Your Tax Refund Can Help You Achieve Your Homebuying Goals

<article class="post-668244 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-668244"><span class="entry-date">April 12, 2023</span><div class="entry-header center-block text-center"><h1 class="entry-title">Your Tax Refund Can Help You Achieve Your Homebuying Goals</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Your+Tax+Refund+Can+Help+You+Achieve+Your+Homebuying+Goals&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fyour-tax-refund-can-help-you-achieve-your-homebuying-goals%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="Your Tax Refund Can Help You Achieve Your Homebuying Goals Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20230411-your-tax-refund-can-help-you-reach-your-homebuying-goals-KCM.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width="358"/>
<p>Have you been saving up to <a href="https://www.simplifyingthemarket.com/2023/04/07/the-key-advantage-of-investing-in-a-home-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">buy</a> a home this year? If so, you know there are a variety of expenses involved – from your down payment to closing costs. But there’s good news – your tax refund can help you <a href="https://www.simplifyingthemarket.com/2023/03/23/why-buying-a-home-is-a-sound-decision/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">achieve</a> your goals by paying for some of these expenses.</p>
<p><em>SmartAsset</em> <a href="https://smartasset.com/data-studies/states-with-the-largest-tax-refunds-2023" rel="noopener noreferrer" target="_blank">estimates</a> the average American will receive a $1,798 tax refund this year. The map below provides a more detailed estimate by state:</p>
<p><a href="https://files.keepingcurrentmatters.com/content/images/20230411/20230412-average-tax-refund-in-2023-MEM.png" rel="noopener noreferrer" target="_blank"><img decoding="async" src="https://files.keepingcurrentmatters.com/content/images/20230411/20230412-average-tax-refund-in-2023-MEM.png"/></a></p>
<p>According to <a href="https://myhome.freddiemac.com/blog/homeownership/how-use-your-tax-refund-buy-home?" rel="noopener noreferrer" target="_blank"><em>Freddie Mac</em></a>, there are multiple ways your refund check can help you as a homebuyer. If you’re getting a refund this year and thinking about buying a home, here are a few tips to keep:</p>
<ul>
<li><strong>Saving for a down payment</strong> – One of the largest barriers to homeownership is saving for a <a href="https://www.simplifyingthemarket.com/2023/02/03/you-may-not-need-as-much-as-you-think-for-your-down-payment-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">down payment</a>. You could reach your savings goal more quickly than expected by using your tax refund to help with your down payment.</li>
<li><strong>Paying for closing costs</strong> – You have to pay fees to your lender, real estate agent, and other parties involved in the homebuying transaction before you can officially take ownership of your home. You could direct your tax refund toward these <a href="https://www.simplifyingthemarket.com/2023/03/31/facts-about-closing-costs-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">closing costs</a>.</li>
<li><strong>Lowering your interest rate</strong> – Your lender might give you the option to <a href="https://myhome.freddiemac.com/buying/mortgage-rates" rel="noopener noreferrer" target="_blank">buy down</a> your mortgage interest rate during the homebuying process. That means, you could pay upfront to have a lower interest rate on your fixed-rate mortgage.</li>
</ul>
<p>The best way to <a href="https://www.simplifyingthemarket.com/2023/03/15/balancing-your-wants-and-needs-as-a-homebuyer-this-spring/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">prepare</a> to buy a home is to work with a trusted real estate professional who understands the process. They’ll help you navigate the costs you may encounter as you <a href="https://www.simplifyingthemarket.com/2023/03/22/reasons-to-consider-condos-in-your-home-search/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">begin</a> your homebuying journey.</p>
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