To Qualify or NOT to Qualify - Qualifier Plus IIIx 3415 Scientific Calculator

After taking my Real Estate License course online and figuring out that I needed a lot of help with the math problems, I decided to buy the Qaulifier.

This calculator lets you pre-qualify clients so that you basically aren't wasting your time or theirs when determining what a person can and cannot afford in the Real Estate Market.

I have to say this calculator confused the heck out of me at first. It took some time getting used to, but once I did it really made financial computations easier.

With its slim design, it would easily fit in a shirt pocket or purse.

What This Calculator Can Do For You

With this calculator you will be able to find out qualifying loan amount, income required and the maximum allowable debt (debt/income ratio). In addition, by inputting the amount of the loan and rate it will calculate the principal and interest for you, or interest only, depending on which type of loan it is.

In order to use this calculator you need to have certain information in order for the functions to work..it's not magic! Keys are used for both entry and solving, depending on the function performed.

Here is an example of some of the keys and their functions:

Loan Amount
This key solves for the initial loan amount or present value of a financial problem.

Pmt
I find this key to be very beneficial. You use it to enter the P & I payment or it will solve it for you. Each time you press the key in succession, it has a different function. For example, if you press it twice it will calculate the PITI (principal, interest, taxes and mortgage insurance). Pressing it a third time computes the previous in addition to any other entered expenses.

Price
By entering the loan amount and down payment, pressing this button will calculate the sales price. Or, this key can be used to enter the sales price to figure out other information in other formulas.

Amort
This is the button that really impressed me. This function finds the total interest, principal, remaining balance, remaining term and the estimated mortgage interest tax deduction (estimate only)..yes it's a mouthful. Keep in mind that you still need to enter the required information in order for this function to work properly.

Qual1
Depending on what variables you enter, this key will perform the following pre-qualifying functions:

1)Stores Income and Debt Ratios
2)Calculates the Maximum Loan Amount
3)Calculates the Annual Income required &
allowable monthly debt
4)Finds Buyer's Actual Income & Debt Ratios

Default income and debt ratios for this key are 28% and 36%, respectively. Those are the ratios that most conventional loans are based upon, however they can be changed if you want.

Qual2
This key provides the same functions as the Qual1 Key, however the default ratios for this are 29% and 41%, the ratios that are used for FHA/VA loans.

There are so many functions, I'd literally have to re-write the manual so I think I'll stop here.

Some Additional Basic Functions
This calculator can also be used for basic arithmetic, figuring out percentages and straight commissions. It has a percentage key so there is no need to change your percentage into a decimal before doing the arithmetic.

Memory Storage
Whenever you press the "M" key, the displayed value is then added to your cumulative memory, remaining until cleared or until you turn the calculator off. In addition, there are six separate storage memory keys (M0-M5). Unlike the cumulative memory key, these figures will remain in storage until you want them cleared or replaced. Memory storage keys M10-M19 are also available if you need additional memory space.

Default Settings
The calculator comes with preset settings, as described with the Qual1 and Qual2 keys. In addition, the calculator bases its functions on 12 periods per year and a 28% tax bracket.

There is a small hole located to the left of the "off" key which will allow you to perform a total rest. You can use a paper clip. If you want to return to the original default settings, you would simply turn off the calculator, hold down the "x" key and turn it back on.

Error Codes
If you make a mistake, this calculator is gonna let you know it! If you get an error message you would just press any key to clear the error. There are a total of six error codes that can occur.

Nuts and Bolts
The calculator comes with Two LR44 (1.5V) batteries and these are replaceable by opening the battery door located on the upper backside of the calculator. You don't even need a screwdriver.

The product comes with a 1 year warranty, which covers defects in material and workmanship. Of course, this warranty does not apply to misuse, accident, battery leakage and visible cracking of the LCD resulting from misuse.

Literature
The calculator comes with a full, in depth instruction manual, a Pocket reference Guide and a Quick Reference Guide, which is located on the inside of the Protective Slide Cover.

My Experience
I have been working with this calculator for a few weeks now and it is amazing. I still find myself using the basic functions for simple problems, however it really comes in handy for me when doing multi-step problems. I don't have to write things down because they are stored for me and easily retrieved. I do find myself referring back to the User's guide a lot because there is just so much to learn. I will be taking the State Exam in a few weeks and they allow this calculator, so hopefully I will have it mastered by then!