Saving for a house doesn’t have to take forever—see how your tax refund can speed up your journey to homeownership.
If you’ve been working hard to save for a home, you might be closer than you think. A lot of buyers overlook a straightforward thing that could help them move forward sooner: your tax refund. It’s easy to think of that refund as extra spending, but it can play a big role in your home-buying journey. Whether helping with a down payment, covering closing costs, or even lowering your mortgage rate, putting your refund to good use could bring you closer to owning a home. Today, I’ll walk you through how it works and how it can help you finally get the keys to your own place.
Use your refund for a down payment. Saving for a down payment is one of the biggest challenges buyers face. The good news is you don’t need to put down 20 percent. Most buyers put down just 3 to 5 percent. That means your tax refund might give you the extra push you need. Set it aside now so you’re ready when the right home comes along.
“Every dollar counts when buying a home, and your tax refund can make a significant impact.”
Cover your closing costs. Closing costs are the fees you pay when finalizing a home purchase. These can include appraisal fees, title insurance, and loan processing fees. They usually cost between 2 to 5 percent of the home’s price. Using your refund to help pay these costs can make your move more affordable and less stressful.
Lower your monthly mortgage rate. Some lenders offer you the option to buy down your mortgage rate. That means you pay a little more upfront to get a lower interest rate. A lower rate can save you money every month. If today’s rates are too high, using your refund to buy down your rate could be smart.
According to the IRS, average refunds are about 3.9 percent higher than last year. While that may not seem like a lot, every bit counts when you’re trying to buy a home. That extra money could make a real difference.
You’ve worked hard for your money. Now, make it work for you. If owning a home is on your list this year, don’t let the opportunity pass. Let’s build a strategy that makes your goals possible. Call us today at (937) 506-8360, visitwww.tami-holmes.com, or email vip@tami-holmes.com. Your dream home might be closer than you think.
