New App Calculates Total Cash Outlay For Homebuyers

• May 20, 2013

by Shilpi Paul

The Close It! app.

An new app calculates the total amount of cash required when closing on a home, including closing costs, monthly mortgage payments and all other associated costs.

Close It! from local title company Federal Title will work on mobile devices — though it’s currently available only on the iPad — and creates a document that replicates what you would see on a HUD-1 on the day that a buyers closes on a new home.

According to Federal Title, the app takes into account 45 closing cost variables on the buyer’s side, like appraisal fees, title processing fees, and interest rates, and 22 variables on the seller’s side, like the first mortgage payoff amount, notary fee, and real estate commission, to come up with accurate numbers for both parties. Federal Title expects the estimated numbers to be within 0.1 percent of the actual, final numbers.

The app will work in DC, Maryland and Virginia, and buyers can start the estimation process when they first look at a home. The app will pinpoint the county and jurisdiction to determine the costs based on the regulations of that area. Line items can be edited manually as well.

This article originally published at http://dc.urbanturf.com/articles/blog/new_app_calculates_total_cash_outlay_for_homebuyers/7091