Draw customers in and increase profits with mortgage loan calculatorsMortgage calculators are an available way to determine how much house a customer can afford, how much a monthly payment will be, and the amount of interest saved by financing for 15 as opposed to 30 years.
For a business, use mortgage calculators as part of the business plan when presenting expected expenses to potential investors.
Mortgage professionals have a variety of financial calculators available, and by using them to provide information to potential customers you increase satisfaction as well as the likelihood of closing a loan.
Use a mortgage rate calculator to:
1. Show prospective borrowers a variety of loan options, including fixed and adjustable rate scenarios.
2. Print an amortization table to show the borrower the amount of each monthly payment that goes to the principle and how much to the interest.
3. Show the borrower the maximum amount they can borrow, as well as their monthly payment for that amount.
Reduce unnecessary paperwork by using mortgage calculators
Stay in compliance by keeping the loan process organizedOnce the loan process begins, there are a variety of forms to fill out and financial information to sort through. Mortgage professionals are highly regulated.
Prevent the loss of a customer by using mortgage calculatorsMany home buyers, particularly first time buyers, approach mortgage companies with only the vaguest idea of how much home they can afford. They are more likely to know how much of a monthly payment they are willing to take on.
- Use mortgage loan calculators to show borrowers how much they save by eliminating the need for PMI insurance.
- When calculating a mortgage loan, provide your clients with a full range of financial options. Knowing how much they save in interest by financing for a shorter term or how much their payment will increase with an adjustable rate mortgage provides them with the information they need to make the best financial choice.
- Whether for a home or business mortgage, calculators are only one part of the sales equation. Closing on a loan is as much about your sales ability as it is the buyer's ability to pay. Use a mortgage rate calculator as a tool to provide excellent customer service.
Copyright © 2013 Business.com, Inc. All Rights Reserved.