Finmo has added a feature to our affordability calculator designed to help brokers analyze mortgage applications more efficiently. This tool allows you to set a fixed mortgage amount and automatically calculate the down payment or purchase price.
Click below to watch a video of this feature in action:
How to access the "affordability calculator"
1. Navigate to your deal screen in Finmo.
2. Select the deal you are working on and within the deal, go to the "Payment Details" tab by clicking the "Calculator" link at the top of the page.
3. Click on the pencil icon to adjust the mortgage amount.
4. Enter the new mortgage amount (based on client or lender feedback).
The calculator will display the required down payment or updated purchase price accordingly.
5. Apply the necessary adjusted details and save the changes. The updated down payment or purchase price will be reflected in the deal.
Sample Scenarios for using this feature
Scenario 1: Fixed Mortgage Amount Analysis
If a client is pre-approved for a $400,000 mortgage and wants to see how much down payment is needed for properties priced at $500,000, $550,000, and $600,000, this feature allows quick calculations and comparisons.
Scenario 2: Evaluating Purchase Price Limits
A client with $100,000 for a down payment wants to know the maximum purchase price they can afford with a $350,000 mortgage. Entering these figures will quickly determine the highest price they should consider.
Scenario 3: Comparing Mortgage Options
A client is deciding between two mortgage offers: one for $450,000 at a lower interest rate and another for $500,000 at a slightly higher rate. The calculator helps show the financial impact of each option side-by-side.
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