Is Your Tax Refund Your Family's Ticket to a New Home? | Journey Home Lending
Did you know that around three in four people living in the United Staes receive a tax refund each year? That tax refund usually ends up averaging around $3,000, according to IRS data.
If you’re planning ahead to purchase a home this year, our team at Journey Home Lending wants to talk to you about one potential use for your tax refund—spending it on your new home!
Find Your Way Home
Are you one of the many Americans expecting a tax refund this year? Are you ready to move into a new home?
If you answered yes to both of those questions, then you might be able to find yourself in a new home sooner rather than later!
Let’s take a look at ways you can use your tax refund in order to purchase the home of your dreams:
First, you could use your tax refund as part of the down payment on your new home. The more money you put toward your new home in the beginning, the less money you will have to borrow and pay interest on over the years.
Another option is to use your tax refund to cover the closing costs on a new home. There are a number of financial aspects involved in the closing costs, such as:
- Appraisal and inspection fees
- Attorney fees
- Escrow costs
- Title insurance
By using your tax refund in order to cover there costs, you don’t have to worry about rolling them into your monthly mortgage payment, which can help you to keep costs down even more when buying your home.
Finally, depending on where (and even when) you are moving into your new home, the costs of moving can add up, especially if you are going to need to rent a moving truck or pay for utility service deposits in order to get the electrical and water turned on in your new home.
Fortunately, your tax refund can help to cover the costs of moving so that you can make the transition into your new home as smooth as possible—without the extra financial stress!
Are you ready to start looking for your new dream home? Contact our team at Journey Home Lending today to learn how we can help you get started.