This blog aims to show you how the calculator's sliders work to produce quick changes in loan scenarios, as well as how and when to lock/unlock them.
First, you should watch this two minute video on How to Use the Lendersa Calculator.
To get to the advanced calculator, Go to a LIP Template (such as Template #2322329-M). (from your dashboard, click Get Leads, lead center, lip templates)
At the bottom in the management section, click the "Test" button to open the Advanced Calculator.
Notice the Slider section shows the default LTV of 60%
Observe instant results: Moving the LTV SLIDER up and down produces instant changes to the results on the left side of the calculator. You can move the Down Payment and the Loan Amount SLIDERS to observe changes in the results.
The Purchase Price SLIDER is locked by default.
HOW TO LOCK/UNLOCK SLIDERS: One of the sliders must always be locked to allow the proportional changes in the other sliders. You can unlock a slider by locking one of the others. To lock a slider, just press Click to lock under the desired slider, and the other sliders will automatically unlock.
MANUAL ENTRIES: In any unlocked slider, you can manually enter values in the box above the slider. Each time you enter a value, the other unlocked sliders' values will proportionally adjust.
LTV BUTTONS: To the left of the LTV Purchase slider are specific LTV % boxes. You can click any of these for instant changes to the other unlocked sliders and their values. (NOTE: The "LTV Purchase" slider must be unlocked to utilize these boxes.)
Note that the default credit score under "Borrower" is 680-699. Some changes in the variables/sliders will draw no results with this credit score of 699 or below. (Under "Results," you will see the notification: "There are not yet any loan programs in our database that match the data you entered.”)
Under "Borrower," if you change the credit score to 780+, you will now get more results.
You can play around with the sliders, the locked/unlocked functions, and various combinations of credit and other menus until you feel familiar with the Advanced Calculator.