Your tax refund could help set you on the path to homeownership! By using your tax refund and leveraging that money toward the purchase of a new home it could definitely help make the unaffordable, affordable.
Example of how to buy a home with your tax refund:
Example: A family receives $6,500 in refunds on their income tax returns. This money would allow them to buy a home for $100,000. This would allow for a 5% down payment of $5,000 and 1.5% closing costs of $1,500. A home in this price range would have principal and interest payments of approximately $450/mth. This is likely less than the cost of rent.
*Please note that there are other factors in addition to down payment that are taken into consideration such as credit score and debt servicing ability.
Now is a great time to buy! Interest rates are at historical lows and home price values are still favourable for buyers. Your income tax refund could be the answer and help you get a great deal on a new home.
For more information and to see if you qualify, please contact Lisa J. Gryba, Accredited Mortgage Professional at 204-371-9284.