Spend Your Tax Refund on a New Home

Bend, OR Real Estate Podcast with Christine Browning

Today I’m joined by Matt Bassett with Northwestern Home Loans to talk to you about the possibility of using your tax refund to purchase a home.

It’s tax season in central Oregon and if you’re lucky you’ll get a great big tax refund. Can you use that as a down payment to purchase a home? Of course!

There are several great loan options for first-time homebuyers, some of which don’t even require a down payment. Your tax refund can then be used to lower your principal payment by putting extra down or to cover closing costs.

We have a lot of no money down or low money down options that you can take advantage of with your tax refund.

Meet with a mortgage broker as soon as you know how much you’re getting back.

The best time to meet with a mortgage broker in order to come up with a game plan is as soon as you know how much you’re getting back. It’s always best to plan ahead and meeting with a lender early on will give you a huge advantage when you meet with a real estate agent and start looking at homes.

If you’re looking to buy a home and stop renting, you’ll want meet with a mortgage broker before looking at homes so you know exactly what you can afford and what sort of realistic time frame you need to make a purchase. You don’t want to fall in love with a home and make an offer without knowing what your options are or where you truly stand financially.

I highly encourage anyone getting a tax refund to meet with Matt or a local mortgage broker as early as possible. Using that refund to help fund a home purchase will benefit you way more than taking a vacation or shopping.

Also, a great tip to remember is to never make a big purchase when you are thinking of buying a house. You don’t want anything to slow down or get in the way of a mortgage loan going through, so wait to make those purchases until after you’ve bought a home.

If you have any further questions for Matt, you can reach him at [phone].

If have any questions for me about using your tax refund to purchase a home, or if you have any other questions about real estate, feel free to give me a call or send me an email. I look forward to hearing from you!