Morgan Taylor, Realtyna- MLS RETS Integration software & services (Realtyna)

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Ambassador
3,153,016
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Because different lenders charge different fees, I don't, Morgan. That is something that I encourage the buyers to obtain from the lender with whom they are working.

Feb 13, 2019 06:36 AM
Rainmaker
3,216,954
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Neither  for me. And for multiple reasons. 

Feb 13, 2019 06:20 AM
Rainmaker
999,743
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

None of the above 

Feb 13, 2019 06:55 AM
Ambassador
1,597,868
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

I do both.

Feb 13, 2019 06:33 AM
Rainmaker
2,858,705
Richard Weeks
Dallas, TX
REALTOR®, Broker

I have no use for those calculators.

Feb 13, 2019 06:22 AM
Rainmaker
2,941,838
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

My clients tend to use neither. Their loan officers provide the appropriate mortgage calculations and I can give them closing costs outside of loan costs in a nanosecond.

Feb 13, 2019 06:55 AM
Rainmaker
719,931
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Closing costs very much depend on the local environment, meaning there may be specific city, town or county taxes, stamp taxes, luxury taxes and so on, so "standard" calculators are of minimal use.

Feb 13, 2019 06:50 AM
Rainmaker
687,872
Richard Bazinet /MBA, CRS, ABR
WestUSA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

Not really, but it's something I do manually as a high level estimate for clients during discussions.

Feb 13, 2019 07:51 AM
Rainer
275,530
Clay R. Seay
Florida Homes Realty & Mortgage - Saint Augustine, FL

I find them both useful. Closing costs change depending on the terms of an offer and multiple options show the seller an approximate payout at closing. The mortgage calculators can be used to calculate approximate payments and in one case was used to show the buyers the small difference in monthly P&I was less than 10 per month. That closed the deal. Most Title Companies in our area offer a Closing Cost Calculator on their sites. I use them all the time for the sellers.

I do agree that Buyers should have a Mortgage Broker pre-qualify them and should receive a Good Faith Estimate which are more accurate in each situation. I do not usually calculate mortgage costs for buyers but have used them for owner financing situations and balloon mortgage offers so the sellers and buyers understand the terms of an offer.

Most important about these calculations is that they are ESTIMATES. The actual & final closing costs should come from the Mortgage Brokers & Title Companies, not an agent.

Feb 13, 2019 07:43 AM
Rainmaker
2,755,805
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

I have the tools. I use the tools however my best practice is to leave the mortgage calculations to my trusted lender and closing cost estimates to my trusted escrow officer.  

 

Feb 13, 2019 07:36 AM
Rainmaker
4,796,419
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Some are better than others.

Feb 13, 2019 06:42 AM
Rainmaker
721,219
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Neither but I do encourage them to utilize the complete array of services they provide

Feb 13, 2019 10:06 AM
Rainmaker
995,046
Corinne Guest
Corinne Guest, Realtor | Barrington Realty Company - Barrington, IL
Barrington Lifestyles

Good grief no. Title company fees vary by company and change every year as do closing costs. Too much variability.

Feb 13, 2019 09:38 AM
Rainmaker
1,932,041
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

The more information the less fear, doubt or remorse. So all the bells and whistles... not just property on your website. Put everything you need in there like real estate take out to digest and learn what to expect ahead of buyers and sellers. 

Feb 13, 2019 08:56 AM
Rainmaker
3,135,798
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

I try to stay in my own lane and let the pros handle most. I do an estimated net sheet for sellers, but that's it!

Feb 13, 2019 08:21 AM
Rainmaker
1,553,621
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

I never tried that Morgan Taylor but then again I don't believe my mortgage calculator actual brought me leads either.

Feb 13, 2019 08:21 AM
Rainmaker
674,068
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

I don't have any use for CC calculators. They're never correct, and I can figure it out more easily before the title company gives us the official settlement figures.
My CCIM tools are much better in terms of amortization schedules etc.

Feb 13, 2019 07:22 AM
Rainmaker
387,320
Dan Pittsenbarger
Keller Williams Western Realty - Bellingham, WA
Improving Conditions

For buyer's I strongly prefer to have them work with a lender. If they are wanting to know their monthly PITI costs, a good lender will help the client figure out how something could work and will draw on a pool of available programs and options to do it. The agent and/or buyer/borrower sitting down with their mortgage calculator may come up with a plan that is either not workable or not the best. Plus there's the liability of coming up with numbers that end up being slightly different.  All that said, there are clients and times and situations where having access to a mortgage calculator is helpful. We have one on our MLS that I typically use if I need one. Any such uses are accompanied with the disclosure that these are estimated numbers to get us in the ball park - actual numbers may vary. There is a time and place for most every tool.

Feb 13, 2019 06:59 AM
Rainmaker
4,279,726
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Morgan,

We agree with both Richard Weeks and Michael Jacobs .

