3 Apps to Help Houston First Time Home Buyers Save For Their Down Payment and Closing Cost
Design by Diana Walton- Houston First Time Home Buyer Specialist
Hello and welcome to Houston First Time Home Buyers Edition, formally First Home Houston (FHH), where we provide useful information to help Houston first time home buyers make the most informed decision when it comes to buying, decorating, and maintaining their first home.
If you are planning to buy your new home, here are 3 apps that may help you save up for your down payment and closing cost. These apps have popped up over the past few years with the promise to help you save money.
Their goals are essential all the same, help you to save by collecting small amounts of money that, hopefully, will add up over time, into large amount of money. While there are others like Qaptial, Mint, and Current, here are three to help you get started.
Oportun - (formally Digit) reportedly uses algorithms to analyze what goes in and out of your checking account, then makes small withdrawals. Your funds are FDIC-insured up to $250,000. At any time, if Digit determines you can't spare any money, it will not withdraw anything. However, in the event it does take money out that result in an overdraft, you should receive a refund. There is a monthly subscribers fee.
Acornsis different in that, it allow you to invest your spear change into a basic investment portfolio. Launched in 2014, Acorns was the first of these apps. Money is invested in one of their available portfolio options ranging from aggressive to conservative, all with varying mixes of equity and bond exchange-traded funds. You may be charged a monthly fee if your account balance falls below a certain amount. In addition, because this is essentially an investment account, it is not insured by the FDIC.
Chime - Through Banacorp, Chime offers you checking accounts, savings accounts and a debit card, and your money is insured by FDIC up to $250,000. With Chime savings account, it first helps you to save when you spend by rounding up your purchases and second, from your direct deposit, it automatically moves a percentage of your check into savings. The savings account carries a nominal interest rate. There is no overdraft or monthly fee. Chime also offers a credit builder option and high-yield saving option. In addition you also have the ability to send and receive money.
So there you have. If none of the above work for you, do know that there are always down payment assistance available. As always, thank you so much for stopping by. Remember, if you are thinking of purchasing your first home, please contact us. We are here to help. We have been helping Houston first time home buyers since 2011 and we can help you. I hope you have an amazing day. Until next time...Diana
