• Home
  • Property Search
  • About Me
  • Communities
  • News/Information
  • Contact
  • Request a Call
Welcome to Karen MelarkeyWelcome to Karen Melarkey
  • Home
  • Property Search
  • About Me
  • Communities
  • News/Information
  • Contact
  • Request a Call

5 Ways to Use Your Refund Toward a Home

5 Ways to Use Your Refund Toward a Home

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.

0

You also might be interested in

Two Reasons Why Waiting To Buy a Home Will Cost You

Dec 15, 2021

Two Reasons Why Waiting To Buy a Home Will Cost You | Keeping Current Matters

If you’re a homeowner who’s decided your current house no longer fits your needs, or a renter with a strong desire to become a homeowner, you may be hoping that waiting until next year could mean better market conditions to purchase a home.

The post Two Reasons Why Waiting To Buy a Home Will Cost You appeared first on Keeping Current Matters.

What Is a Craftsman Style House?

Nov 10, 2021

Known for their quality and character, craftsman-style houses are one of the most popular styles in the U.S. Read on to learn about the common characteristics, the different types of craftsman houses, and how to find this style for sale.

The post What Is a Craftsman Style House? appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.

10 Ways To Give Your House a Facelift Before Selling

Aug 18, 2021

When prepping your home to sell, it is important to make a great first impression. Check out these 10 cosmetic changes to give your house a facelift.

The post 10 Ways To Give Your House a Facelift Before Selling appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.

Contact Us

We're currently offline. Send us an email and we'll get back to you, asap.

Send Message

My Pledge To You

I will help you negotiate – and also steer you through the closing process to make sure everything goes smoothly.

Karen Melarkey

  • LeMond Realty
  • 6490 S. McCarran Blvd, Bldg E, Reno Nevada 89509, Located in the Ribeiro Office Suites
  • 775-343-5901
  • karen@lemondrealty.com
  • karenmelarkey.com

Gavin Deller

  • 775-846-2239
  • gavin@lemondrealty.com

News/Information

  • A Window of Opportunity for Homebuyers
  • Want To Buy a Home? Now May Be the Time.
  • A Real Estate Professional Helps You Separate Fact from Fiction
  • Three Reasons To Buy a Home in Today’s Shifting Market [INFOGRAPHIC]

© 2022 · karenmelarkey.com

  • Home
  • FAQ
  • Contact
  • Request a Call
Prev Next