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Tax Refund | Capprice Kitchen with Pineywoods Realty Blog

Wednesday, August 4, 2021   /   by Capprice Kitchen

Tax Refund to Buy a Home

Saving money each month toward a long-term goal is increasingly difficult for most people. Even committed savers can get thrown off track when unexpected problems or opportunities arise. It can be difficult to envision how $200 a month can add up to a new home; the dream of homeownership continues to get pushed back in favor of more immediate needs.

For many of these potential homebuyers, their tax refund can be a big step forward in their saving goals. Received in a lump sum, a tax refund is easier to see as a meaningful dollar amount. The average IRS refund in 2019 was almost $3,000. This, added to an already growing savings account, can be a great bonus.

In addition to adding to your down payment fund, a tax refund can also be used to increase your credit score. Debt accumulation and use is the largest factor in determining a borrower’s credit score (FICO). A low FICO score can result in thousands of extra dollars in interest and origination fees when getting a home ...

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  buying a house, tax refund