• HOME PAGE
  • MEET OUR TEAM
  • ABOUT US
    • Our Philosophy
    • Our Mission
  • Property Search
  • Our Listings
  • Contact Us
  • Careers

Holdren & Associates Inc.

  • Peggy’s Pointers
  • Subdivisions
    • Jacobs Landing
  • Sellers
    • What Should I Do To Get My House Ready?
    • Ready To Go?
    • How Much is My Home Worth?
    • Am I Priced to Sell?
    • Improvement Means Sale
    • Trendy Bath Upgrades
    • What Do I Do if My House Isn’t Getting Activity?
    • Short Sale
    • Foreclosure
  • Buyers
    • What Can You Afford?
    • Buyers Market Analysis (BMA)
    • Finances In Order
    • Understanding Loan to Value Ratios
    • Your Credit History
    • The Down Payment
    • Closing Costs
    • Different Types of Loans
    • Mortgage Terms
    • Paying Points on a Loan
    • Refinancing Information
    • The Moving Check List
  • Resources
  • Free Market Analysis
  • February 2, 2023
You are here: Home / Peggy's Pointers / 5 Ways to Use Your Refund Toward a Home

5 Ways to Use Your Refund Toward a Home

February 28, 2019 By Office Staff

PP

Who doesn’t love getting a tax refund? It’s exciting to know that your bank balance will get a boost. But remember, a refund isn’t a bonus — it’s your hard-earned money, which is why you should make the most of it. If you’re thinking of buying a new home this year — whether it's your first home or the one you plan to retire in — financial planning is critical. Expecting a refund? Make a bigger impact on your home purchase with these tips:

1. Lower Your Mortgage Rate: Did you know you can pay “points” up front to lower the interest rate of your mortgage? If you plan to stay in your home for a long time, this could result in significant savings over the life of your loan.

2. Pay Closing Costs: Closing costs average about 2 to 5 percent of the purchase price. Many buyers roll it into their mortgage and pay it off over the life of the loan. But you could use your refund to pay it up front and avoid paying interest.

3. Save for a Down Payment: In some cases, your refund could cover your entire down payment. Some loans only require 3 percent down, so this is more realistic than you might think.

4. Boost Your Credit Score: Paying down your debts can have a significant impact on your credit score and the mortgage rate you’ll qualify for.

5. Renovate or Update Appliances: Many buyers are tempted to open a line of credit to pay for these purchases, but that could negatively impact your mortgage loan. Using your refund is the smarter move.

Remember, a tax refund is only one factor to consider in your home buying budget. Get in touch today for a referral to a financial planner or mortgage lender if you need help preparing your budget. Let’s work together to plan your path to homeownership.

 

Filed Under: Peggy's Pointers

User Goodies

Property Search Alerts

Click on the image above and complete the questionnaire, then Holdren & Associates will provide you with an email alert based on your personalized search criteria.

Click on the image above and complete the questionnaire, then Holdren & Associates will provide you with an email alert based on your personalized search criteria. We will set up a search with your personalized search information which will be emailed to you daily as changes are added to the Champaign County MLS (Multiple Listing Service) for instant, up to date information. This search function gives you access to new listings, price changes, sale pendings, expired, and withdrawn listings at the same instant that those property updates become available to area REALTORS®. Your favorite properties can be saved to your inbox so you can monitor pertinent changes for example a price reduction. All this information at your fingertips.

Find Your Home

Quick Search of the Champaign County Association of Realtors Multiple Listing Service (MLS)

Click the image above to begin performing a "QUICK SEARCH" of the Champaign County Association of REALTORS® Multiple Listing Service (MLS). This search function gives you access to all properties via MLS number, street address, property type, price, town, and even style of home. All this information is accessible to you at the same instant the properties become available to area REALTORS®.

Free Market Analysis

Curious to know what your home would sell for in today's market? What you see online may be wrong.

Curious to know what your home would sell for in today's market? What you see online may be wrong. Click on the above image to get started, Holdren & Associates would be happy to provide you with a professional and detailed analysis. Allow us to help you start the listing process today.

Mortgage Calculators

How much can I borrow?
How much will my payments be?
What house can I afford?
Which is better: 15 or 30 year term? Click on the image above for a very thorough group of calculators to help you decide.

Have you ever asked yourself these questions? How much can I borrow? How much will my payments be? What house can I afford? Which is better: a 15 or 30 year term? Click on the image above for a very thorough group of calculators to help you decide.

Help Me Relocate

Whether you are moving to or from the Champaign County and surrounding areas, we will work closely with all lenders, attorney's and inspectors to facilitate the timing of your home sale or purchase so that your transaction will be effortless.

Click on the image above and complete the questionnaire. Whether you are moving to or from the Champaign County and surrounding areas, we will work closely with all lenders, attorney's and inspectors to facilitate the timing of your home sale or purchase so that your transaction will be effortless. Even if you are moving out of the area, we can assist by hand selecting your new destination realtor to ensure quality service. Let us help take the angst out of relocation!

Ask Us...

You got Questions? We got Answers...

You got Questions? We got Answers... Want to know about the real estate process, how to begin your search, closing costs, buyers costs, how to get prequalified, what about lenders, attorneys, inspectors, painters, moving companies etc., etc...We have all the answers to ensure a smooth transition whether you are coming or going in the Champaign County and surrounding areas. Simply click the image above to get started!

Upcoming Open Houses

Click the image to view our most current open house listings.

Click the image to view our most current open house listings. We invite any and all to take a look at some of our beautiful homes, one of them could be the one for you!

Our Newsletter

Subscribe to our newsletter by clicking here.  You will be taken to a short form to enter your information...

Subscribe to our newsletter by clicking here. You will be taken to a short form to enter your information...

Find Us

Holdren & Associates Inc.
1902 Fox Drive, C5
Champaign, IL 61820
Tel: 217-398-3100
Fax: 217-398-3105

CONNECT WITH US

  • 
  • 
  • 
  • 
  • 
  • 
  • 

HOME PAGE | ABOUT US | CONTACT US | FIND US | SITE MAP | PROPERTY SEARCH | TERMS AND PRIVACY POLICY

Copyright © 2023 HOLDREN & ASSOCIATES INC. | Designed by Illinois Internet Development



Holdren & Associates Inc. 1902 Fox Drive, C5, Champaign, IL 61820
Tel: 217-398-3100
Fax: 217-398-3105

Holdren & Associates Real Estate
You are here: Home / Peggy's Pointers / 5 Ways to Use Your Refund Toward a Home