3 Ways to use your tax refund to buy a house
Three Ways to Use your Tax Refund for Buying a House
"TAX TIME!" For many, this is one of the best financial moments of the year because they get a tax refund on their income tax. Of course, we don't all have the same opportunity, but this is an exciting time for W2 employees.
How much will I receive? Which debt can I pay off with that money? What can I buy?
We have several options. As we want our customers to buy homes, we continue our mission, so we are going to teach you 3 ways to use your tax refund for buying a new house.
1. Down payment: Typically, our customers are qualifying for loans with a minimum of 3.5% of the house value. That extra money would be very convenient here.
2. Inspection: When your purchase offer is accepted, the bank will demand that you hire an inspector who will check that the house is in good condition. Believe me, it will be money well invested because you should consider several things before taking possession of the property.
3. Closing costs: Just prior to taking possession of the house, the transaction will be done by a lawyer or a title company (depending on the state). If the seller didn't cover some of any of those commissions, you could also use your tax refund here. Without that, you won't manage to reach the goal.
As you can see, there are many ways to use that money for buying a home. We hope these three options help you to understand how your tax refund could be used to have stability and finally get to make the purchase you have always dreamed of. Come on, get that extra money or buy your house.
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