Homebuyers typically search for houses in particular, but generalized, price ranges — say $400,000 to $450,000. But now, a new AI-powered tool will allow them to search by what they can actually afford, down to the exact dollar.
Called Afordal, the platform marries the home search with live mortgage rates, rapid pre-approvals, and even the availability of property-specific special financing, into a program that allows consumers to search for what they can pay each month. The all-in-one program is said to be the first to unite that entire process in a single, seamless tool.
The platform “solves one of the biggest pain points in residential real estate – what buyers can afford,” Brad Springer, co-president of RatePlug said in launching Afordal today. “It unites the home search and financing to give buyers a clearer path forward and allows the professionals with whom they work to engage their clients more effectively.”
According to the company, the platform equips lenders with a lead-generating engine that does more than organize customer contacts. It also nurtures and prioritizing them. Using AI to analyze life events, equity, credit behaviors and listing propensity, it identifies customers most likely to transact.
Leads are ranked, showing who is ready to act and when, the company says. The hottest leads rise to the top via alerts and can be pushed into existing CRMs through flexible integration tools. The program also streamlines follow-up, boosts conversion rates and turns static databases into productive revenue pipelines, the company maintains.
RatePlug, which delivers mortgage rate information to local multiple services and other consumer search platforms, says the rankings are driven by layering in predictive listing propensity scores, life event triggers and credit profiles, among other factors.
For buyers, Afordal simplifies the buying process by giving consumers cost transparency and choice right from the get go. Instead of being surprised by monthly costs or financing limitations after they fall in love with a house, they can begin their search with true affordability in mind.
Buyers can search for properties based on live mortgage rates, monthly payment range, and eligibility for special financing programs like low-down or zero-down VA, FHA, USDA, assumable loans and first-time buyer programs.
Afordal is the result of RatePlug’s recent acquisition of HomeASAP, whose IDX home search, lead generation and agent marketing capabilities fully integrate with RatePlug’s lending infrastructure. And it is positioned to have an immediate impact.
HomeASAP has helped 700,000 real estate professionals grow their businesses using digital marketing tools and advertising services. Known for its Real Estate Agent Directory, a top real estate agent app on Facebook, and IDX Home Search, the company connects agents with buyers through social media marketing and lead generation.
