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 a $6,500 refund 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 $475/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 low and home price values are 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.