1) Do You Qualify? – This allows potential buyers to find out if they would be able to qualify for a mortgage based on the price of the property, their income and monthly expenses. This is a great tool to help real estate agents qualify leads right away and ensure that potential buyers can actually afford the listing that they are looking at.
2) Compare Interest Only vs. Principal – Help buyers calculate the difference between interest only mortgage and principal mortgages. An interest only mortgage is one where you only pay the interest and the amount of capital you owe remains throughout the term of the mortgage. A principal mortgage works just like any other loan where you make payments towards the capital amount owed each month.
3) Calculate Amortized Payments – Help buyers determine the monthly payment amount based on the amount borrowed and more. Nobody likes surprises when it comes to getting bills. This tool will let your potential clients know how much they can expect to pay each month.
4) Meet a Payoff Goal – Everyone wants to pay their mortgage off. Provide potential buyers with a tool they can use to figure out how long it will take them to pay off their mortgage. Not only do you provide them with a financial tool, but you also give them a future date to look forward to.
5) Tax Savings – Saving money is great, and this tool helps buyers estimate the savings in taxes that can be realized due to interest and property taxes.
6) Compare Consolidation and Refinancing – Let your visitors compare refinancing a single mortgage vs. consolidating a first and second mortgage.
7) Refinancing a Mortgage – Help potential clients see the costs and savings of refinancing a mortgage.
8) Compare Monthly vs. Biweekly – Show clients the difference between making mortgage payments biweekly and making monthly payments.
9) Compare Mortgage Rates – Shopping around is important. Help potential clients see the differences in mortgage payments and interest costs at different rates.
10) Mortgage Term Comparison – This calculator will let your visitors compare monthly payments of different mortgage terms.