Social Links Widget

Click here to edit the Social Media Links settings. This text will not be visible on the front end.

Front Porch • April 16, 2024

Ways To Use Your Tax Refund If You Want To Buy a Home

by Donovan & Pamela "The Schemke Team" Schemke
Ways To Use Your Tax Refund If You Want To Buy a Home
Nav NavigateRE Marketing Team

Marketing Team

Our in house marketing team of designers, analysts, artists and technology gurus are constantly offering strategically driven marketing solutions and custom tailored work to meet the individual needs of our clients.

NAVIGATE Logo (2000 × 667 px)

Published on
Recent Posts

Get in Touch

Featured Properties


MS 54 Trinity Featured Banner Image (1920 x 810 px)

54 Trinity Dr, Novato, CA 94947

Fabulous entry level townhome-style condo in a great Novato neighborhood. This tastefully appointed condo with upgraded Kitchen/Bath, central heat/AC and solid Granite eat-at-bar/countertop, is…

Read More


LL 109 F Street Featured Banner Image

109 F St, Petaluma, CA 94952

Nestled within the vibrant Downtown/Foundry Wharf District of Petaluma, this contemporary condominium presents an exceptional living opportunity.

Read More



Ways To Use Your Tax Refund If You Want To Buy a Home

Have you been saving up to buy a home this year? If so, you know there are a number of expenses involved – from your down payment to closing costs. But did you also know your tax refund can help you pay for some of these expenses? As Credit Karma explains:

“If one of your goals is to stop renting and buy a home, you’ll need to save up for closing costs and a down payment on the mortgage. A tax refund can give you a start on the road to homeownership. If you’ve already started to save, your tax refund could move you down the road faster.”

While how much money you may get in a tax refund is going to vary, it can be encouraging to have a general idea of what’s possible. Here’s what CNET has to say about the average increase people are seeing this year:

“The average refund size is up by 6.1%, from $2,903 for 2023’s tax season through March 24, to $3,081 for this season through March 22.”

Sounds great, right? Remember, your number is going to be different. But if you do get a refund, here are a few examples of how you can use it when buying a home. According to Freddie Mac:

  • Saving for a down payment – One of the biggest barriers to homeownership is setting aside enough money for a down payment. You could reach your savings goal even faster by using your tax refund to help.
  • Paying for closing costs – Closing costs cover some of the payments you’ll make at closing. They’re generally between 2% and 5% of the total purchase price of the home. You could direct your tax refund toward these closing costs.
  • Lowering your mortgage rate – Your lender might give you the option to buy down your mortgage rate. If affordability is tight for you at today’s rates and home prices, this option may be worth exploring. If you qualify for this option, you could pay upfront to have a lower rate on your mortgage.

The best way to get ready to buy a home is to work with a team of trusted real estate professionals who understand the process and what you’ll need to do to be ready to buy.

Bottom Line

Your tax refund can help you reach your savings goal for buying a home. Let’s talk about what you’re looking for, because your home may be more within reach than you think.


702 Owl Dr Featured Banner

702 Owl Dr, Vacaville, CA  95687

FOR SALE → 5702 Owl Dr, Vacaville PRICE: $490,000 3 Bedrooms 2 Bathrooms 1,614 sq ft Built 1988 490,000 Summary Greetings and welcome to this exquisite property nestled within the highly coveted Meadowlands neighborhood. Boasting three bedrooms and two…

Read More


Related Articles
Front Porch Is Your House Priced Too High? 🏠 There’s no arguing this past year has been difficult for homebuyers. And if you’re someone who has started the process of searching for a home, maybe you put your search on hold because…. Read more….
Front Porch The Best Time To Buy a Home This Year 🏠 There’s no arguing this past year has been difficult for homebuyers. And if you’re someone who has started the process of searching for a home, maybe you put your search on hold because…. Read more….
Front Porch The Surprising Amount of Home Equity You’ve Gained over the Years 🏠 There’s no arguing this past year has been difficult for homebuyers. And if you’re someone who has started the process of searching for a home, maybe you put your search on hold because…. Read more….
The Schemkes Logo Signature Dark (2)

CONNECT

DONOVAN SCHEMKE
REALTOR®
707.803.0308
donovan@navigatere.com
DRE# 01348670

PAMELA SCHEMKE
REALTOR®
707.486.8399
Pamela@navigatere.com
DRE# 01131343

AREAS SERVED

SOLANO | NAPA |SONOMA
SACRAMENTO | LAKE | MARIN COUNTIES

Nav_ Logo Boxed Black

Terms Of Use | Privacy Policy | Accessibility Statement | Fair Housing Notice

Made with ❤️ © 2024 NAVI