3 Ways Your Tax Refund Can Help You Achieve Homeownership in 2022
Mortgage Banker
Richard Blair
Published on April 12, 2022

3 Ways Your Tax Refund Can Help You Achieve Homeownership in 2022

If you are preparing to file your Taxes OR recently filed and expect a refund-then these tips can help move you along the homebuying journey.

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 Did you know that the average tax refund in Arizona is estimated to be over $2,800?

3 Tips to use your Tax Refund as a homebuyer
  1. Need to add money to down payment you already saved? This is a great way to boost your down payment and help you qualify for a home purchase. There are many programs that offer low down payment options. Ask your loan origination for a mortgage plan to show you home buying mortgage options.

For a better understanding of low-down payment programs and how to make the wisest choice of loan programs in 2022- read our Blog https://richardblairmortgageteam.com/3-ways-create-winning-offer-home-sellers-love/

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  1. Did you already save for your down payment but short of closing costs? In this home market it is difficult, if not impossible, to have a seller contribute towards your closing costs. Using your tax refund towards closing costs is a great strategy to move you closer to owning a home. Closing costs will vary, so ask your trusted lender or mortgage originator for an estimate before you start your home buying journey.

Navigating the current home market can be tricky, so check out these additional home buying tips in our Blog. https://richardblairmortgageteam.com/3-ways-create-winning-offer-home-sellers-love/

  1. Credit scores need improvement because of high credit card balances? Review a credit simulator to predict the best mix of credit card balances to achieve the highest credit score. Use the tax refund to pay down credit balances to raise your credit score AND reduce your monthly credit card payment. By reducing your monthly payments it will also improve your chances for qualifying with a lower debt to income ratio. Your loan officer can educate you on understanding the credit simulator and strategies.

Here is a previous Blog article that will help you understand how to increase your credit score. https://richardblairmortgageteam.com/quick-hack-increase-credit-score-pre-qualification/

About the Author: Richard Blair, NMLS#213176, is a mortgage banker/ Loan Originator with dwell Mortgage, A Victorian Finance Company.  Richard has over 24 years of experience helping families as a mortgage professional. His goal is to educate home buyers to make wise financial decisions when choosing the best mortgage for their financial goals.   

 

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