Back in the days, mortgage loans are harder to apply for. If you want to buy a house, you’ll need to go through a rigorous process before you can make the purchase. One needs to have at least 20% down payment before you can buy a house. Thankfully nowadays, mortgage lenders are even more forgiving. You can buy a home also if you have less than 20% down payment saved up. Some are also qualified for a zero down payment mortgage.
Now, one can apply for Houston home loans even when you’re an average earner. As long as you can meet the loan requirements set by your lender, then you have a chance of getting a mortgage application. Usually, a good credit score, steady flow of income, a stable employment history, enough down payment, and cash reserves, and a good DTI ratio are what lenders are looking for on a borrower.
The thing is, many mortgage borrowers opt to dive in on the home loan game without being financially and mentally prepared after their mortgage approval. It is your duty as a borrower to pay out whichever Houston home loans you managed to get approved off and pay off your loan diligently and on time.
Good Read: How Much Mortgage Can You Afford?
The good news is some apps can make it easier for you to track and monitor your home loan. Five of the free ones are as follows.
Bill Payment Log
This app is among the free applications you can download on your phone to help you track your mortgage. Bill Payment Log allows you to track not only a single loan, but multiple investments as well. You can easily budget your income and see what areas you can make adjustments.
Loan Calculator Pro
Unlike other mortgage calculators, the Loan Calculator Pro app has a time feature. This allows you to set up a reminder that will alert you each month when it’s time to pay your loan. This way, you can be confident about not missing any mortgage payments despite your busy schedule.
Mortgage Payoff Track
This is app that shows you a clear picture of your mortgage. You get to see how much remaining principal balance you still need to pay before your loan term ends. If you want to pay down your loan early, you can input extra payments. The app will then show you how the additional payments can affect the interest fee, the loan term, and the principal amount as well.
Good Read: Why Pay Off Loans Early?
Mortgage Mentor
This app is a real-time tracking tool that also allows you to see how you can plan to pay your mortgage early. This is popular among variable-rate mortgage borrowers who want to calculate out-year payments. The app is relatively easy to use, making it a crowd-favorite among mortgage borrowers wishing to track their mortgage better.
Mortgage Pro
Mortgage borrowers who are Apple users often go for Mortgage Pro when tracking their mortgage. This app is easy-to-use and has a very detailed way of monitoring your home loan. One only needs to enter the total cost of your home, the loan term, the interest fees, down payment, property tax rate, and insurance fees. You can also input other to have a better picture of where your money goes for each mortgage payment you make.
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