If you’re planning to buy your dream property, you will likely need to take out a mortgage. While mortgages make your goal of owning a home a reality, they can be challenging to track and manage. Thankfully, we now live in a digital and smartphone age where there are apps that can make our lives significantly easier.
Mortgage apps are incredibly handy for helping you determine which houses you can afford and calculating your monthly dues. Some allow you to see real-time rates and compare loan quotes from different lenders. These programs also have re-financing calculators so you can see how much you’ll save by adjusting your plan. In short, mortgage apps can well very be your best friends when you’re looking to buy a home.
We’ve rounded up the best mortgage apps according to their features and ease of use:
1. Canadian Mortgage App
Platform: iOS, Android
Cost: free, with in-app purchases
Developed by Bendigi Technologies, the Canadian Mortgage App has a clean, well-designed interface that makes navigation simple. It allows you to view your savings, interests, and payments in one screen—conveniently categorized into weekly, bi-weekly, or monthly groups. It also has a built-in algorithm that tracks mortgage rules and taxes per province. What’s more, the Canadian Mortgage App uses location services to help you find the nearest realtor in your area. With all these features and more, it’s safe to say that this app is a godsend!
ExactDeposit is an online deposit system that will make the lives of homebuyers, realtors, brokers, and advertisers across Canada so much easier. With features that make payment schemes easy, convenient, and safe, what’s there not to love? Just by creating an account, you can transact deposits online and never go to the bank or write a check again. Realtors or brokers create a deposit invoice which will be sent to the buyer via e-mail. Buyers make an online deposit directly to the broker’s account. If the deal doesn’t push through, the platform will return your money, including the 2.9 percent transaction fee.
3. Centum Pre-Qualifier Tool
Platform: online widget
Centum, a reputable network of mortgage broker firms, has created the Centum Pre-Qualifier tool, a tool that—you guessed it!—lets you know if you qualify for a mortgage. There’s no longer a need to leave the house just to fill out forms; all it takes is an internet connection and 15 minutes! You’ll first answer a series of short questions, after which your responses will be sent to a Centum broker. This data allows the broker to run a quick but reliable credit check before getting back to you in minutes. If you don’t qualify for type A lenders, don’t despair. The tool will offer suggestions and other options so you can still take steps towards getting that dream home.
4. Ready, Set, Home
Platform: iOS, Android
Ready, Set, Home, is an app created by the Canadian Housing and Mortgage Corporation (CMHC). The program is geared towards helping first-time homeowners go through the process of buying a house. It features a newsfeed of articles pulled from CMHC’s website and a useful glossary or real estate jargon. This app is fully customizable, so you can keep track of houses that you’re eyeing and update your database of real estate professionals.
Buying a house, whether or not it’s your first property, is always a complicated and lengthy process. Take advantage of these modern tools to make your transactions more manageable!