40 — Q
UALIFIER
P
LUS
®
4
X
BUYER PRE-QUALIFYING
The Qualifying keys on your calculator let you instantly pre-qualify
prospective buyers. Mortgage lending pros will find these keys use-
ful for doing instant mortgage pre-qualifications on the phone or in
front of clients. Real estate agents/brokers can quickly pre-qualify
clients so they can show them homes in their affordable price range.
The calculator gives you three types of qualifying answers:
1) Mortgage Amount Available given buyer’s income and debt.
2) Income Required given mortgage amount (or price/down
payment).
3) Actual Ratios given both income/debt and property data.
Here are some notes on qualifying using your calculator:
1. The
q
and
Q
keys are multi-function, “smart” keys. In other
words, they deliver a variety of answers based on what is input,
and what is not. The calculator will figure out which qualifying
solutions should be displayed, based on the qualifying variables
you've input.
2. You can use both Qualifying keys
q
and
Q
to demonstrate
mortgage scenarios based on different qualifying ratios. The
q
key defaults to GDS:TDS Income and Debt Ratios of 32%
and 40%. The
Q
key defaults to GDS:TDS Ratios of 35% and
42%. However, you may store any ratios you want into these
keys, or change the ratios at any time.
3. A calculated Qualifying Mortgage Amount is automatically stored
in the Loan Amount
l
register, replacing any existing
Mortgage Amount value. This lets you instantly proceed to
monthly payment calculations, etc.
4. When calculating Qualifying Mortgage Amount (based on
entered buyer's data, term, interest and stored qualifying ratios),
successive presses of the
q
or
Q
keys give the following
results:
•
the first press of
q
or
Q
will display your stored ratios;
•
the second press in succession will display the “restricted,”
maximum qualifying mortgage amount (used in mortgage
approval);
•
the third press in succession will show the buyer’s actual
income and debt ratios;
•
the fourth press will display the higher, “unrestricted”
qualifying mortgage amount (for comparison purposes); *and
(Cont’d)
