It’s incredible what technology can do these days. I look at my smartphone and I’m amazed at the many applications that have made our lives so much easier. The best part is your smartphone can do more than just give you access to your bank accounts or show you new Breckenridge homes on the market. It can also help you apply for a mortgage.
As a Realtor, I think it’s fantastic to be able to begin the loan process on your phone. Not only is this a great convenience, it also makes the entire procedure simpler for both borrowers and lenders alike. The new apps available for your phone are designed to perform functions that range from keeping track of your credit score to calculating your monthly payment for a new property.
Therefore, in this blog, I’ll give you the facts on some of the most FAQs concerning smartphone apps and mortgages.
Preparing for a Mortgage
In order to receive the lowest interest rates possible on a mortgage, you need to have an impeccable credit score. This number is determined by the Fair Isaac Corporation, which creates what is called a FICO score to evaluate your credit worthiness.
You can download the myFICO app for your iPhone at no charge. However, in order for the app to track your credit score, you’ll have to pay for the FICO monitoring service. Keep in mind that this app can’t be used on Android phones at this time.
If you want to avoid paying a fee to see your current credit score, Credit Karma provides real time information on your financial status. This app also offers a credit score, but it is not produced by FICO. Instead, you will receive a VantageScore that is estimated from the three main credit unions. FICO is a much more established credit rating system.
While Credit Karma does not include any FICO information on your credit, however, this app still has a lot of great qualities. It can show you your credit utilization and even display the percentage of on-time payments.
The Home Search
Once you begin looking at different homes, smartphone apps can come in handy as well. Various calculator applications have the capacity to input:
- Loan Amount
- Terms of the Loan
- Interest Rate
- Property Taxes
- Private Mortgage Insurance
- Homeowners Association Fees
This means you can get a clear idea of the costs of a certain home right away.
Some apps even enable you to shop for mortgages just by plugging in a zip code. Then you can see what nearby lenders can give the kind of loan you’ll need for a property you’re seriously considering.
Plus, having all of this information on your phone may be useful when you’re meeting with a loan officer at a bank or lending institution. It can let a banker know right away that you’ve qualified for a lower interest rate at a competitor, giving you a cost-effective edge in the negotiating stage.
Paying Your Mortgage
After you’ve moved into your new, Breckenridge home, a mobile app may still be of service. A lender’s app can give you reminders through texts and email alerts about your monthly payment deadlines. Furthermore, some apps even allow you to make this payment with your smartphone.
A bank or loan provider’s app that includes bill pay can be very helpful, ensuring you always stay on track with your monthly mortgage.
Want More Tips?
As you can see, smartphones are fantastic resources for every stage of the home buying process. Beginning with your mortgage search, a mobile app is often one of the best tools you get in touch with your Breckenridge Realtor to start home shopping. If you would like more tips on searching for and purchasing property in Summit County, feel free to give me a call. I’d be glad to give you additional insights.
Also, if you’re looking to buy a new home in Breckenridge or throughout Summit County, I’m happy to put together some properties that might meet your needs. You’re always welcome to start by searching the updated MLS listings on my website any time, too. When you’re ready to discuss your options or prepare for showings, contact me at any time via email ([email protected]) or on my office line. I look forward to working with you!