1 / 7

First-Time Homebuyer? Use Your Tax Refund Wisely!

This excerpt explains why you should leverage tax refunds to realize your dream of owning a home.

Alex388
Download Presentation

First-Time Homebuyer? Use Your Tax Refund Wisely!

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. First-Time Homebuyer? Use Your Tax Refund Wisely!

  2. Boost Your Down Payment PART 01 When you make a larger down payment, you reduce the amount of money you need to borrow. This approach lowers your monthly mortgage payment and even eliminates any requirement of private mortgage insurance. Using your tax refund to increase your down payment even lets you secure a better loan term.

  3. Buy Down Your Interest Rate PART 02 Interest rates significantly affect the total cost of a mortgage. Using your tax refund to buy down your rate can lower your monthly payments and help you save thousands of dollars over the life of your loan. This strategy is especially beneficial if you plan to occupy the property for many years.

  4. Pay Off Debt PART 03 Even in first-time homebuyer programs, lenders consider an applicant’s debt-to-income ratio before approving a mortgage. Paying off high-interest debt with your tax refund might improve your credit score, increase your loan approval chances, and free up more of your income for your future mortgage payments.

  5. Cover Moving Costs PART 04 Moving costs can add up quickly. From hiring professional movers to buying essentials for your new home, there are several expenses to consider. Apart from leveraging first-time homebuyer programs, use your tax refund to cover these costs. Doing so ensures a smoother transition without putting additional strain on your finances.

  6. Build an Emergency Fund PART 05 Unexpected homeownership costs, such as maintenance and repairs, can arise at any moment. Allocate part of your tax refund to an emergency fund. This provides financial security and helps you handle surprises without being bogged down by debt.

  7. Thank You Visit: altfn.com

More Related