When you capture a client's debts (credit cards, HELOCs, auto loans, etc.), BrokerPlus can show the monthly savings if they consolidated those debts into a refinance. That's often a much bigger conversation than just a rate change.
Where To Add Debts
- Open the client's detail view.
- Click the Debts tab.
- Click + Add Debt.
- Pick a debt type and fill in the fields.
Debt Types We Support
Secured (against the subject property):
- Second Mortgage
- HELOC
- Other Secured
Unsecured:
- Credit Card
- Auto Loan
- Personal Line of Credit
- Student Loan
- CRA Tax Debt
- Other
Fields Captured Per Debt
For each debt:
- Name (e.g. "Visa" or "Toyota Loan")
- Balance
- Rate
- Monthly Payment
The more accurate these are, the better the consolidation math. If you don't know the exact rate, use a sensible default - we pre-populate one per debt type (e.g. 19.99% for credit cards) that you can override.
For credit cards and personal lines of credit, we also estimate the monthly payment for you at 3% of the balance - the industry-standard minimum lenders use for revolving credit - as soon as you enter the balance. Override it whenever you know the real payment. Installment debts (auto and student loans) and secured debts don't follow a balance formula, so you enter their actual payment yourself.
How Debts Factor Into Refinance Candidacy
Once debts are captured, the consolidation savings become part of the projected refinance benefit. A client whose refinance alone doesn't quite clear your eligibility threshold might clear it easily when you fold their credit card and auto loan balances into the new mortgage.
The detail view will show:
- The new monthly payment if everything is rolled into the refinance.
- The monthly savings vs. the current mortgage + other debts combined.
- The interest savings over the new term.
Comparing The Options
When more than one path makes sense, each option appears as its own card (the recommended one plus alternatives like a HELOC or a refinance against a different property). Every card that saves the client money has a Why this option? explainer you can expand for the reasoning, and its own Preview Report and Send Report buttons so you can send whichever option suits the conversation.
Sending The Consolidation Report
Once debts are in, you can send the consolidation report to the client showing them the math. See The Consolidation Report.
What To Do Next
- Send the consolidation report: The Consolidation Report.
- Send a candidate report that includes the consolidation pitch: Sending A Candidate Report.