Americans have gotten another reprieve from the government with the extension of this year's tax filing deadline to May 17th. If you're getting a refund, it's never too early to start thinking about how you're going to use the funds. Investing in home ownership is an excellent way to spend your funds wisely. Here are four ways you can utilize those funds toward home ownership.
1. Saving toward a down payment.
Although many loans require 20% down to avoid private mortgage insurance, there are many options available. Be sure to check with a reputable lender to find the best loan for your needs. An easy way to estimate your down payment amount is a mortgage calculator. Be sure to research available loan types. Click here to find contact information for our preferred lenders.
2. Paying down your debt.
Your credit score is key to financing. The better the score, the lower your interest rate will be. A great way to improve your credit score is to pay down high interest credit cards Your tax return can help to put a dent in that debt and raise your credit score.