The monthly payment is composed of principal, interest, taxes, insurance, private mortgage insurance (or mortgage insurance premium for FHA) if any, and association dues, if any. The addition of all six elements is the total monthly payment. All houses have different taxes, insurance, and association dues. When you purchase real estate, you inherit the previous owner’s taxes until you get re-assessed next year. Mortgage companies qualify borrowers based on what the taxes are now instead of what they will be in the future.

Yes they will. When you buy real estate, you are going to get re-assessed on January 1st of the following year, and the new tax bill will come out on November 1st of the following year. Taxes are based on your purchase price and your municipality, and the tax amount will depend if you have deductions like homestead, senior citizen, disabled, etc. Example: If you purchase real estate on March 2017, you will inherit the previous owner’s real estate taxes until January 2018, but the new tax bill will not come out until November 2018. Your mortgage payment tax portion is likely to change on December 2018

Different parts of the country have different taxes and insurance. In Broward County Florida, on an FHA and VA loan is usually around $50,000.00. On a Conventional 20% down the difference can be up to $100,000.00.

There is no preset limit. The higher the number of listings, the longer the system has to “think”. The difference between 100 listings and 1000 listings may be an extra second or two.

Pretty accurate. InstantPQ ® comes preloaded with Bluecastle Lending’s interest rate for the day, loan type and entered credit score. You can enter your desired interest rate. Assuming a full price offer, you have the actual loan amount, actual interest rate, actual real estate taxes, actual mortgage insurance premium or private mortgage insurance (if any) and actual association dues (if any). The only thing that is estimated is the property insurance, and are able to adjust it up or down depending on the part of the country you are in.

It depends on the bank overlays, but you can always use Bluecastle Lending if not. If your bank makes credit decisions based on commonly used underwriting principles that are conforming with Freddie Mac, Fannie Mae and Ginnie Mae guidelines and has no overlays, it is likely that your bank will agree approve your client even if the contract price is higher than the pre-qualification letter.

Absolutely! They system has been perfected over 16 years, and it will be rare that if you follow the concept adn InstantPQ ® Speed to the T that you will fail to find a house for your client that day. Please read “About us”.

Very accurate. It comes preloaded with Bluecastle Lending fees however, you can call your banking institution, ask their fees and preload them in the settings. It also comes preloaded with the wholesale discounted fees that a specific title company we use (not affiliated with us) gives us due to the volume of business we provide. You can also call your title company and have them give you their fees and preload them in the system. You will also have to save your transaction fee (if any). Once the initial preload is completed, the numbers and formulas will be very close to the end figures as long as nobody change their mind with their fees.

As accurate as the information given. Just like a regular pre-qualification with a banking institution, if the information given by the borrower is good, the findings will be good. If the information provided is bad, the results will be bad. Realtors should not take out buyers without getting the buyers truly pre-qualified first however, this tool will save Realtors the countless hours of talking to someone before getting them pre-qualified, or to find out if Bluecastle Lending can approve your buyer for a higher amount than the existing pre-qualification letter.

It is our affiliated mortgage company, owned by the same owners of InstantPQ ® .

No. InstantPQ ® is sponsored by and affiliated with Bluecastle. Realtors can use their regular banking institution. The software comes pre-loaded with Bluecastle’s fees and interest rates.

CCAP is the Bluecastle Lending Closing Cost Assistance Program. A typical FHA buyer will need $28,500.00 to purchase a $300,000.00 home. Using Bluecastle Lending and their Closing Cost Assistance Program (CCAP) the same scenario requires only $12,300.00, saving the borrower $16,200.00 out of their pocket.