New mortgage app helps consumers with home buying journey

Realtor.com® debuted a new mortgage calculator app to help consumers get started in their homebuying journey.

The new app is available for download on Android & iOS smartphones. The app provides an affordability tool and a monthly payment calculator to discover the target price range they are likely to be able to afford, and then connects them directly with listings from realtor.com® that are within that target price range.

Move, Inc. said in a blog post, “Homebuyers can quickly find their personalized local loan options from different lenders through the data provided by Bankrate.  The realtor.com® Mortgage App helps home buyers estimate what they can afford, while also helping them shop local mortgage rates and homes that fit their price range. The realtor.com® Mortgage App helps buyers and Realtors® understand price range and financing options, and can assist in converting casual clients into serious ones.”

Key Features of the new app include:

Mortgage rates

• The current national average rate is posted with the ability to set up scenarios to see personalized local loan options.
• Rates and loan options are provided through a third-party relationship with Bankrate.

Affordability & mortgage calculators

• The affordability calculator shows the estimated price for a home the user is likely to be able to afford by applying standard lenders’ rules for total housing expenses and total debt-to-income ratios.
• The monthly payment calculator utilizes the consumer’s input regarding a likely down payment to answer how much the total monthly payment would be for a selected home price based on current interest rates.
• The affordability and mortgage calculators work with current local interest rates, use smart defaults for taxes and mortgage insurance, account for private mortgage insurance (where applicable), and have easy-to-use interfaces.

Find a home for your budget

• The calculators show how many homes on realtor.com® are within the consumer’s calculated price range, and the user can see matching homes with just one tap on the “View Homes” button.

“The realtor.com® Mortgage App helps buyers and Realtors® understand price range and financing options. This can help Realtors® convert casual clients into serious ones,” concluded Move, Inc.