Technology can help us streamline many aspects of modern life. From productivity to picking your next car, there are tips, tricks, and tools available online to make things easier. Given the proliferation of digital tech and the desire to use it as a way of streamlining life, it’s hardly surprising that money matters have been touched by online innovations.
Today, with a click of a mouse or touch of a screen, it’s possible to get more for your money in a variety of ways, including funding certain purchases using a loan. With the right resources and strategy, you can maximize your chances of getting personal loans, finance for a business, or a mortgage.
The latter point is what we’re going to focus on in this guide. The tips we’ve outlined won’t guarantee that you get a mortgage offer. They can, however, improve your potential. Securing the funds required to purchase a property is never easy. But if you can use technology to its full advantage, you’ll give yourself the best shot possible.
Know Your Position
You need to know your starting position if you’re going to reach your destination i.e. getting a mortgage and, ultimately, a home. This is where free financial calculators come in. Brokerage site Trussle provides a simple way to calculate mortgage repayments. The software also offers an insight into how much someone may be able to borrow. By entering your annual salary and any expenses, the calculator will give you an idea of what a mortgage might be and, therefore, the type of property you can afford.
What’s Your Score?
Linked to your borrowing potential is your credit score. You might earn enough to get a $400,000 mortgage. However, if the lender sees a negative credit score, the offer could be reduced, or, worse, you might not get an offer. There are plenty of credit tracking apps out there, including Experian and Credit Karma. However, there’s no better way to get an accurate picture of your score than by going to the source. Reporting bureau TransUnion has embraced the digital revolution. As such, it’s developed its own tracking tool. Available via the account page, the tracker can be installed on your smartphone and used to establish how creditworthy you are.
Smart Save in a Smart Way
There are plenty of saving apps. From banks such as Monzo and Squirrel, you can store and save in a better way thanks to modern apps. One of the smartest apps for saving is Chip. This is a free chatbot that gives you advice on where you can save money. The app gets read-only access to your bank account so it can monitor your income and expenditure. Then, using artificial intelligence algorithms, it suggests ways to improve your balance. What’s neat about Chip is that it won’t make changes for you. It simply says, “you could do X and Y would happen.” Therefore, you stay in complete control.
However, if you take the advice, you should be able to save more money in less time. That, in turn, means you’ll have a larger deposit and improve your chances of getting a mortgage. Of course, none of this means you’ll secure the finance you need. But every journey starts with a single step and the three steps we’ve outlined could certainly get you closer to owning your own home.