RatePlug available 11/13

RatePlug Available 11/13

Be Your Buyer's first source of mortgage information        

Are your buyer’s searching for monthly mortgage information online? Be their source for mortgage information with the new RatePlug tool available through through the NEFMLS system on 11/13. With this new tool you can include monthly payment estimates from your preferred lender on a report titled Full Report w/Rateplug. The estimates are specific to each listing, making it easy to help your client determine the affordability of each property you send them, based on mortgage type, taxes and the overall cost of the property.

The monthly cost of owning a property can be difficult to break down, especially for renters who think in terms of easy monthly payments. For the internet-savvy home-buyer this confusion often leads to searching online for mortgage calculators and registering for programs only to find they are not given immediate access. But you can fill this need for them with no extra work on their part and little on yours. By enrolling in RatePlug, you can be the source to provide them with reliable information and have the opportunity to introduce them to a reliable mortgage contact.

Mortgage information compiled by RatePlug

RatePlug works with lenders to gather the mortgage information and present it in an easy to understand format. The RatePlug information includes the different loan types that are available, for example 30 year fixed, 15 Year Fixed, and 5/1 ARM. It factors those loan types with the fees associated with a property, like home owners association fees, taxes and insurance. It then calculates that information with the consideration of the cost of the listing and a 20% down payment, creating a monthly payment estimate.

If your buyer can only put 10% down and plans on making an offer for $5,000 less than the asking price, he or she can plug that into the payment calculator and the mortgage information will customize to their specific considerations.

Represent your preferred or in-house lender

RatePlug also allows you to present information from your in-house or preferred lender. This gives your buyers the advantage of accurate mortgage information and allows you to promote a relationship with a lender you trust. Enter up to three preferred lenders during your registration process and Rate Plug will contact the lender(s). Once the lender(s) is registered, the loan information types of loans that lender offers will appear on the report.

As an added value, promoting your preferred lender through Rate Plug helps you stay FTC MAP compliant. According to RatePlug, “Every piece of information created is archived to provide you 100% confidence regarding the FTC MAP ruling.” This addition helps take some of the worry and paper trail out of promoting a lender.

Customizable flyers make great take-aways

Through your RatePlug affiliation, lenders are able to create co-branded flyers with mortgage information, perfect for Open Houses and other events. These flyers provide easy-to-understand mortgage information next to property information, making them great take-aways. If a buyer casually visits an Open House and takes a flyer, the monthly payment estimate could convince the buyer of affordability, creating serious interest in the property.

An added value to your NEFMLS membership, RatePlug requires a simple, free registration

RatePlug is completely free for NEFMLS members. Provide RatePlug with some key information like your preferred lender(s), office name and email address. Once your registration is complete and Rate Plug has set up your preferred lender(s), you will be able to begin sending listing-specific mortgage numbers to your buyers via a link which will be displayed on the listings you send through the MLS system.

You will be able to register on November 13th by visiting www.rateplug.com/NEFMLS