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 Interest Savings Module
The Interest Savings Module estimates how much a client could save (or lose) in interest through a direct switch or refinance of their current mortgage balance.
Why You Might See this Error
This error message appears when Ownwell is unable to find any matching mortgage rates for the client's refinance or switch scenario using Lender Spotlight.
Common reasons include:
High Loan-to-Value (LTV) ratio: Based on the outstanding mortgage balance and the current estimated home value, the LTV may exceed the maximum allowed by any eligible rates (typically 80%).
Client no longer qualifies for available rates: This can occur if interest rates have risen since the client obtained their mortgage. Other contributing factors might include debt not paid out through the original mortgage or high property tax obligations.
What Happens Next?
This issue does not prevent you from sending the Homeownership Digest. If the Interest Savings Module cannot generate an estimate, it will simply be hidden from the digest.