Feb 13, 2019 06:33 AM
Rainmaker
1,214,476
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

For those just vaguely interested in buying/borrowing, these tools can provide very broad info, Morgan Taylor ... but for someone more seriously considering buying/borrowing or closer to actually taking action, they are of little help.  Dependable and more specific info must be obtained from an actual mortgage lender at that time.

As so many here state, there are just too many unknowns and variables involved in today's mortgage programs and quotes to overlook this important step ... as EARLY as possible in the buying/financing process ...

Gene

Feb 13, 2019 10:43 AM
Rainmaker
1,266,308
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Too many potential variables. Not something I'd feel comfortable doing.  Leave that to lenders and title companies.

Feb 13, 2019 10:34 AM
Rainmaker
4,834,367
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

I had them but never used them....only regular calculators.... 

Feb 13, 2019 08:43 AM
Rainmaker
904,536
Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Neither attract leads, but both may be helpful to your clients.

Feb 13, 2019 05:44 PM
Rainmaker
513,810
Peter Testa
Nationwide Homes - Danbury, CT
PETER TESTA

If I was working with a buyer I'd have them speak to the mortgage person directly but for those who are just dipping their feet in the pool I have a mortgage calculator on my website. Nothing wrong with getting a rough idea on what the payments would be at different price points. It has never occurred to me to add a Closing Cost Calculator. 

Feb 13, 2019 04:47 PM
Rainmaker
1,497,190
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

Everyone has them but do they use them? Would be nice to know if they had a click rate or something.

Everyone used to say how great having a MLS search on FB & no one ever used it for 3 years.

Feb 13, 2019 12:00 PM
Rainmaker
1,204,273
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

No.  Closing costs are between 1% and 1.25% of purchase price out here.  No calculator needed.

Feb 13, 2019 10:37 AM
Rainmaker
347,729
Abby Stiller
REMAX Realty Group - Cape Coral, FL
Professional Bilingual Realtor (239) 284-8637

My recommendation to buyer is to ask their lender and get a loan estimate.

Feb 13, 2019 04:38 PM
Rainmaker
58,782
Ricardo Mello
Manhattan Miami Real Estate - Manhattan, NY
Manhattan & Miami Real Estate Agent

I really don't bother with that Morgan..;)

Better to have your buyers talk to your mortgage broker first

Feb 13, 2019 02:10 PM
Rainmaker
5,224,228
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

No.

Feb 13, 2019 11:48 AM
Rainmaker
653,108
Chuck Willman UtahHomes.me
Utah Homes - Alpine, UT
Utah Homes

they vary too much

Feb 13, 2019 11:06 AM
Rainmaker
1,813,930
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

I like Mortgage calculators 

Feb 14, 2019 09:42 AM
Rainmaker
2,927,202
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

These days where buyer agent no longer pre qual their own agents, it is more of a tool for the loan officer. An agent should know the basic costs of closing be able to quote a range, not an exact amount, leave that to the loan officer 

Feb 14, 2019 04:53 AM
Rainmaker
977,433
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Getting pigeon holed with inaccurate information does not do anyone any good. So many variables to contend with they're about as useful as a Zestimate Morgan.

Feb 13, 2019 07:31 PM
Ambassador
4,011,022
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

We do provide an estimated net sheet with our listing agreement, but not for gaining leads.

Feb 13, 2019 05:38 PM
Rainmaker
3,975,876
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I don't

Feb 17, 2019 04:14 PM
Rainmaker
4,003,488
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

They are all different, so I don't use an app at all.

Feb 17, 2019 06:25 AM
Rainer
36,888
Kris Collis
Smart Way America Realty - East Stroudsburg, PA
Buy & Sell with Professional Results you Expect

I find it helpful to encourage buyer to request/receive their Good Faith Estimate from lender asap.  Multiple factors affecte buyer costs such as credit score and other factors that may be outside your knowledge.  The lender is providing the loan and thus are responsible under guidelines to provide accurate figures.   You don't want your buyer questioning why your closing figures differ from their banks!  However, many state associations provide buyer closing cost forms for this purpose and informing/alerting buyer of estimated costs they may incur.  So check with your State.  Be sure to emphasize the word "Estimate."

Feb 16, 2019 10:46 AM
Rainmaker
3,041,870
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Boy, I never use my mortgage calculator anymore.

 

Feb 15, 2019 08:39 AM
Rainmaker
4,431,606
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

No.

Feb 14, 2019 04:59 PM
Rainmaker
426,319
Greg Large
ERA Real Solutions - Grove City, OH
A Tradition of Trust

Neither are useful for leads but I do use the closing cost calulator provided by my Title Company to estimated net for Sellers. Buyers get their numbers from the lender.

Feb 14, 2019 08:28 AM
Rainmaker
1,513,403
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Geneva Financial, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

We do the calculations ourselves manually.

Feb 14, 2019 07:20 AM
Rainmaker
977,198
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Title company forced me to buy it and I will only ask title company to provide the estimated cost.  Given the lawsuit for mispleading clients, let title company provide the cost.  

Feb 14, 2019 05:27 AM