Mortgage Maker
Mortgage Maker is a little Mac program that lets you play around with
the variables in a mortgage loan to find a combination that
qualifies. That's all it does, but it does a nice job of it. The
program is free for personal use. It computes the "qualifying ratios"
that the banks use to rate loans. Its Backsolve feature answers
questions like "how much house can I afford on this income?" or my
favorite, "How much does my spouse/partner need to make for us to get
into that house." It also handles refinances and estimates closing
costs. For real estate or mortgage professionals, the program is a
handy way to print quick estimates for clients.
8-14-200 Version 2.2 Version 2.2 fixes a bug that crashed
in file save on Sys 9.0 --
download it or find it at the usual archives.
Mortgage Maker is most useful for three types of people...
-
Prospective home buyers -- just put in your income and you can get a ballpark
sense of what you can afford
-
Serious home buyers -- put in the details of a real house you're trying
to buy, and it lets you play around with all the variables with an emphasis
on the two things that matter: will this loan qualify? + how much cash
to close?
-
Real estate and finance professionals -- use it to throw together an estimate,
work through some basic parameters, and have something to print out for
the client.
Real estate and finance professionals should pay the whopping $10 registration
-- they can then use the program to whip up quotes for clients in good
conscience. (My father is a mortgage broker -- it is for this "client quote"
use that I originally created the program.) You can register
on-line with the Kagi registration service.
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