Understanding AskChristee Modules

Welcome to the Awesome Power of AskChristee!

AskChristee provides analysis and information for affordable home buying decisions. AskChristee provides the absolute best information for making smart homebuying decisions. The platform is used by homebuyers, real estate agent and loan officers. We suggest homebuyers review their results with a AskChristee recommended agent and loan officer.

Each AskChristee module is designed to provide critical information for a particular real estate transaction. The results are localized providing information based upon the state and county selected. This means that each calculation is based upon local property tax rates, transfer rates, and title insurance rates. For certain costs such as title company closing fee, we have surveyed the community and utilize an average amount.

All reports include down payment plus closing cost and total required cash. AskChristee modules do not require ‘cash’ to be entered. When ‘cash’ is not entered, the results panel will be based upon the ‘minimum cash’ required. When ‘cash’ is entered, an additional results panel, ‘Spending Cash’, will be shown. This design feature allows the user the opportunity reflect upon the allocation of cash in the purchase of a home.

Modules with the prefix ‘Quick’ do not require the input of income or monthly debts. These modules provide complete analysis based upon the input of a ‘desired monthly payment’.

Modules such as, ’Buyer PreQual’ or ‘Buyer Choice’, utilize AskChristee algorithms to convert monthly income into an affordable mortgage payment. These algorithms are based upon ty[ical mortgage underwriting guidelines for each mortgage type – Conventional, FHA, VA, or USDA. The software allows the user the flexibility to override the algorithms and enter a desired mortgage payment. AskChristee is not mortgage underwriting software, and as such, does not provide mortgage approvals.

In most modules, the user is allowed to select multiple mortgage types for comparison. For modules such as ‘Investment’ or ‘Vacation’, only conventional loans are available for calculations because the other mortgage types are not utilized for purchase of these types of properties.
AskChristee calculations are based upon mortgage specific guidelines. These guidelines include minimum down payment, upfront mortgage insurance premiums required on FHA, USDA, or VA loans, monthly mortgage insurance premiums and allowable seller concessions.

We hope you enjoy your AskChristee experience! The following is a brief description of each AskChristee module.

Buyer PreQual: The intelligent first step when contemplating buying a home is to have a financial strategy in place prior to viewing properties. To execute the module, the user enters information such as location, income, debts, credit score, and what mortgage options to consider – Conventional, FHA, VA, or USDA. For each loan type selected, the report will detail projected sales price based upon spending minimum cash, mortgage amount, total monthly payment including mortgage insurance where applicable, total cash required including closing cost and potential tax deductions and tax savings. If the user has entered ‘cash available’ an additional report will illustrate the effect of spending more or less cash when compared to minimum cash required. The user may further customize the report by entering things such as maximum payment desired or maximum LTV.

Quick PreQual: The Quick PreQual module will perform analysis much the same as the Buyer PreQual except the analysis is based solely on the input of a desired monthly payment. This module is ideal for buyers that have already decided upon an affordable mortgage payment or real estate agents that do not wish to ask buyers about these matters.

Buyer Choice: This AskChristee module is designed to allow the user to develop a financial strategy for purchasing a particular property. The user enters mortgage options to compare, income, monthly debts, credit score, and any seller or lender credits. The report will show, for each loan type selected, minimum cash required to purchase, monthly payments, potential tax deduction, and net mortgage payments. If the user has entered ‘cash’, AskChristee will provide another report based upon spending available cash. The user may enter optional inputs such as maximum mortgage amount, down payment, desired monthly payment, and seller credits to produce a completely customized report. The goal is to provide the user with financial data to structure the offer to purchase.

Quick Buyer Choice: This module performs much like the Buyer Choice module except inputs of income, debt and credit score are not required. This module is ideal for buyers that have already decided upon an affordable payment and wish to analyze and compare their best options to purchase a specific property. Also extremely helpful for real estate agents when showing propeties.

Closing Cost: Closing costs are a pricey aspect of real estate transactions. Unfortunately, most buyers do not understand the impact of closing costs. This module will accurately display all closing costs including state and local taxes, title insurance, closing fees, and homeowners insurance. 

Buy or Rent: This AskChristee module allows the user the opportunity to compare renting for a period of time compared to buying a home. The user inputs variables such as years to compare, monthly rent, price of home, and mortgage type. The report will detail total rent, total mortgage payments, potential tax deductions, and possible equity based upon user input of property appreciation or depreciation.

Buy or Wait: This module provides a thorough report comparing buying a home today or postponing until a future date. The user enters the wait period, future interest, property appreciation or depreciation, and mortgage type – Conventional, FHA, VA, or USDA. The report shows all the significant impacts of waiting to purchase such as house value, mortgage amount, monthly payments, cash required, potential equity, and tax deductions.

Reverse Mortgage: This AskChristee Module is extremely unique in its capacity to forecast the ability to purchase a home utilizing a HECM loan. Alternatively, you can obtain all the details regarding the purchase of a particular home with a reverse mortgage. You can easily and quickly obtain all relevant data such as home price, mortgage amount, annual property taxes and insurance, negative amortization, and loan balance for any period. This module is not designed for a HECM refinance.

Amortization: This AskChristee Module will calculate amortization of any loan based upon interest rate and term. Additionally, you may enter additional principal payments or enter a term which you would like the loan to be fully amortized. The results detail total interest paid over the mortgage term, annual allocation of payments as a percentage to principal and interest.

Budget: This allows the user to see how a potential mortgage payment fits within their monthly income and existing liabilities. The report details the monthly budget including federal withholding taxes, state income taxes, social security, and Medicare. The software will calculate the total mortgage payment and show the disposable income available each month.

Vacation: Buying a vacation (2nd home) is very different from purchasing a primary residence. Some differences are subtle while other differences are not so subtle. This AskChristee Module will handle unique features, for vacation properties, such as mortgage type, down payment, tax deductions, mortgage payments, closing cost, and property taxes. The results will also show potential increase in property taxes when a states imposes a higher tax rates for non-resident of that state.

Seller Net: This module is designed to provide a detailed estimate of net proceeds to a seller based upon a sales price, terms, and location of the property. The software will allocate cost, common to the area, such as Transfer Tax, Documentary Stamps, Survey Charge, Closing Fee, Doc Prep Fee, Title Abstract Fee, Title Agent Service Fee, and Title Insurance Policy. Additionally, the software will calculate and verify the amount any buyer closing credit. This powerful program will calculate mortgage balance, commissions, and allocate property tax adjustments at time of closing.

Investment: The purchase of real estate as an investment is very different than purchasing a primary home. Whether you are purchasing for cash flow or a tax shelter this AskChristee Module will provide a detailed analysis such as debt service, debt service ratio, net operating income, cash flow projections, tax deductions, depreciation, projected equity, gross profits, cash analysis, and potential capital gains implications.

Home Wealth Analysis: For the vast majority of people, their most valuable asset is their home. This module explores possible wealth as a result of property appreciation and liquidation of mortgage debt. Potential equity wealth is displayed on a long term and annual basis.

Payment Subsidy: A Payment Subsidy is also known as a 2-1 Payment Buydown. The first-year payment will be based upon an interest rate 2% below the fix rate. The second-year payment will be based upon a rate 1% below the mortgage rate. A great option to explore in times of increasing mortgage rates.

Consumer Debt: This module will allow you to see the time required to pay off a consumer debt such as a credit card and the total (not tax deductible) interest to be paid. Additionally, this module will allow you to compare the credit card debt to the same amount included in a mortgage loan.