How Your Tax Refund Can Help You Become a Homeowner

Posted by:  Service First
2016-03-14 09:35:46

What are you going to do with your tax refund?

Before you purchase that new phone or TV, consider investing your tax refund in your journey to homeownership.

According to Freddie Mac, here are three ways your tax refund can help you become a homeowner:

Down payment - Save your tax refund for a down payment. Depending on your credit history and other factors, many borrowers can expect to make a down payment of about 5 to 10 percent. Research down payment assistance programs through your state, county and city.  

Closing costs - In 2015, the average closing costs were $1,847, but they vary based on where you live. It’s a smart idea to use your tax refund to pay for these.

Lower your interest rate – You can buy discount points to buy down your mortgage interest rate. A point equals one percent of the loan. Ultimately, it will help you lower interest rate on your fixed-rate mortgage.

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Categories:   industry news

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