From unfamiliar terms to mortgage options, it’s a totally new world for first-time home buyers trying to navigate the mortgage process. The good news is there are plenty of apps that can help you along the way.
In fact, a recent Canada Mortgage and Housing Corporation (CMHC) survey found 73% of home buyers used a mortgage calculator and 15% used a mobile device to access mortgage information. These numbers will only grow in the years ahead. Mortgage apps can help with everything from determining a comfortable loan amount to familiarizing yourself with industry lingo and educating yourself on expenses you can expect as a homeowner – all with a quick tap of your finger.
Here are four helpful mortgage apps that will make your home buying process easier.
1. Ready Set Home by CMHC
Platforms: iOS & Android
Developed by mortgage loan insurance provider CMHC, the Ready Set Home app is definitely more than a basic mortgage calculator. While it’s designed with first-time buyers in mind, the app has features to help any buyer. The app includes an A-Z glossary of mortgage terms to help you better understand the details of your loan and a database of useful articles to walk you through the process.
Ready Set Home includes several calculators as well. Use the homeowner household calculator to plan your budget and avoid overlooking new expenses you may have. The mortgage affordability calculator helps determine how much mortgage you can afford based on your monthly income, expenses, and mortgage rate. With the mortgage payment calculator, you can estimate your monthly payment with homeowner’s insurance, property taxes, and mortgage insurance and see the effect of extra payments.
2. Karl’s Mortgage Calculator
Platforms: iOS, Android and web-based
If you want to experiment with different variables like extra payments every month, different down payments, and additional annual payments, Karl’s Mortgage Calculator app offers more options than most free mortgage calculators out there. This calculator allows you to change nearly any variable that can impact your mortgage and monthly payments with a look at your monthly interest and principal payments and annual breakdowns of your loan.
This app is very robust with many parameters you can change. Make sure to keep track of the changes you make to avoid any calculation errors.
3. Canadian Mortgage App
Platforms: iOS & Android
This free app is the top-rated mortgage app in Canada and one of the most comprehensive apps available for understanding the cost of homeownership and choosing a mortgage. Unlike most mortgage apps, the Canadian Mortgage App offers a realistic estimate of the costs of owning a home with estimates of the one-time expenses you will incur. You can easily input your numbers and calculate any land transfer costs and first-time buyer rebates available in your area.
What sets this app apart is it’s packed with rates and information to calculate just what you’re looking for, whether you want a fixed or variable rate, weekly or bi-weekly payments, or you want to factor in income you will receive from a tenant or roommate.
4. Simple Canadian Mortgage Calculator
Platforms: iOS
Looking for a basic mortgage calculator without a lot of extras? This app lives up to its name by providing a simple way to estimate your mortgage payments. The Simple Canadian Mortgage Calculator app has no ads and is designed to give you answers quickly. It performs all calculations based on Canadian mortgage regulations with Bank of Canada rates.
Keep in mind this calculator only gives an approximate mortgage payment; it won’t consider fees and other costs a lender may add.
Buying a home can seem daunting, especially as a first-time buyer. Use these free apps to help you find the most affordable mortgage for your unique situation and take some of the uncertainty out of the process.
Photo Credits: woman using tablet, mortgage app on smartphone
