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Smart Asset

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Many of our clients have jumped on to mortgage rate websites like bankrate.com, and consumer real estate sites like Realtor.com to use “rent vs buy” calculators. They are great for the short term outlook, or what costs are to rent vs buy for numbers on immediate, month-month expenses.

Enter Smart Asset.

This is not your pre-bubble rent vs buy calculator. This is a financial calculator that eats genetically-altered spinach, is on steroids and HGH, and was spawned from professional two-sport athletes.

After entering simple numbers about yourself (amount available for down payment, income, debt), Smart Asset breaks down your potential real estate purchase into 7 categories, with helpful slide tools to modify and change information:

1. How much house can I afford? (Based on down payment amount, potential closing costs, and tips on what to keep for emergency savings.)

2. Is it better to buy or rent? (Also includes a “break-even” chart, net wealth graph, equity gained, and tax information.)

3. How much can I borrow? (Breaks down debt to income.)

4. How much should I put down? (Advice on recommended down payment based on savings amount.)

5. How does credit score affect my mortgage? (Credit score ranges and their correlation to interest rates.)

6. What happens to my taxes after buying? (Shows how buying can affect tax rate & amount of tax increase or decrease based on relocation.)

7. What type of mortgage should I consider? (Compare payments/expenses with 30-yr fixed vs ARM mortgages.)

As you can see from these items, Smart Asset is designed to arm the consumer with much more information to guide them through a potential buying or renting process. This is a powerful tool that we are now recommending all of our clients to consult. Our goal is to provide the ultimate tools to empower homeowners or renters to make the best decision possible.

Try Smart Asset today!

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