Three Apps to Simplify Mortgage Payment and Tracking
If you’ve purchased – or refinanced – a home in the past decade, you likely benefited from new technologies that make loan approvals near-instantaneous and comparison shopping a breeze. Now, many consumers are also taking advantage of technology to pay their monthly mortgage, track progress and spec out desired payoff schedules. The following top-rated, user-friendly apps may help you reach your mortgage goals:
This savvy app is ideal for those with variable rate mortgages, as it allows you to easily change interest rates from month to month as the market adjusts your rate. It even has settings for 3/1 and 5/1 loan terms, so you can truly personalize your app experience. It also features a built-in PMI function that allows for tracking any Private Mortgage Insurance payments, we well.
Mortgage Payoff Track
If you’re a visual person, this app is the one for you. It offers a host of charts and graphs associated with your declining principal balance, interest payments and amortization schedule. It also offers a handy scenario-building feature, which lets you forecast how your financials will change if you increase your monthly payment, refinance your loan and more.
Loan Calculator Pro
Loan Calculator Pro also features dynamic, visual snapshots of your mortgage finances, with the added function of a “time” setting that acts as an alarm. It alerts you when your payment is due, ensuring you’ll never be late on your mortgage bill. It also lets you celebrate small wins in your homeownership story, making it ideal for consumers who are overwhelmed by the enormity of a 30-year loan.
As with any financial tool, the above apps are only as reliable as the information the user inputs. If you’re unsure about any of your mortgage payment terms, speak with your lender to clear up any confusion.
Image via Flickr/lizbuckley