For Realtors and buyers, it can be a frustrating experience when you spend multiple hours, weeks or even months looking at homes your client really can’t afford. (But, to be fair, most of us have daydreamed about ambitious home-owning dreams.) But in order to avoid wasted time & efforts, it’s important to obtain a key piece of information: Seeing what price point is realistic for your client to purchase (and what isn't). That’s why Get A Rate has created a robust and comprehensive tool that will greatly help both the agent and buyer in finding out the client’s affordability.
Get A Rate’s Affordability Calculator factors in many crucial details that other mortgage companies don’t. For example, most mortgage companies want information about your client’s income and their current debt. Well, that’s all well and good but one of the most important things not being considered are clients spending habits and other bills not accounted for! (And factoring-in your client’s lifestyle and how they can afford to live happily is important in maintaining a positive relationship with your client and increases the odds of them coming back to you (or referring you to others) for home-buying needs.
Our Affordability Calculator is thorough and rather precise in determining what a client should pay for a home (not what they could pay). So how does it work exactly? Well, as stated above if takes into account other expenses that most Affordability Calculators don’t. Our Affordability Calculator adds-up all monthly expenditures (gifts, health & wellness, pet costs, dining out, travel, etc.) to produce a more accurate outcome of what will ensure your client’s comfort throughout the home-owning process. This helps save time & energy for everyone involved and ensures less stress on the buyer.
The Affordability Calculator encompasses and estimates the following:
Income/Debt Calculations
Expenses
Mortgage Payments
Property Taxes based on the location entered
Insurance
PMI/MI Calculations
Lifestyle expenses
Tax write-offs and deductions
Gives a bottom line monthly savings calculation that will help borrowers determine how much money they will have leftover every month.
At Get A Rate, one of the strict codes of ethics we abide by is “transparency”. We wish to be as honest and straight-forward with our partners and clients alike in order to build a more honest and open relationship with everyone involved in the mortgaging process.
Are you a passionate Realtor who wants to help buyers achieve their dream of becoming homeowners? Want to work with a new kind of mortgage company? At Get A Rate, we value our partners as much as our clients. We want to band together with like-minded people to develop fruitful relationships that benefit both sides. Want to join us? Contact us here!
Get A Rate: We empower people with DREAMS to believe.
