Technology has showed its importance in every field. Why will mortgage be left behind? There was a time when it was quite difficult and complicated to search for a new house. Although there were many real estate agents who helped the borrowers with the selection process, it was still a challenge for first-time buyers to get the best deal. But now, technology has played a great role in changing the scenario. It has now become easier to find attractive, fairly-priced properties. Moreover, technology has also changed the process of initiating and paying for mortgages.
Here are some of the mortgage apps which will help you in tracking and managing your home loans:
1. Mortgage Payoff Track
This is an all-inclusive mortgage app which helps in visualizing the amortization process. You will get a range of charts and graphs which will provide you with clear visual depictions of the declining principal balance on your mortgage. Celebrate your small victories by tracking your reduced principal loan balance with the help of Mortgage Payoff Track app. This app is available for free and works on iOS phones as well as PC computers.
2. Mortgages Pro
This is one of the mortgage apps which is compatible with every Apple devices that runs iOS 3.0 or later. This is a no-frills payment-tracking app which will help new homeowners with a clear, dynamic picture of their home loans. While using this app, the user can enter his or her home’s purchase price, loan term, property tax rate, insurance costs, down payment amount, interest rate, and various other fees and expenses. These figures can be modified in order to bring in changes in tax, interest and insurance costs over time. However, you won’t find the “payment date” feature in this app.
3. Mortgage Mentor
This is another useful real-time tracking tool. This app also rounds up as a planning tool. This app has an engaging interface which allows users to change the variables that determine the cost of their home loans. It should be noted here that this app is especially powerful for calculating one-year payments on variable-rate mortgages. It also has options for PMI calculations. This app is available on Android and iOS devices.
4. Bill Payment Log
This is a mortgage which will help you keep track of any credit facility. However, this app is also often used to track mortgage payments. It should be noted here that this app can juggle multiple loans at a time. This is a must-have budgeting tool for busy homeowners who don’t have time to keep track of their payments in an analog checkbook. It is compatible with most versions of the iOS platform
5. Loan Calculator Pro
This app is compatible with iOS 3.0.This app has many features similar to that of other apps like Mortgage Mentor and Mortgage Payoff Track. Apart from the similar features, Loan Calculator Pro has an additional feature - a “time” feature. This app will provide you with monthly payment reminders. Apart from this, this is one app which allows the homeowners to choose specific future dates on which they would like to own their homes outright. As per that date, the app will also let the user know the amount which he/she needs to pay every month. But one major downside of this app is that it lacks a facility for recording down payments.