$\"Are$ \n

You\u2019ve been working on your savings and dreaming of that moment when you finally have keys to a place that\u2019s truly yours. What you might not realize is that your tax return could give you a little extra cash to help you get there sooner. As Freddie Mac<\/em> notes<\/a>:<\/p>\n

\u201c . . . your tax refund from the IRS can be a useful supplement to your homebuying budget.\u201d\u00a0<\/em><\/p><\/blockquote>\n
So, if you\u2019re getting a tax refund this year, you can use it to help you pay for some of the upfront costs that come with buying a home, like the down payment and closing costs. And here\u2019s the best part.<\/p>\n
On average, people are getting even more money back in their refunds than they did last year. While it\u2019s not a big increase, the visual below uses data<\/a> from the Internal Revenue Service<\/em> (IRS) to show the average individual\u2019s refund is 3.9% higher this year:<\/p>\n
$\"a$ <\/a><\/p>\n
Of course, how much money you may get in your tax refund is going to vary. But when it comes to buying a home, any extra cash can help move things forward. Here are a few examples of how you can put that money to good use, according to Freddie Mac<\/em><\/a>:<\/p>\n
\n
Save for a down payment<\/strong> \u2013 Saving for a down payment can be one of the biggest hurdles for buyers. Setting aside your tax refund for this expense could help you get to your goal faster. Just remember, it\u2019s typically not required to put 20% down.<\/li>\n
Pay for closing costs<\/strong> \u2013 Closing costs include fees for things like the appraisal, title insurance, and underwriting of your loan. They\u2019re generally between 2% and 5% of the total purchase price of the home. So, putting your refund toward these costs can make things more manageable on closing day.<\/li>\n
Lower your mortgage rate<\/strong> \u2013 Your lender might give you the option to buy down your mortgage rate. If you qualify for this option, you could pay up front to have a lower rate on your mortgage. If affordability is tight for you at today\u2019s rates and home prices, this may be worth exploring.<\/li>\n<\/ul>\n
But you don\u2019t have to figure it all out on your own. Working with a team of trusted real estate professionals who understand the homebuying process, what you need to save, and any resources you can tap into will help you make sure you\u2019re ready to buy when the time comes.<\/p>\n
Bottom Line<\/h3>\n
When it comes to saving for a home, every dollar gets you one step closer to your goal. While your tax refund may not be enough to change the game, it can help give your homebuying fund a boost.<\/p>\n
What would having your own home mean for you or your family this year?<\/strong><\/p>\n<\/div>\n\n<\/body>","protected":false},"excerpt":{"rendered":"
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