2005 was an exciting year for my wife and I – we had just recently gotten engaged and started looking to buy our first home together. As first time home buyers, however, we were lost in a sea of mortgage terms and concepts that were alien to us. Our Mortgage Lender tried to help, but he spoke to us at such a high level that my wife and I left his office feeling more confused than we did walking in. We decided to turn to the web to try to educate ourselves but were even more disappointed by what we found. The tools that were available to us on the web were simple mortgage calculators that were in many cases broken, unintuitive to use, disconnected from one another, and did not provide a safe way of saving our data. Fast forward to 2010 and very little has changed. Mortgage Lenders still speak way above the heads of most first time home buyers and the mortgage calculators that are available to consumers for understanding mortgages are still as flawed and broken as ever. I started iLegent, the company that develops HomeBuyer Go!, to empower first time home buyers with free web based tools to clearly understand the costs and benefits of homeownership.
HomeBuyer Go! is a financial planning tool that enables first time home buyers to clearly understand the finances behind a home purchase. Unlike many mortgage calculators, HomeBuyer Go! does not provide discrete numbers, but meaningful explanations of what the expenses associated with a home purchase are and how those expenses will affect your monthly bottom line. HomeBuyer Go! is different from the countless mortgage calculators that are on the web because of several key development philosophies:
Clear and Intuitive Design
Unlike many mortgage calculators that just throw numbers at you without any clear explanation of what those numbers mean, HomeBuyer Go! focuses on providing
- Informative and easy to read introductions
- Interviews that explain what information you need to provide to HomeBuyer Go! to get accurate results and what we do with that information
- Colorful and eye catching charts that show your results
- Detailed explanations of what your results mean and how you should interpret them
Focus on The Big Picture
Understanding individual concepts such as PITI, Amortization, Budgeting, and Tax Benefits are an important part of buying a home, but understanding how these different concepts work together to affect you is critical. Unlike many mortgage calculators, HomeBuyer Go! allows you to both experiment with these different concepts individually as well as bring the results of your experiments together to develop a cash flow analysis which demonstrates how these different concepts affect your monthly bottom line.
Safely Save Data
Buying a home is not a one day task and can take many weeks if not months of searching. Because the financially savvy home buyer will perform an analysis for many homes and loans over a long period of time, HomeBuyer Go! allows you to easily and securely save all of your data on our servers through creating a password protected login. Other mortgage calculators either drop un-secure cookies on your computer or don't let you save your data at all.
We hope you enjoy your use of HomeBuyer Go! and please spread the word by referring HomeBuyer Go! to your friends. To start using HomeBuyer Go!, lets first understand how much home you can afford based on your income and current rent. Start now!