The Ownwell Digest can include up to three "opportunities" to help clients understand how to save money and build wealth through their home:
Interest Savings Module – Estimates savings or costs from switching a mortgage.
Purchasing Power Module – Shows how much home the client could afford if they were to sell their existing home and invest the proceeds in a new one.
Access Equity Module – Highlights equity the client could unlock by refinancing.
About the Access Equity Module
The Access Equity Module estimates how much equity a client might be able to access by refinancing their mortgage. This can help clients finance renovations, purchase an investment property, or achieve other financial goals.
Why This Error Message Appears
In a refinance, the maximum mortgage amount cannot exceed 80% of the property’s value. This determines the maximum amount a client may qualify for when refinancing.
To calculate whether refinancing makes sense, Ownwell also considers the prepayment penalties for breaking the existing mortgage. These penalties are added to the current mortgage balance to determine the minimum amount the client would need to borrow.
This error message is shown when: the total of the current mortgage balance plus the estimated prepayment penalties exceeds 80% of the property’s value.
In this scenario, the client would not be able to access equity through refinancing because the remaining funds would not meet lender requirements.
What Happens Next?
This issue does not prevent you from sending the Homeownership Digest. If the Access Equity Module cannot generate an estimate, it will simply be hidden from the digest.