Modern technology helps us in many ways, and believe it or not, it can even help you get ready to purchase a home. Apps used to be just for killing time and having fun, but now they can also help you focus on the areas you need to improve in in order to get ready for home ownership. Many young, aspiring first time homeowners struggle with a few basic issues:
- Budgeting in order to save a deposit
- Improving credit in order to get approved for a home
- Finding the right home
Best Budgeting Apps
These apps can help you take control of your spending and save the money you need for a down payment on a home.
Mint is a budgeting app that syncs with your bank account to help you track every cent of your spending. You can set up budget categories and track how you are doing as the month goes on. You can also load all of your bills and the due dates into the app and get reminders about when to pay them to help you save money by avoiding late fees.
Acorns lets you take a small amount of money and turn it into more by investing in stocks. As you spend money, the app rounds every amount up to the next dollar. For example, if you spend $3.25, the app rounds it up to $4.00 and invests the remaining $0.75 in stocks and bonds. This can help your money grow, but you should monitor it closely to ensure that you don’t lose money if the stocks and bonds dip in value.
Credit Improvement Apps
Getting your credit score up will help you get approved for a loan, get a better rate on a loan, and qualify for certain first time homebuyer incentive programs.
The credit karma app lets you monitor your credit score as it rises and dips, and will help you get an understanding of what impact making regular payments is having on your score. While the number given might be a few points off the score your bank might get when they pull your FICO score, it will still give you some insights into your progress.
Student Loan Hero
This app helps you create a plan to tackle your debt and helps you see how close you are to success. Visualizing every loan helps you see which are incurring the most interest and concentrate on paying them first.
Apps to Help You Find a Home:
Once you’re almost ready to get in a home, these apps can help you find the right one.
Track listings you like, see photos of new homes for sale, and find out all of the data you need to make an informed decision on properties. If you live in a hot real estate market, things can change fast, and apps make it easy to stay on top of the latest homes to hit the market.
Next Door is a social app you may not have heard of, but it is a great place to get information about the areas where you might purchase. You can get a better idea of the community activities and property values, and who your potential neighbors might be.
If you’ve done the work to get ready for purchasing a home, and you’re ready to find the right place for you, The Core Group can help. Click here to contact us and get started.