Setting up my loan profile (B1124-028)

Setting up your loan profile in Padzilly is essential to ensuring that your home search reflects accurate financial details based on your loan approval. By uploading or entering your loan parameters, Padzilly will show you homes that fit within your approval limits and provide accurate estimates of monthly payments and cash needed to close. Here’s a step-by-step guide to setting up your loan profile.

Step 1: Navigate to the Loan Profile Section

After logging into the Padzilly app or website:

1. Go to your Profile Settings or Dashboard.
2. Look for the option to Set Up Your Loan Profile or LoanLink if your lender has already provided approval.

Step 2: Upload Your Loan Approval (LoanLink)

If your lender has provided you with a pre-approval or loan approval document, you can upload it directly into Padzilly through the LoanLink feature. This allows Padzilly to pull the exact loan parameters from your lender, ensuring the most accurate search results.

• Upload the Document: Use the upload tool to select your approval document (e.g., PDF, scanned image) from your device.
• Verify Loan Information: After uploading, Padzilly will extract key details from the document, such as your loan amount, interest rate, loan program (e.g., FHA, Conventional), and down payment. Review this information to ensure accuracy.

Step 3: Manually Enter Loan Details (If Not Using LoanLink)

If you don’t have a loan approval document to upload, or if your lender isn’t connected to Padzilly, you can manually enter your loan details. To do this:

1. Select the option to Manually Enter Loan Information.
2. Provide the following details:
   • Loan Type: Choose between FHA, Conventional, VA, or other applicable loan types.
   • Loan Amount: Enter the approved loan amount.
   • Interest Rate: Input the interest rate provided by your lender.
   • Down Payment: Specify the down payment amount or percentage.
   • Loan Term: Indicate whether the loan is for 15, 20, or 30 years.
   • Loan Limits: If applicable, confirm any county loan limits or program-specific restrictions (such as FHA loan limits based on your location).

Padzilly will use this data to calculate the properties you qualify for, factoring in these parameters.

Step 4: Customize Your Buyer Investment Profile (BIP)

In addition to your loan approval, Padzilly uses your Buyer Investment Profile (BIP) to fine-tune your home search. In the BIP section, you’ll need to provide:

• Desired Monthly Payment Limit: Set the maximum amount you’re willing to pay each month for your mortgage.
• Available Cash for Down Payment and Closing Costs: Input how much cash you have for the down payment and other upfront expenses.

These figures will act as your initial filters in SearchPro until your lender’s loan parameters are applied. You can always adjust your BIP as your financial situation evolves.

Step 5: Review Seller Contribution and Buydown Options

Padzilly allows you to explore seller contribution and interest rate buydown options, which can lower your closing costs or monthly payments:

• Seller Contribution: Input how much of the closing costs the seller is contributing, if applicable. Padzilly will automatically calculate how this affects your total cash needed.
• Interest Rate Buydown: If your lender allows interest rate buydowns, you can specify how seller contributions will be applied to reduce your interest rate, leading to lower monthly payments.

Step 6: Finalize Your Loan Profile

Once you’ve entered all the necessary loan details, double-check the information for accuracy. Padzilly will now use your loan profile to filter properties based on real-world financial data, showing you only the homes that fit within your loan approval parameters.

Step 7: Save and Use in SearchPro/OfferPro

After setting up your loan profile, you can immediately use it in Padzilly’s tools:

• SearchPro: Your loan parameters will be applied to filter search results based on what you qualify for, including monthly payment and cash needed to close.
• OfferPro: When structuring offers, your loan profile will be used to provide real-time financial adjustments, helping you craft offers that align with your loan limits and guidelines.

Setting up your loan profile in Padzilly ensures that your home search and offer process are both accurate and efficient. By entering your loan details and customizing your Buyer Investment Profile, Padzilly will help you find homes that fit your true financial situation, saving you time and reducing the frustration of reviewing homes outside your budget. Whether using LoanLink or manually entering your loan details, this step is essential for a seamless homebuying experience.