The mortgage industry has been much slower to adopt mobile technology than many others despite the growing demand; however, you can find apps that allow you to track your mortgage payoff and send an alert when the payment is due. According to Fannie Mae’s Mortgage Lender Sentiment Survey, only 25 percent of lenders offer an app that enables homebuyers to obtain a mortgage. Among those who do not offer an app, 40 percent plan to develop one in the next 12 months. While many lenders are still developing their strategies, a handful of start-ups have introduced mobile apps to accelerate the home buying process. You can also find apps that make paying your existing mortgage much easier.
Want to Compare Mortgage Rates?
The Mortgage Rates app allows you to compare mortgage rates of competing lenders. You share no information with the lender unless you choose to submit it. Unlike traditional loan shopping, comparing rates through the Mortgage Rates app doesn’t affect your credit score. The app supports searches for 15, 30 and 40 year fixed mortgages and 3, 5 and 7 year adjustable rate mortgages.
Looking for a Mobile App to Apply for a Mortgage?
SoFi is a start-up that focuses on connecting with customers through mobile platforms. Their app enables you to apply for a mortgage 24 hours per day and receive a mortgage quote in only two minutes. While you also have the opportunity to speak with a mortgage professional, the app is designed to provide all of the information needed to apply for a mortgage. PrimeLending’s mortgage app provides you with educational materials and a mortgage calculator to enable you to calculate your monthly mortgage payment. You can shop for mortgage rates, upload loan documents and transmit them securely to your loan officer. It allows you to instant message your loan officer and get real-time status updates on your loan status.
Want a Mortgage Calculator Compatible with Your iPhone?
Loan Calc is three calculators in one. It performs monthly payment calculations, estimated tax savings and income ratios. It also allows you to email files containing an amortization table to other devices. Mortgage Calculator is an app developed by Quicken Loans that calculates interest rate, down payment, annual taxes and annual insurance. The app provides real time information on current interest rates as well. Mortgage Calculator Plus is a simple to use mortgage calculator that calculates the payment, total interest that will be paid and the total loan amount to be repaid. You simply enter in the mortgage amount, interest rate and term. In addition, it allows you to add in the percent PMI and any additional payments. All are available through the Apple App Store.
Need to Track Your Mortgage Payoff?
Mortgages Pro is a simple payment-tracking app that provides an overview of your home loan. Enter the purchase price, down payment, interest rate, term, property tax, insurance and other fees. You can adjust any of the variables as the rate changes over time. Mortgage Payoff Track is a more comprehensive app that illustrates the amortization process. It incorporates a variety of charts and graphs to visually represent the declining principal balance as your mortgage is paid off. The app is also useful in calculating various payoff scenarios, for example, the amount of interest saved by increasing your monthly payment or making a one-time payment to reduce the principal.
Do You Have a Variable Rate Mortgage?
Mortgage Mentor is ideal for tracking your mortgage payoff if you have a variable interest rate loan. The app has specific functions for 3, 5 and 7 year adjustable rate mortgages and accounts for PMI, taxes and insurance. You’ll find many options for customizing your loan and interactive charts display cost savings from additional payments. You can also e-mail a .pdf of the loan details. Mortgage Mentor is available for Android and iOS devices.
Would You Like a Monthly Payment Reminder?
Loan Calculator Pro is a loan calculator as well as a payment tracker; plus, it has a time feature that allows you to set up payment reminders. You can also enter a date for when you would like to have your home paid off, and the app will calculate the exact amount you must pay to have the home paid off by that date. If you’re looking for a more simplified payment reminder, BillMinder allows you to customize notifications according to your location and the time of day. The app will automatically adjust reminders when bills are due on the weekend. Reminder App is another payment reminder tool that triggers an alarm the day before a payment is due. Reminders will be displayed even when the app is not running, and no internet is needed to trigger the alarm.
Are You Looking for an All In One App?
Bills Monitor is a useful app if you have more than one mortgage, and it can also help you keep track of your other bills. You can enter information such as the amount, due date, recurring or not and recurring end date. A calendar displays all of your bills, and each one is represented by an icon. A report function displays the bills in a pie chart, and you can e-mail data to your financial advisor in CSV, HTML or PDF format. The search function allows you to locate a bill by entering a name, note, category, or account. Bills Monitor supports 3D Touch and Apple Watch.
2 Point Highlight
The mortgage industry has been much slower to adopt mobile technology than many others despite the growing demand; however, you can find apps that allow you to track your mortgage payoff and send an alert when the payment is due.
While many lenders are still developing their strategies, a handful of start-ups have introduced mobile apps to accelerate the home buying process.
