INTEGRATED PROPERTY MORTGAGE AND PROPERTY IMPROVEMENT LOAN APPLICATION SYSTEM AND METHOD
First Claim
Patent Images
1. A property mortgage application system comprising:
- a server having a processor, a network interface for sending and receiving data via a network, and a computer storage media coupled to the processor that stores computer executable instructions; and
a plurality of computing devices coupled to the server via the network,wherein the computer executable instructions, when executed by the processor, cause the server toreceive data from one or more of the plurality of computing devices, the data corresponding at least toi) a first appraisal value of a property,ii) a selection of planned property improvements,iii) a total cost for the selection of planned property improvements, andiv) an improvement correction factor corresponding to the selection of planned property improvements,calculate an increase in property value based on the total cost for the selection of planned property improvements and the improvement correction factor,create a second appraisal of the property value that accounts for the increase in property value due to the selection of planned home improvements by adding the calculated increase in property value to the first appraisal value of the property, andtransmit the second appraisal of the property value to one or more computing devices for use in a property mortgage loan application.
0 Assignments
0 Petitions
Accused Products
Abstract
An integrated property mortgage and property improvement loan system, and method, includes a provision for basing a property mortgage appraisal on a projected increased property value attributable to a selection of planned property improvements.
46 Citations
20 Claims
-
1. A property mortgage application system comprising:
-
a server having a processor, a network interface for sending and receiving data via a network, and a computer storage media coupled to the processor that stores computer executable instructions; and a plurality of computing devices coupled to the server via the network, wherein the computer executable instructions, when executed by the processor, cause the server to receive data from one or more of the plurality of computing devices, the data corresponding at least to i) a first appraisal value of a property, ii) a selection of planned property improvements, iii) a total cost for the selection of planned property improvements, and iv) an improvement correction factor corresponding to the selection of planned property improvements, calculate an increase in property value based on the total cost for the selection of planned property improvements and the improvement correction factor, create a second appraisal of the property value that accounts for the increase in property value due to the selection of planned home improvements by adding the calculated increase in property value to the first appraisal value of the property, and transmit the second appraisal of the property value to one or more computing devices for use in a property mortgage loan application. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
-
-
10. A computer readable storage media storing computer executable instructions for creating an appraisal of a property value that when executed by one or more processors cause the one or more processors to:
-
receive data from one or more of the plurality of computing devices, the data corresponding at least to i) a first appraisal value of a property, ii) a selection of planned property improvements, iii) a total cost for the selection of planned property improvements, and iv) an improvement correction factor corresponding to the selection of planned property improvements, calculate an increase in property value based on the total costs for the selection of planned property improvements and the improvement correction factor, create a second appraisal of the property value that accounts for the increase in property value due to the selection of planned property improvements by adding the calculated increase in property value to the first appraisal value of the property, and transmit the second appraisal of the property value to one or more computing devices for use in a property mortgage loan application. - View Dependent Claims (11, 12, 13, 14, 15)
-
-
16. A method of applying for a property mortgage using a computing device, the method comprising:
-
receiving, at a server, information related to; i) a first appraisal of a property value; ii) a selection of planned property improvements; iii) a total cost for the selection of planned property improvements; and iv) an improvement correction factor corresponding to the selection of planned property improvements; calculating an increase in property value that accounts for the selection of planned property improvements by multiplying the improvement selection factor by the total costs for the selection of planned property improvements; and creating a second appraisal of the property value that accounts for the estimate of increased property value as a result of the selection of planned property improvements by adding the increase in property value to the first appraisal of property value. - View Dependent Claims (17, 18, 19, 20)
-
Specification