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1st Time Home Buyer ATL

Milla Murad | Realtor® | Real Estate | Atlanta | Georgia

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5 Ways to Use Your Refund Toward a Home

5 Ways to Use Your Refund Toward a Home- 1st Time Homebuyer ATL

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. 

Posted in: Blog, Mortgage, Real Estate, Taxes Tagged: closing costs, down payment, home buyer, home purchase, Income Tax Refund, mortgage, mortgage rate, refund, renovation

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Whether it’s a cramped bedroom or an office nook, many homes have a small room that’s difficult to decorate.  Do you wish you could add more charm without forgoing square footage? Well, just because your space is limited, it doesn’t mean your style has to be.  Make your tiny area more usable and trendy with […]

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Milla Murad, Realtor® Village Realty 3423 Piedmont RD NE ATL,GA 30305
O: 404-965-4080
404-268-5565
MillaMurad@gmail.com
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