What Can Homebot Do For Me?

Homebot is a single source to track your home's value, equity, and payment progress, and it's a report explicitly customized to your home. Below is what you could get by enrolling to receive your once-a-month digest at NO COST.

Estimated Current Value of Your Home

What makes this different from other estimates, you might ask? Homebot pulls data directly from the local MLS (multiple listing service), public records, and RealtyTrac. RealtyTrac is a real estate information company and online marketplace for foreclosed and defaulted properties in the United States. These resources foster much more accurate data than many others can, so you can rest assured the information you’re receiving is the next best thing to having a broker generate a CMA (comparative market analysis) on your home. However, it is still a computerized estimate, and nothing like this can substitute for a professional real estate CMA.

Loan Balance Payoff Information

Keeping an eye on what you’ve paid towards principal vs. interest is of enormous importance when it comes to how much equity you have in your home, likely your largest asset. The lower your principal balance is, the higher your home’s equity will be, and the more room you have to leverage that equity to build your wealth. Because home sales are public records, Homebot will automatically plug in your particular loan details to base its calculations. You can use this data to determine whether or not it makes sense to pay an additional amount towards principal each month or if it’s time to refinance your loan on a shorter term or for a lower interest rate.

Scenarios for Refinancing

Is paying your home off sooner a goal of yours? Homebot provides three refinancing scenarios based on current national rate trends and breaks down your long-term savings and impact on your monthly payment amount. Call your Homebot lender to dive into your options even further, or contact us!&

Rental Potential Possibilities

Are you curious what you could earn renting your home, or even a room in your home, on an online hospitality marketplace such as Airbnb or VRBO (vacation rental by owner)? Homebot provides an integrative and modifiable platform for running numbers to estimate your home’s potential revenue. How cool is that?!

Trading up to a new home or paying off debt

Homebot breaks down how much “purchasing power” your home’s equity could grant you. For example, you could take out a HELOC (home equity line of credit) on your home and use that to put a down payment on a new home. Then, you have the option to keep your old home as a rental or sell it after you close on the new home.

If paying off debt is more important to you, then perhaps doing a “cash-out refi” is the better route for you. You could use these funds to pay off bad debt like credit cards, pay down your student loans or make home improvements/updates to increase the value of your home. The options are endless!