What is Homebot?
Homebot is a financial dashboard that was designed to help homeowners take a closer look into a home’s financial picture. According to Homebot, by the time the average American retires, 83% of their wealth will come from home equity. Homebot goes further to explain that the US homeownership market is the largest asset class in the world at $30 trillion but is essentially an “unmanaged” asset. That is where Homebot comes in; to give interested individuals valuable information to make informed decisions regarding their high-dollar asset. Founded in 2015, Homebot strives to make sure that homeowners are empowered with personalized intelligence throughout their homeownership years.
One section of valuable information that Homebot focuses on is the value of a home otherwise known as what your home is worth. This is a vital snapshot if you are a homeowner wondering the amount of equity that could be in your home. Homebot offers an extremely detailed look into areas of your home such as your current loan information, potential loan options for the future, and potential cost savings.
The In-Depth Details of Homebot
If you are searching for an in-depth home report, Homebot has you covered. When you visit Homebot you will be prompted to input your property address. Then, upon entering your email address, you will be sent a detailed report of your specific home. Details include the property’s value, giving you both a low and high range of value. You even have the option to get in touch with a local real estate agent if you are interested in their professional opinion regarding your home’s worth.
Calculating Your Net Worth with Homebot
Homebot also has the technology to estimate your current loan balance and provide you with your net worth; this is calculated by taking your home value minus your loan balance. The report details an estimated amount of what you have already paid towards your principal and interest. Some of these numbers could be estimations but you do have the ability to update the accuracy of this information if you choose.
Providing Information for Your Home Loan Options
Another section of the report details different avenues that you could potentially take with your home whether that is a refinance, downsizing to a new home, or changing your loan term. With those hypothetical avenues in mind, it takes said loan changes and estimates how much those different options could potentially be saving you. This is important to understand when assessing whether your current loan is the best fit for your personal situation and goals.
It is important to note that all mortgage products and offerings listed in your report are estimates and subject to obtaining information such as the borrower’s income, credit, and property approval. It is also important to note that home valuations provided are estimates and that actual appraised values may vary.
Offering Great "What-If" Information
Tips are included throughout the report such as showing you how much you could save over the life of your loan if you put an extra $100, $200, $300, etc. towards your monthly mortgage payment. Again, many sections of this home report can be edited by you to reflect up-to-date information. The amount of information packed in this report is interesting and extremely helpful when wanting a closer snapshot of your home and the “what if” scenarios that you may have in mind.
It is important to be educated when it comes to such a large asset like your home. Knowing your property’s detailed information puts you in a good position when making important decisions. The real estate market is ever changing and tools such as Homebot are critical in keeping up with those changes. As interest rates and home values change, your Homebot report will also update and change to adapt.
The capabilities and technology that Homebot offers to not only homeowners but to lenders and those in the real estate industry is incredible. The best part of all is that this detailed information is given to the homeowner at no cost. Only a valid email address is needed to get detailed information sent your way. We are currently in an era where we have information at our fingertips. Systems of intelligence are used to aide in keeping people informed, empowered, and knowledgeable, and Homebot does just that.
Where Beacon Lending Fits In
Here at Beacon Lending, we are proud supporters of the tools that Homebot provides. Our relationship with our clients is not just an integral part of our business, it is our whole business. Staying current with trends and technology is important to us.
Using Homebot allows us to continue to provide useful information to our clients that will better serve not only us, but you. We care about what occurs after our transaction with you. Homebot gives us the tools to monitor important markers more effectively. Even if you have never worked with us before, you can still grab a free copy of your home report.
No matter your situation, it is important to us that you are given the tools to know the details. If you have questions regarding your home report or how to obtain one, please do not hesitate to reach out to us. We are always ready and willing to serve you. We hope you find the pertinent information that Homebot can provide to you as interesting as we do. It is important to us that our clients are engaged, educated, and knowledgeable.
About the Author
Brian Quigley has been in the Denver mortgage industry since 2003. Customer satisfaction has been his top priority while guiding clients through the home loan qualification process. He is proficient in all types of mortgage financing including FHA/VA, Conventional, USDA, Jumbo, Portfolio, 1031 Exchanges, Reverse Mortgages, Refinancing, Construction loans, and FHA 203K loans.