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May 28, 2020

Use Smart Apps to Figure Your Finances

Wouldn’t it be helpful to have a financial advisor on call? That way, whenever you were stumped for an answer to a money question, you’d be able to pick up your phone and resolve the query in under a minute. If you know how to use a few common, free Internet resources, you can get most of the benefits of having that top-notch advisor by your side. All you need to know is where to look for the information. One of the most famous catch-phrases of the last decade was, there’s an app for that.” Now, that saying is accurate, especially when it comes to financial chores like applying for a loan, making a long-term budget, and determining how much you can afford to spend on a new home. Some of the best new money-related apps will assist you with the following tasks.

Figuring Out How Much to Borrow

Based on your current income and savings, finance apps can help you pinpoint how much you need to borrow for a new home, a college education, or a car. For anyone who wants to apply for a student loan, for example, it’s possible to input just a few pieces of data and come up with an accurate amount you’ll need to pay for a degree. Additionally, getting a student loan to pay for your education can be a wise decision, with or without an app to help you, because interest rates are competitive and terms are generally favorable for applicants of all ages.

Seeing Your Credit Scores

Credit scores used to be surrounded by a mysterious aura. No more. The new economy still places a high value on having a “good,” “very good,” or “excellent” credit, but finding out what your personal scores are is no longer like playing a game of hide and seek. Most banks will show you one or two of the major credit bureaus’ scores for free. But some of the smart applications can give you a daily display of your triple-agency scores as well as some of the newer parameters that lenders use to not only determine creditworthiness, but having great scores can let you get the pick of the litter when it comes to choosing credit cards.

Learning About Lender Requirements

If you come up with a short list of lenders for whatever your borrowing goal is, computer-based and smartphone applications will instantly help you compare the fine print of each institution’s requirements. No longer will you have to dig through multiple-page PDF documents to learn whether you qualify or not.

Comparing Interest Rates and Terms

If you are a comparison shopping, the new breed of apps is just what the doctor ordered. When you’re on the hunt for a mortgage, for example, you can generate a list of lenders whose basic qualifications you meet and then see their interest rates in chart form, alongside relevant data like prepayment penalties, repayment periods, and more. The beauty of the software that runs the applications is that they have the power to develop a large list for you based on just a small amount of personal information like your age, zip code, time in your current job, current income level, and marital status. It’s the power of big data that makes these new planning tools so intelligent and helpful.

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