Turn Your Tax Refund Into Home Ownership!

It's all over!  Tax season is finally done at least for those of us who didn't file an extension.For those lucky North and South Carolinians who are getting a tax refund, an important step is to determine what to do with the extra money. One option is to invest your tax refund in your home. Consider the options below that best fit your housing situation in order to make your tax refund work for you.

First-Time Homebuyers
Taking advantage of today's incredibly low interest rates along with under-valued but beautiful Charlotte homes make home buying a great opportunity and a tax refund can be used toward a down payment. Typically, down payments are 3 to 20 percent of your dream home's selling price. So depending on your refund, you might have a good chunk or a nice portion.  But if it isn't enough, never fear... There are a number of loan options and financing possibilities that can be tapped into as a first-time homebuyer. (Before you set out to buy a home, it's best to talk with a mortgage professional and be pre-approved.)

Refinance Your Home
Like we said, rates are at historical lows... So, refinancing should help a homeowner knock their mortgage rate down or allow them to pay off their loan quicker and save money on interest. (Again, check with a mortgage specialist to determine if a lower rate or different term makes sense for your situation.)

Pay Down Your Mortgage
Paying down your mortgage with your tax refund is also a great way to decrease your debt and increase equity in your home. If you plan on staying in your home for at least the next three to five years, consider investing your tax refund toward the principal of your mortgage.

Bonnie and Daniel Papandrea
704-756-8071 Read more

Posted in Charlotte Homes. Tagged as Charlotte, Home for sale.

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