Buying a house is easier now than it was back in the days. Before, you need to search for homes for sale or work with real estate agents before you can find a house that matches your requirements. Nowadays, you can simply go online, search for house listings based on your criteria like the location, price, number of rooms, etc. and you get tons of lists showing up results.
In the past, you need to go on mortgage lender hunting on foot to compare rates and terms. These days, mortgage lenders and brokers are now online. This means if you need help financing a home purchase, you can search for a good mortgage lender and choose among the many mortgage loans El Paso that will best fit your situation.
Another reason why purchasing a home is easier these is because tons of apps can help you get a mortgage. If you’re a prospective homebuyer, then you can take advantage of the following apps for an easier mortgage application.
TransUnion Credit Monitoring
Your lender will check if your credit score meets their minimum requirement. This app allows you to monitor your credit score, see if it meets the score requirement of your target mortgage loan, and even check your credit report for any negative hits. It is an excellent app for those who want to increase their credit score or for those who already met the credit score requirement and intended to maintain the current score.
Good Read: Credit Score: Definition, Factors and How to Improve It
Realtor’s Real Estate App
You might be familiar with the Realtor app that shows you a list of houses for sale in your area. This app is also helpful in providing you useful information that can affect the cost of your homeownership. For instance, the Realtor app can show you how much property taxes a house had in the last five years. This gives you an insight into how much money you will need in terms of property taxes of the home you plan on buying with the help of a mortgage.
Bankrate’s Mortgage Calculator
This app allows you to shop for mortgages and check the amortization rate of the loan. This is what the mortgage will cost during the entire lifetime of the loan. You get to enter the loan amount, interest rate, property taxes, loan term, homeowners association fees, private mortgage insurance, and homeowners insurance. By knowing how much the amortization rate is, you can use this to negotiate with your mortgage lender.
Good Read: How Amortization Works
After sending in your mortgage application, you’ll have an idea on how much of a home you can afford. It allows you to search for homes by price, which helps you find homes within your budget. It has good reviews mainly because it is informative, easy to use and offers specific search inquiries making it easy for its users to find what they need.
Homebuyers and sellers will find it easy to exchange documents online with the DocuSign app. You get to speed up the paperwork process through fast exchange of mortgage documents, sign the paperwork even if you have no internet connection and manage the documents from any device.
These are just five of the many apps you can use to speed up your mortgage application. Utilizing these apps, and you’ll find it easier to apply and get approved for a mortgage.