Hey Millennials! Not Sure if You Can Afford Your Dream Home? Realtor.com and Bankrate Now Have an App For That

 

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I love using real estate apps on my phone. Every time I drive by a “For Sale” sign in a neighborhood, I pull out my phone and queue up one of my favorite listing apps (yes, I have more than one on my phone!) and check out the property and sometimes other ones nearby.

Now, if I was actively looking for a home and wanted to know what kind of rate I could get and how much my monthly mortgage payment would be on a property, well, most listing apps don’t offer that service. And if they do, the information isn’t always accurate.

But Realtor.com, the site that prides itself on having the most accurate listing information on the web, says it’s fixed that issue for good.

Wait, did Realtor.com already come out with an app? Yes, they did. It was their Tinder-style Doorsteps App that helps you browse homes and find the one that is just right for you without having to wade through tons of information. This app, though, is much different.

Realtor.com has partnered with Bankrate to help more homebuyers find out if they can afford their dream home before they step foot in an office to get prequalified.

Here’s what Realtor.com officials said in a press release about their new mortgage app:

The application provides an affordability tool and monthly payment calculator to help potential home buyers find their target price range. Users can then tap to view listings that match those calculations. The affordability estimate takes into account interest rates, personal mortgage insurance and works with local tax and insurance rates so potential home buyers know upfront approximately what they can spend on a home.

“Consumers want access to accurate information on the spot,” said 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. Today realtor.com® and Bankrate launch a mobile application that combines comprehensive mortgage loan rate information with the most accurate listings in the industry.”

“Housing inventory in many areas can move fast and consumers need the answers to their questions to be accurate and quick,” said Bankrate.com’s chief executive officer, Don Ross. “Working with realtor.com® on this thorough mobile offering allows Bankrate to provide home buyers with access to all the essential information they need for a potential purchase while they’re on the go,” Mr. Ross added.

Of course, I think this is a great idea for Millennials who are uncertain about whether they’re ready to buy or not. Getting a mortgage is a complicated process for most people, and this app can make it a little more easy to digest.

What do you think?

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