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Module Overview: Purchasing Power
Module Overview: Purchasing Power

Learn about the purchasing power module: Buying an investment property or trading up to a new home

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Written by Homebot
Updated over a week ago

The "purchasing power" module allows homeowners to see what they could potentially afford using the equity in their home, such as buying a second home as an investment property or trading up to a bigger home.

This provides homeowners with specific, actionable information about what they can actually do with their equity with the ability to contact you at the click of a button.

See a tour of this module below:

Learn more about the purchasing power options below:

  • Get your dream home - In this scenario, the homeowner sells their current home and uses that money (minus 7% selling costs) as a downpayment on their dream home.

  • Buy a rental property - In this scenario, the homeowner can take out equity up to 70% combined loan-to-value and use it as a 30% down payment on a rental property. If the homeowner doesn't have 70% combined loan-to-value, they will see alternative information suggesting they wait until they have enough equity.

  • Rent your home and buy another: In this case, the homeowner uses up to 80% combined loan-to-value in equity to make a 25% down payment on their new home. Then, after moving, they keep and rent their old home.

  • Sell and pocket the cash: Easiest scenario of all. The homeowner sells their house and pockets the full equity minus 7% selling fees on the final sales price.

Please note: These modules only display when a homeowner has at least a 75% loan-to-value ratio totaling at least $10,000.

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