rates are not predictable) after the initial period. If you have any questions about this, email us at email@example.com and we’re happy to help you figure out how to answer this pull down field.
If you are refinancing and have a term (length of loan) that is not one of the options, chose the closest term to the term you have. For example, if you have an 18 year term, choose a 20 year mortgage, and make sure that the loans you are comparing that loan to have the same term. That way, while the calculations will be slightly off what an 18 year term would be, you will still be comparing apples to apples against other loans. Questions? Email us so we can walk you through it at firstname.lastname@example.org.
Point: Points are paying upfront a percentage of the loan amount in exchange for a lower interest rate. For example, you can buy a “point” on a $100,000 loan by paying $1,000 upfront. Points are expressed as whole values or with decimal points, like 2, 1, .5, .25, etc. So the value you want to put in this field is the 2, 1, .5, etc.
Mortgage insurance / year: If you have a loan where your downpayment is less than 20% often you will have mortgage insurance which is an additional monthly fee. This is often expressed as a yearly payment but can also be listed as a monthly payment. If it is listed per year, then put that amount in this field, but if it is listed as a monthly payment, then multiply it by 12 and put that value in this field. Questions? Just email us at email@example.com. We want to help you get it right!
What if you see other fees listed on your quote that don’t fit into these categories?
Lenders may have many different fees. If you see a fee that isn’t listed on our quote page here’s what to do with it: if it is a flat fee then you can add it to either the Lender fee field value or the Appraisal fee field value, which are other types of flat fees. If it is a monthly fee, you can multiply it by 12 and add it to the Mortgage insurance / year field or if it’s a yearly fee, simply add it to the Mortgage insurance / year field.
Identify your best deal
Upload or enter a number of quotes – we recommend at least four – then use the filter at the top to see which one is the winner in each category. It’s that simple!
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