07 Feb Great Uses of Your Tax Refund
Tax season is here, and people expecting a refund may be starting to think of how they will use it. Rather than spending your refund on an impulse purchase, consider some practical ways to invest the money. Here are a few:
Make a home down payment– If you are thinking about purchasing a home, your tax refund can go toward a down payment. The more money you can put down initially, the lower your monthly mortgage payment will be.
Pay off debt– Debt is a common stumbling block for potential homebuyers. Use your tax refund to pay off credit card bills and raise your credit score.
Add home improvements– Making improvements to your home can increase its resale value. Use your tax refund to perhaps update your kitchen or refurbish your home deck.
Rebuild your emergency fund– If you have depleted your emergency fund, a tax refund can be a great way to replenish it. Keep your emergency fund in an interest earning savings account to make the most of it.
At Fairway Fort Lauderdale, we would be happy to talk with you about mortgage options that allow you to use a down payment of less than 20%. Interested in moving to Fort Lauderdale or buying a new house? We are here to help you! Call us to set up a time when we can review your finances and goals to determine the best home loan program for your situation.
Schedule an appointment today!