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Helpful Apps for Homebuyers

Homebuying 4 min read
Hand pointing at iPad with home buying app on screen

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There are few industries as fast paced as home buying, so it’s no surprise these days that purchasing property has gone mobile. As you might expect, there are all kinds of tools and apps for your tablet or Smartphone that you can use to get ahead of the competition.

In fact, there are so many real estate apps that it can almost be overwhelming. And for such an important purchase, you’ll want a trusted source of information. Let’s take a look at some of the best mobile apps out there that you can use on the fly to help you through the home buying process.

Listing or MLS apps

Most major listing apps allow you to instantly search local “multiple listing services” (MLS) that real estate agents and sellers use to give consumers a mostly comprehensive list of properties for sale in an area.

These apps allow you to search homes within multiple criteria and will be your go-to tools for finding houses or homes in the locales you choose.

Real Estate by Trulia is one of the most downloaded and consistently highly rated apps in the home buying industry. Using a built-in instant search GPS feature that can find local houses on the fly, Trulia adds components like “Local Info” that display interactive maps with crime statistics and schools in a specific area. And of course, the app has more sortable criteria than you can imagine and millions of home listing nationwide.

Zillow Real Estate joins Trulia as the 2 leaders in home buying apps in terms of downloads and ratings. Zillow puts 100 million searchable properties at your fingertips and even allows you to set notifications for your favorite properties. The app also estimates prices in certain locations of your choice based on market trends in the area.

Realtor.com’s Real Estate app is known as being the favorite of real estate agents because it tends to have the most up-to-date information, sourcing more than 800 MLSs nationwide. The majority of listings update every 15 minutes, and the app will let you search accurate price estimates with the “Area Scout” feature.

Redfin Real Estate has a smaller scope than other comprehensive apps but is well-known for covering urban and metropolitan areas. One of the unique features of Redfin are exclusive “Agent Insights” notes on individual properties, and the app developers boast that you’ll find 20% more homes for sale on this app than the competition.

Tools for homebuyers

Of course prospective homebuyers need to find homes for sale, but what about after you’ve found them?

Whether you need to take notes or find out more information on a property, the following apps are fantastic tools that every home hunter needs to add to their Smartphone.

HomeSnap is one of the more unique and must-have apps available to home shoppers. If you’re checking out a property and want to know more, just take a photo of the home and upload it to the app. If available, the HomeSnap will display interior photos, historic selling prices, and sale history from local MLS listings.

AroundMe fulfills the first rule of real estate: location, location, location. This app uses GPS to find your exact location and then shows restaurants, shops, and other businesses to give you a feel for the surrounding neighborhood. One neat feature is an instant showing of the nearest bank, bar, gas station, hospital, hotel, movie theater, restaurant, supermarket, theater, and taxi service for a certain address.

Trulia Mortgage Calculator delivers exactly what it promises in a simple, easy-to-use design. This app can help prospective buyers determine their spending limits by calculating your monthly mortgage payment. You can also see side-by-side specialized loan quotes from different lenders, compare lender ratings and reviews, and even be put directly in touch with agents. A refinancing calculator, payment trends, and an affordability calculator are all included.

