For most people, a mortgage is the only way to realize their dream of buying a house. This is true since homes can cost hundreds of thousands of dollars. But what does it take to get approved for a home loan, and manage your finances to make it through the mortgage term?
First, you need to check on your finances and see if you’re ready to take in a mortgage. You’ll need a stable source of income, have a good credit score, a steady employment record, or at least two years and a good DTI ratio. You’ll also need to look at the best mortgage lenders in Houston Texas and see what mortgage options will best suit your situation.
More often than not, borrowers are enticed to go for the first lender that will approve their mortgage. This is a big no-no as not all lenders are the same. Before you know it, you could be working with a predatory lender. Make sure to shop for lenders and compare their offers, terms, and rates. This way, you can find out which are the best mortgage lenders in Houston Texas and which lender will best help you achieve your dream of becoming a homeowner.
Good Read: How to Recognize Predatory Mortgage Lenders
After getting approved for a home loan, it will be your responsibility to track your mortgage, making sure you pay your mortgage dues on time.
Wondering how you can track your home loan better? The following are three apps that can help you keep track of your home loan.
A mortgage calculator is an excellent app that can help you check the best mortgage term based on your situation. For aspiring homeowners, you can use this to calculate how much your monthly mortgage fees will be depending on factors such as principal fees, interest fees, and years of payment. It can show you the monthly and yearly payment breakdown, including the interest fee and remaining principal. If you already have an existing mortgage, you can use this to get an idea as to how extra payments can affect your amortization. You can use this free app to check how soon you can pay off your mortgage if you choose to make additional payments.
Are you looking for an easy-to-use app that can help you better understand your mortgage? Then Mortgage Mentor is for you. This app allows mortgage borrowers by answering common home loan questions. You can play around and adjust your payments to try and see how you can repay your lender early through extra mortgage payments. This will allow you to check much money you can save from interest fees if you pay your loan earlier than the original mortgage term.
Mortgage Payoff Track
If you think applying for a mortgage is hard, wait until you get approved for a home loan and try to keep up with your monthly dues. While you may find it easy to look for the best mortgage lenders in Houston Texas, it can be hard to track and manage your home loan and pay your dues on time. This is especially true if you have tons of things to worry about, like your family, work, etc. The Mortgage Payoff Track will serve as your alarm clock, reminding you to pay your monthly mortgage dues. It also encourages you to pay off your loan early by telling you the perks that come with making extra mortgage payments.