Coming up with enough money to pay for a down payment can be difficult for any first-time home buyer. Your down payment is a certain percentage of your home’s purchase price, which is due before your Urbandale mortgage has been finalized. In order to get offered low rates and avoid paying additional fees every month, you should pay at least 20% of your home’s appraisal value towards your down payment. If you pay less than 20%, you will be considered a high-risk borrower, which means lenders will be more inclined to charge you higher interest rates.

So, to help you get started, The Tyler Osby Team has listed the top 3 budgeting apps that can help you save money for a down payment and Urbandale Mortgage.

App #1: Mint

If you need an app that can help you manage your money, then Mint is the perfect app for you. This application is designed to provide useful budgeting plans and it helps you track your spending in an easy to understand way. You can even receive alerts for when you have a payment due, that way you never risk the chance of being late on a payment, which can negatively affect your credit score. You can also review your credit score at no charge and can learn ways to help increase your credit.

App #2: You Need A Budget (YNAB)

If you are in large amounts of debt then YNAB would be perfect for you. This app helps you get back into control with your money without you needing to spend everything you earn. It creates budget plans for you and helps direct you in paying off high-interest debt. You can also customize your spending goals every week (or month) and you can set up individual events that you would like to save for in the future, such as a wedding or a new car.

App #3: Wally

Wally is a free app that is excellent for tracking your common expenses. It helps organize your finances so you know how much you are spending and what exactly you are spending your money on. It also allows you to take a photo of your receipts and stores this information so you can track your expenses easier.

Contact Us

If you would like to know about other budgeting apps that can help you save for a down payment or if you would like to get begin your application for a mortgage in Urbandale, please contact the Tyler Osby Team at 515-257-6729.