Elliman.com helps borrowers gain their financial figures

Real Estate Weekly, April 18, 2001

Now home seekers can get a sound "reading" on their financial qualifications to buy a New York City condo, coop or townhouse -- even before they contact the real estate agent to ask to see the property.

All it takes is a personal computer with access to DouglasElliman.com.

"Unique among other real estate firms in New York, Douglas Elliman's website listing of exclusive properties features a mortgage pre-qualification feature that enables home hunters to determine the affordability of a property long in advance of entering negotiations with a seller," says Alfred Renna, Executive Vice President and Director of Internet Marketing and New Media for Douglas Elliman.

The mortgage pre-qualification is a value-added service of Manhattan Mortgage Co., Douglas Elliman's preferred mortgage provider.

"We now offer much more access to mortgage-related information online at DouglasElliman.com and a much easier step-by-step process to obtain mortgage pre-approvals," pointed out Melissa Cohn, President and Chief Executive Officer of Manhattan Mortgage Co, "We are delighted to reinforce our relationship with New York's leading residential real estate firm and its network of brokers, while offering a user-friendly service for consumers."

If an individual sees a Douglas Elliman property that he or she likes, Mr. Renna explained, the prospective buyer can quickly do a calculation to establish if the individual's financials meet criteria imposed by the price of the property, taxes, maintenance and similar expenses.

The next step is to secure a go-ahead that is documented by a Pre-Qualification Certificate issued online by Manhattan Mortgage Co., subject to verification of the financial data. The Pre-Qualification Certificate also awards a $275 credit applied to the application file for a mortgage with Manhattan Mortgage Co.

A convenient Monthly Cost Calculator on the DouglasElliman.com website is an easy-to-use tool to factor in the applicant's income and expenses versus the cost of the property, the current rate on a 30-year mortgage for the residence and monthly taxes and "common charges" on the home. To suit special circumstances, the user can insert his or her own calculations of the mortgage rate instead of using the fixed formula from Manhattan Mortgage Co.

"This service on DouglasElliman.com saves prospective buyers a great deal of time, trouble, worry and possible em barrassment by giving them a realistic assessment of whether or not they can afford the property and qualify for a mortgage before moving ahead further," pointed out Mr. Renna.

"In fact, you can scout several properties within your price range on our web site and just as easily appraise their affordability. It also provides valuable preliminary input for the financial 'pack age' that must be submitted to co-op and condo boards as well as to banks."