New Mortage App to Help Homebuyers

Realtor.com and Bankrate launch mobile mortgage app

 

SAN JOSE, Calif. – June 24, 2014 – Realtor.com app users have a new tool to help them figure out if they can afford the home they're looking at.

Thanks to a partnership with Bankrate.com – a publisher, aggregator and distributor of personal finance content on the Internet – buyers can play with mortgage basics, such as the amount of the downpayment or mortgage points to determine if they can afford a property. If they can, the app also helps them find a lender that offers the best mortgage package.

Realtor.com is operated by Move Inc. on behalf of the National Association of Realtors® (NAR).

To start the homebuying process, the realtor.com app has an affordability tool and monthly payment calculator to help potential buyers find their target price range. They can then do a search of only those listings that match those calculations.

The affordability estimate takes into account interest rates and personal mortgage insurance, and it works with local tax and insurance rates so potential homebuyers know upfront approximately what they can spend on a home.

"Consumers want access to accurate information on the spot," says Move's chief executive officer, Steve Berkowitz. "Nearly 60 percent of the traffic on realtor.com now comes from consumers using mobile devices. This application reflects our efforts to optimize and develop technology based on putting the most important information at the consumer's fingertips."

"Housing inventory in many areas can move fast and consumers need the answers to their questions to be accurate and quick," adds Bankrate.com's chief executive officer, Don Ross.

According to Move, the realtor.com mortgage application:

″ Taps into real-time local, personalized mortgage rate loan options from different lenders

″ Allows users to change details with custom sliders to see how the package changes if they make a bigger downpayment, for example, or pay additional points

″ Sorts mortgage rate comparisons according to user preferences – by lowest APR, interest rate, fees or monthly payment.

″ Empowers users to see only those homes in their price range or based on the calculated monthly payment.

The application is available on iPhone and Android devices.

© 2014 Florida Realtors®