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Let's take a look at the maximum loan calculator.
I'll go to the prospects database
and open a sample prospect record
and i'll click
on the max loan tab
on the left.
As you can see
the calculator asks for some basic information.
Let's say my prospects
gross income is fifty thousand dollars a year
they have debt payments of one hundred dollars a month
and they've saved up enough money
to put twenty percent down at an interest rate a four point seven five percent
with the loan-term of thirty years.
I can fill in their maximum housing-to-income ratio
and debt-to-income ratio. These are some pretty standard figures here
twenty eight percent to forty two percent.
When I click on the results tab
RealtyJuggler will tell me the maximum loan a person like this could qualify for.
In this case
one hundred and eighty two thousand two hundred and fifty dollars
with twenty percent down.
That means, their home purchasing power
he's two hundred twenty seven thousand eight hundred twelve dollars.
That's the loan
plus the down payment.
And it reviews my assumptions here.
If I click on the download report button at the bottom
I can download a copy of this report and show it to my client.
That way the client will have a ballpark idea
of what kind of price range they can afford
and I'll have a ballpark idea
of what kinds of homes to show them.
Obviously this is not a comprehensive estimate.
They're going to need to see a loan officer at some point.
But, when a client first comes into your office and gives you a price range they think they
can afford,
this calculator can be very helpful.
In just a few minutes
you can have a feel for what kind of price range is actually reasonable for them.
Because sometimes people don't realize what price range they can actually qualify for.