3 Apps to Help Houston First Time Home Buyers Save For Their Down Payment and Closing Cost

A very good Friday morning to you. 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.

Acorns is 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, so your money is insured by the 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. If it matters to you, it matters to us. We are always looking out for your best interest. As always, thank you so much for stopping by. Until next time...Diana

Image: By Diana