Friday
October 31, 2014

New App Highlights Homes You Can Afford

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New App Highlights Homes You Can Afford

Realtor.com® has joined forces with financial site Bankrate.com to create a new Android and iPhone app that allows home shoppers to gather quick estimates of what they can afford, and then target homes within that price range.

The app includes an affordability tool and a monthly payment calculator to discover the target price range home shoppers can likely afford. The affordability calculator shows an estimated price the user can likely afford, when factoring in standard lenders’ rules for total housing expenses, total debt-to-income ratios, and the home buyer’s estimated down payment.

The app will then connect potential home buyers directly with listings from realtor.com® that fall within that target price range.

Home shoppers can also use the app to find personalized, local loan options from various lenders, which is provided through Bankrate data.

The app helps “home buyers estimate what they can afford, while also helping them shop local mortgage rates and homes that fit their price range,” realtor.com® notes in a press release. The app also “helps buyers and REALTORS® understand price range and financing options, and can assist in converting casual clients into serious ones.”

The realtor.com® Mortgage App can be downloaded for free in the Android and iOS app stores.

Source: realtor.com