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U
SER’S GUIDE — 57
BUYER PRE-QUALIFYING
The Qualifying keys were designed specifically for mortgage
lenders/brokers, for doing instant pre-qualifications on the phone or
in front of clients. Real estate agents/brokers can also 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) Loan Amount available given buyer’s income and debt,
(2) Income required given loan 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
various loan qualifying comparisons or scenarios (e.g., conven-
tional vs. FHA loans). Simply store different income and debt
qualifying ratios. For example, the q key defaults to 28%
Income and 36% Debt, for conventional loan qualifying. The
Q key defaults to 29% Income and 41% Debt. However, you
may store any ratios you want into these keys, or change these
ratios at any time.
3. A calculated Qualifying Loan Amount is automatically stored in
the Loan Amount l register, replacing any existing Loan
Amount value. This lets you instantly proceed to monthly pay-
ment calculations, etc.
(Cont’d)
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