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2019-02-28 09:21:48
How can a tax refund lower your interest rate?

Who doesn’t love getting a tax refund? 

It’s exciting to know that your bank balance will get a boost. But remember, a refund isn’t a bonus -- it’s your hard-earned money, which is why you should make the most of it.

If you’re thinking of buying a new home this year -- whether it's your first home or the one you plan to retire in -- financial planning is critical. 

Expecting a refund? Make a bigger impact on your home purchase with these tips:

1. Lower Your Mortgage Rate: Did you know you can pay “points” up front to lower the interest rate of your mortgage? If you plan to stay in your home for a long time, this could result in significant savings over the life of your loan.

2. Pay Closing Costs: Closing costs average about 2 to 5 percent of the purchase price. Many buyers roll it into their mortgage and pay it off over the life of the loan. But you could use your refund to pay it up front and avoid paying interest.

3. Save for a Down Payment: In some cases, your refund could cover your entire down payment. Some loans only require 3 percent down, so this is more realistic than you might think.

4. Boost Your Credit Score: Paying down your debts can have a significant impact on your credit score and the mortgage rate you’ll qualify for. 

5. Renovate or Update Appliances: Many buyers are tempted to open a line of credit to pay for these purchases, but that could negatively impact your mortgage loan. Using your refund is the smarter move.

Remember, a tax refund is only one factor to consider in your homebuying budget. Get in touch today for a referral to a financial planner or mortgage lender if you need help preparing your budget. Let’s work together to plan your path to homeownership. 

 

We strive to offer you a truly 'An ELEVATED Real Estate Experience' We are a unique real estate company focusing on giving YOU the highest level of service in buying or selling a home possible. With over 20 years of marketing and negotiating real estate, Troy gives you the experience you need to get top dollar for your home or lock up that dream home that everyone else wants. In this hot market you need an aggressive Realtor who knows how to beat out other offers and get you the property you want. Give me a call to discuss your home dreams today!

 
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