Closing on a new home can be a stressful time for buyers and sellers alike. As a title company, your clients are counting on you to make the process as easy and stress-free as possible. And with a mobile-friendly closing cost calculator such as the one offered by TitleTap, you can take a big step toward meeting these expectations.
But what is a closing cost calculator, and what benefits do they provide? In this article, we’ll look at five reasons why title companies need a mobile-friendly closing cost calculator to help you decide if this tool is the right choice for your company.
What is a Closing Cost Calculator?
A closing cost calculator is a tool that lets buyers and sellers estimate the closing costs of a real estate transaction. These costs can typically include things like taxes, lender fees, title insurance, and other miscellaneous costs, and they are often not very transparent. But with a closing cost calculator, you can make these expenses a lot more transparent for your clients. All they have to do is enter details about the transaction (such as the loan amount and the location of the property), and the calculator will generate an estimate of the closing costs. That way, your clients can get a better idea of what they’ll have to pay before they sign any paperwork.
Five Ways a Mobile-Friendly Closing Cost Calculator Benefits Clients
There are several different ways that a mobile-friendly closing cost calculator benefits clients throughout the home-buying process. What this means for title companies is a chance to improve the client experience and set their services apart from the competition. With that in mind, here are the top five ways that a mobile-friendly closing cost calculator such as the one offered by TitleTap helps improve the client experience:
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1. Allows Clients to See Closing Costs Before Buying a Home
The main benefit of a closing cost calculator is one we’ve touched on already, and that’s that it allows clients to get a good idea of what closing costs they’ll have to pay before they purchase a home. This transparency eliminates a lot of the uncertainty from the process and can help make clients more comfortable and confident going forward with the transaction.
Far too often, clients are left feeling surprised (or, even worse, misled) when they learn the closing costs they have to pay since many lenders do not disclose this information. That’s something title companies should strive to avoid, and it’s a lot easier to do when you offer a mobile-friendly closing cost calculator that clients can use to estimate closing costs on their own anytime, anywhere.
2. Helps Clients Understand Closing Cost Terminology
Closing costs can be confusing and can come with a lot of terminology that’s often difficult for first-time home buyers to understand. Along with allowing clients to estimate closing costs, a good closing cost calculator will also provide explanations of various terms to help clients understand what each fee covers.
Clients count on the title agents and real estate attorneys that they work with to keep them informed and in the loop. With a calculator that includes explanations of closing cost terminology, you can passively educate your clients so that they’re more informed and prepared to make confident choices.
3. Lets Clients Easily Compare Loan Offers
Choosing the right loan is a major decision for your clients and a major source of stress during the home-buying process. A closing cost calculator lets them compare loan offers side by side to see how lender fees, interest rates, and loan terms affect the final amount due. While this isn’t the only factor to consider when choosing a loan, it does shed a lot of light on one of the less transparent factors that go into the decision.
Once again, by keeping your clients informed and helping them make confident decisions, this feature of closing cost calculators helps to improve the client experience.
4. Clients Can Use It During the Home Shopping Process
Closing cost calculators are most often used during the home-buying process, but they can be used by your clients when they’re just shopping for homes as well. With a mobile-friendly closing cost calculator, clients can easily compare the closing costs of different homes and factor those costs into their budget considerations.
This is a big help for clients who want to know exactly how much each home is going to cost them when they are shopping and comparing options. It allows them to determine the exact amount of money they need to have set aside with no guesswork required.
5. Reduces Last-Minute Surprises and Unexpected Costs
A closing cost calculator can provide clients with a clear picture of all potential expenses early in the home-buying process. This reduces the risk of any last-minute surprises that could put a major damper on the client experience.
When it comes to major transactions, surprises aren’t good for anyone involved. With the transparency that a closing cost calculator helps provide, you can prevent your clients from feeling caught off guard and help them budget more effectively.
Why is it Important for Closing Cost Calculators to be Mobile-Friendly?
Choosing a mobile-friendly closing cost calculator means that your clients will be able to use the tool from any device, including smartphones and tablets. It goes without saying that people today rely on their smartphones for a lot of their online activity, and on-the-go home buyers often search for properties, browse listings, and compare closing costs when they are away from their computers.
Some closing cost calculators are not mobile-friendly, which places an unnecessary limit on how convenient and helpful these tools are to your clients. With a mobile-friendly closing cost calculator such as the one offered by TitleTap, you can give your clients the freedom to enjoy all the benefits we’ve covered anywhere and anytime.
Conclusion
By making the home buying process more streamlined and transparent, a mobile-friendly closing cost calculator can be a powerful tool for improving the client experience. If you would like to give your title company’s clients the ability to easily estimate closing costs on any property, offering them this tool is a great option to consider!
At TitleTap, we provide a powerful closing cost calculator that is easy to use and mobile-friendly. To see for yourself how TitleTap’s closing cost calculator can improve the client experience at your company, be sure to schedule a free demo today!
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