The SmartClosing Calculator completes the picture for consumers who are trying to estimate the costs involved with buying properties they see on the Internet
San Diego, CA (PRWEB) August 5, 2009
With the launch of Closing.com's SmartClosing™ Calculator today at Inman's Real Estate Connect '09 Conference, consumers and real estate professionals will be able to calculate closing costs using actual fees and quotes from service providers in their area. The customized closing cost estimate is easy to use and takes just minutes to step through. The SmartClosing™ Calculator is being offered as a mini application (Widget) that can be embedded easily on any Web site and provides the full power of the SmartClosing™ technology integrated with the look and feel of the hosting site.
The SmartClosing Calculator Widget allows any user to enter information about a transaction (property location, purchase price, loan amount) and instantly compute the fees, charges and taxes that comprise a good faith estimate, which lenders are required to provide to any consumer who applies for a mortgage.
With a few simple clicks, buyers can see their estimated monthly payments (including mortgage, home insurance and property taxes), their closing costs and the total amount of cash they will need to close their transaction. Sellers can estimate sale proceeds while homeowners can calculate the cost to refinance their home. Using Closing.com's proprietary technology, the Widget automatically determines which party in the transaction is responsible for fees like transfer tax and recording fees, based on local customs and practices. In addition to powerful and comprehensive databases, combined with sophisticated business rules that underlie the SmartClosing Calculator, real estate professionals and consumers can shop for the closing services they need and further customize their closing estimate. The Widget utilizes a database of more than 140,000 companies that provide real estate services in eleven categories ranging from title insurance and settlement services to home and pest inspections.
"At a glance, consumers can see each provider's rates and fees, office locations, credentials, services offered and other details. This information is available to lenders, real estate agents and consumers early in the home buying process, so they know all the costs involved with closing on a property in a timely fashion and can make informed decisions. It eliminates the guesswork from closing cost estimates," said ClosingCorp CEO, Tony Farwell.
The SmartClosing Calculator is designed to enhance the customer experience on real estate listing sites, Multiple Listing Services, broker Web sites, agent sites, as well as other real estate-related Web sites, by providing critical information about closing costs to consumers shopping for real estate or mortgages.
"The SmartClosing Calculator completes the picture for consumers who are trying to estimate the costs involved with buying properties they see on the Internet," said Farwell, noting that homebuyers spend on average 2 to 7 percent of the cost of the property they are buying on closing costs. The closing services industry is estimated to be a $50 billion a year business today. By shopping online for closing costs, consumers can save from $300 to more than $1,500 per transaction, he said.
The SmartClosing Calculator accesses data from Closing.com, the largest and most comprehensive online source of information about real estate closing services ever assembled online. The system is flexible and allows users to select certain closing costs if they choose or add options like home warranties, which are important to many buyers of foreclosures. Consumers and real estate professionals use Closing.com to find vendors, learn more about the closing process and create instant closing cost estimates on a single one-stop-shopping site.
"Today's buyers and sellers are struggling through the toughest real estate market in the post-depression era. They should not have to struggle through the closing process as well. The SmartClosing Calculator and Closing.com will help real estate agents, lenders and their clients, including owners who are refinancing, save money; effectively lowering the cost of buying a house," said Farwell.
"Closing.com will change the way that closing services are purchased and marketed. Our aim is to complete the missing link in the modernization of the real estate transaction. Long a source of mystery and confusion to consumers, the closing process is now much more transparent."
ClosingCorp, an independent real estate information services company based in La Jolla, CA, owns and operates Closing.com® the most comprehensive source for real estate closing services on the Web. The site empowers consumers and real estate professionals to shop, compare and evaluate real estate closing services in their area. Visitors to Closing.com can estimate their closing costs, learn more about a real estate provider's products, services and rates and make inquiries online. The company does not own, sponsor or endorse any company that is listed on Closing.com.
Contact: Steve Cook