Client's with 35% or more in home equity can explore a down-sizing scenario through their Homebot Value Report (watch the gif below):
Using the home value and the loan balance, the Equity Smart Search Calculator calculates the home equity and applies a 7% selling fee + 20% downpayment to provide a cost estimate.
It also applies average rates for a 30-year fixed loan to help your client understand likely changes in their monthly payment.
Clients can send you a message at the click of a button, notifying you that they're interested in learning more about how they could downsize and pocket some of their equity:
The best next step is to call your client and understand their goals better.
If you're a lender:
- Ask your client if they're working with an agent or would like to speak with one.
- If they haven't started working with an agent, introduce them to someone in your network.
- With your client's goals in mind, help them understand their loan options and associated costs.