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Home Mortgage Calculator from First Bank A home mortgage calculator can help you determine your monthly mortgage payments. This will help you financially prepare for that future purchase, whether you are a first-time homebuyer or seeking a vacation home. You can even discover how much money you might save by increasing your mortgage payment with a calculator. Home Mortgage Calculators from First Bank Whether you simply want to know how much of a house payment you can afford or you are trying to determine if you should rent a home or buy one, First Bank has a home mortgage calculator that can help. With our home mortgage calculators you can: Determine How Much House You Can Afford – Home Mortgage Calculator What you’ll need to know: Term in years Purchase price Percentage down Interest rate Annual tax Annual insurance Decide Between Refinancing or Keeping Your Current Loan – Home Mortgage Calculator  What you’ll need to know: Loan amount Annual property taxes and insurance Term in years Interest rate Determine Whether You Should Rent or Buy – Home Mortgage Calculator What you’ll need to know: Monthly rent Yearly rent increase Home purchase price Loan amount Term Find Out How Much Money You Can Save by Increasing Your Mortgage Payment – Home Mortgage Calculator What you’ll need to know: Principal balance Interest rate Monthly payment Additional monthly payment Mortgages from First Bank First Bank offers a variety of home mortgage options,** including: Conventional loans—Fixed or adjustable rates. Jumbo loans—For higher property values. Government loans—Lower rates and closing costs. Professional loans—For physicians, CPAs, dentists, and attorneys. Construction loans—For land, construction, and home mortgage. To learn more about our home loan options or how one of our home mortgage calculators can help you prepare for the future, contact or visit your local First Bank branch. *Member FDIC. Equal Housing Lender. NMLS #474504. **Loans subject to credit approval. ——— Sources: Investopedia: http://www.investopedia.com/terms/i/interest.asp?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186 2 min read
Mortgage Rates 101: Information You Should Know Acquiring information about mortgage rates is a vital step in the home buying process. Mortgage rates vary based on several factors, such as the amount and type of your loan and your credit score. To get better mortgage rates in your area, it’s best to contact your local lender like First Bank. First Bank’s Mortgage Center provides customers with answers to common questions about loan options, mortgage rates information, and more. Whether you are a first-time homebuyer, an experienced homebuyer, or building a new home, we provide information that can help you qualify for the loan and purchase your new home. Mortgage Rates Information from First Bank You will typically have multiple loan options to choose from before purchasing a home, including conventional mortgages, government loans, and construction loans. Two of the most popular types of home loans are conventional adjustable-rate and fixed-rate mortgages. Conventional adjustable-rate mortgages: Interest rate, monthly principal, and interest payments remain the same for an initial period of 3, 5, or 7 years, for example—then adjust periodically. Interest rate caps set a limit on how much your interest rate can increase. ARMs typically have a lower initial interest rate than fixed-rate mortgages. Monthly principal and interest payments may increase as the rate adjusts. Conventional fixed-rate mortgages: Interest rate and monthly payments stay the same for the duration of the loan. Offers protection from rising interest rates for life of the loan. Available in 15-year, 20-year, and 30-year fixed-rate loan term options. For more information on conventional mortgage rates or mortgage rates on our other home loan options, find your local First Bank loan officer today. Loans subject to credit approval. ——— Sources: Investopedia: http://www.investopedia.com/terms/c/credit_score.asp Investopedia: http://www.investopedia.com/articles/pf/05/022405.asp?lgl=mtdt-v1 2 min read
How to Get a Home Equity Line of Credit If you are thinking about taking out a loan to finance a major expense, such as home repairs or a kitchen remodel, a home equity line of credit (HELOC) or personal loan could be a good option. With a home equity line of credit, you borrow money from your home’s equity — the difference between the value of your home and what you owe on the mortgage. First Bank is here to help you obtain a HELOC. HELOCs are different from home equity loans. With a HELOC, you are borrowing money on a revolving basis, similar to a credit card, and you can request cash any time you need it by writing a check. HELOCs also typically have variable interest rates, which differ from the fixed interest rate of a home equity loan. The amount you are allowed to borrow depends on the amount of equity you have in your home. It can also be dependent on your income, credit history, and market value of your home. Home Equity Lines of Credit (HELOCs) from First Bank* Home equity lines of credit from First Bank: Revolving sum of money, available as needed over period of time Have low interest rates Can be secured by the equity in your primary or secondary home Can be accessed with specially designed checks that are free of charge May allow interest to be up to 100% tax deductible** If you have more questions about home equity loans or lines of credit, or are ready to apply, visit your local First Bank branch to speak with one of our loan experts. *Member FDIC. Equal Housing Lender. NMLS #474504. Loans subject to credit approval. **First Bank and its representatives do not provide tax advice. Each individual’s tax and financial situation is unique. Individuals should consult their tax advisor for advice and information concerning their particular situation. ———- Sources: Consumer: https://www.consumer.ftc.gov/articles/0227-home-equity-loans-and-credit-lines Investopedia: http://www.investopedia.com/terms/i/interest.asp?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186 2 min read
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