To create an existing mortgage on the subject property, you must ensure the property is set as the applicant's asset first, then you can add an existing mortgage as a liability and link them together. Follow the steps below to set this up!
Step 1: Create the Subject Property
Option 1: Primary Residence as Subject Property
To set the primary residence of the applicant as their property asset, follow the steps below:
1. First, navigate to the Application.
2. Click on the Identification under the desired applicant.
3. Scroll down to the Current Address area and set the Tenancy to "Own".
4. This will automatically add this property as an asset in the Properties section;
You can access the Properties section by clicking on Properties from the left navigation column or scroll to the bottom of the applicant's page.
Note: When the Current Address is set as an owned property, this property cannot be deleted from the properties section. The Type of ownership needs to be changed in the Current Address section first.
Option 2: Investment or Rental Property as Subject Property
To set up a property asset that is not the applicant's Current Address, navigate to the Properties section of the applicant and add a property as an asset for the applicant. To do this, follow the steps below:
Navigate to the Application.
Click on Properties from the left navigation column under the desired applicant.
Click on ADD PROPERTY under the Properties section.
Complete the property information on the new asset you've just created.
Note: Clicking on the edit/pencil icon on the right will open a pop up screen which will allow you input additional details regarding the new property added (ie. rent income, heating cost, etc.).
Step 2: Linking the existing mortgage to the subject property
1. Navigate to Credits and Liabilities, and click on ADD LIABILITY.
2. Choose Mortgage from the drop down menu, and complete the fields. This will be the existing mortgage that is being refinanced or switched.
Note: This step isn't necessary if the Mortgage has been imported when doing the Credit Pull for the applicants.
3. Click the edit/pencil icon on the right to edit the details of that liability.
4. Under the mortgage you've just set up, click on ADD COLLATERAL and choose the property from the pop up screen to be added.
