Here’s a great tool I found on NAHB’s website your salespeople can use with your prospects.
Your prospects want to know how much they can afford to pay for a home and a mortgage calculator only tells them what their payment would be- not if they can afford it. Instead of waiting to get them to your loan officer, which could take days or weeks, now the salesperson can calculate the answer immediately.
Two versions of the calculator are available, depending on the assumption you prefer to specify:
Given the income/mortgage assumptions, the spreadsheet can calculate the maximum affordable house price with a single combined key stroke: ctrl+shift+A.
Personally, I believe this House Price Calculator is incredibly useful especially for first time home buyers.
Here are some examples of how you can use it:
Affordable House Price Calculator specifying down payment in dollars.
Affordable House Price Calculator specifying loan-to-value ratio.
What do you think? Is there something it can’t do yet that you would like it to?
Leave your comment below.