Your Savings & Down Payment Secret Weapon: Your Tax Refund

Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI
Your Savings & Down Payment Secret Weapon:
Your Tax Refund
Socking away money for any reason is no small fete these days ...  
But when the savings are for the purchase of a home, especially if your first home, the act of saving money can seem even more challenging ... and take on an even higher importance.  

The act of obtaining the "golden carrot" of homeownership can become all-consuming and almost a life-altering spiritual journey.  As a result, the journey can seem overwhelming at times and become even a bit frustrating for some.

As a Loan Originator, I know I can sound a bit like a broken record.  But seeking advice and having a preliminary conversation with a mortgage lender (well in advance of starting a home search) provides a defined path of action and valuable help in achieving your down payment goals.  

Knowing what kind and how big of a down payment you will need can speed your goal of home buying along ...  

Through that conversation, you also give yourself a more clear and precise financial target.  You clarify what financing options are available to you, which is most quickly achieved, and which will benefit you the most.  That's unbelievably valuable and can help relieve some of the stresses associated with saving for a down payment.

Plus ... a Lender will help you assess your credit standing.  They'll also go over your finances with you in order to make sure that both finances and credit are at optimum advantage, both in the long and short term.  

Here are some examples of how a Lender and that important conversation and consultation can help.  This talk can:

  • Get you on-track for savings 
  • Reveal errors on a credit report
  • Help establish a vigorous plan for addressing debt
  • More ...

Truth is, there are many "tools" and resources economically and easily available to home buyers and those hoping to save money.  If you conduct a quick search, you'll find that the internet is full of helpful informational sites offering saving and budgeting tips, calculators, education, and more to help you achieve your goals.   

But right now ... at tax time ... there is one resource available to you that may provide you a larger chunk of savings.  It can help move the goal post of homebuying closer to reality ...  

That's your tax refund ...
If you're someone receiving a tax refund this year,  you've got funds already "saved" and available for down payment use.  
This is an often-overlooked bonus associated with tax refunds and one that can help make saving for a down payment immensely easier. 
Your tax refund is a mandatory "built-in" form of saving for many hoping to buy a home and many of my clients have used it successfully to do just that.  

Another "bonus" of tax time shouldn't be overlooked ...  

That is that immediately following the filing of your taxes, your Federal Tax Return (which is a required portion of application paperwork along with all Schedules, W-2's, 1099's and IRS confirmation regarding those figures via tax transcripts) are easily found and provided to a Lender for mortgage pre-qualification and approval.  Makes for perfect timing. 
However, an aggravating and persistent myth regarding down payment continues.  Many potential home buyers still believe it.  The myth is particularly pernicious, as it keeps too many from reaching out to a lender for the facts regarding home buying and financing.  

That myth?  

That you need a 20% down payment to buy a home!  It's simply NOT true ...

Many options for low-and-no down payment mortgages are available.  Those include: 
  • 3.5% Down Payment FHA loans 
  • 0% Down Payment VA loans (Qualified Veterans
  • 3% Down Payment Conventional loans 
  • 0% Down Payment USDA loans (Eligible Applicants – Eligible Locations)
  • Many States/local municipalities have Grants or resources available for Borrowers in need of Down Payment Funds  

It also must be pointed out that down payment funds are allowed from many and varied sources.  A home buyer doesn't have to go it alone.  They can receive "assistance" in this regard.  

Some of the sources available include:
  • Gifts from relatives
  • Loans from Retirement Funds
  • Life Insurance Policies with Cash Value
  • Stocks
  • Bonds
  • Inheritance
  • Traditional Sources of Savings, Checking, Mutual Funds, Money Market Accounts, and documentable  Bonuses from Employers

So I ask ... 
  • Are you currently trying to save money for a down payment on a Chicagoland - IL or WI home?  
  • Are you thinking that you might like to buy a home at some point in the future?  

Talk to a Lender ASAP!

The info your lender you receive will be specific to YOU and YOUR individual finances and needs.  It will be a roadmap to successful saving, buying, and financing.  

There's no doubt in this day and age that each can be challenging.  So why not secure the help and counsel you need to smooth your path at the earliest possible time?  

I (and most lenders) provide this information and assistance at no cost.  So don’t give up.  Don’t get discouraged.  

Take action.  Reach out to me or your own local lender today.  Tax Time and your Tax Refund make it the perfect time and your super-weapon for success ...
* Are you dreaming of buying or refinancing a home or Investment Property in New Lenox - Will County - Chicago - Chicagoland - IL/WI?

Contact me today! I'll put my 40 years of mortgage experience and expertise to work on your behalf.
I'm easily found at:

Gene Mundt
Mortgage Originator - NMLS #216987 - IL Lic. 031.0006220 - WI License #216987
American Portfolio Mortgage Corp.
NMLS #175656
Direct: 815.524.2280
Cell: 708.921.6331
eFax: 815.524.2281
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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656


Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 


Your Referrals & Testimonials are Always Greatly Appreciated! 




Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Roy Kelley 03/24/2020 01:00 AM
Home Buying
Illinois Will County New Lenox
Chicago Area Real Estate BUZZ!
1st Time Buyers
tax refund
real estate
tax refunds
down payment options
federal tax returns
home buying advice and tips

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Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good afternoon Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi - the tax refund is a good way to start rather than spending it.

Mar 20, 2020 01:32 PM #1
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hi Gene... what a wonderful post... this information is what every first-time buyer needs to take into consideration. 

Mar 20, 2020 02:46 PM #2
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Gene -it seems that being a broken record is necessary at times and that is likely even truer for a mortgage originator like yourself where the process is not an everyday occurrence for your clients.  I imagine this process becomes more apparent when the clients are first-time borrowers.  Good for you.  Patience...

Mar 20, 2020 03:56 PM #3
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Gene. For those lucky enough to reside in your lending area, contacting you for counsel is the next step towards ownership. Enjoy your day!

Mar 21, 2020 04:02 AM #4
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

 A tax refund would be a good resource for a down payment. Better than blowing it on small stuff.  I know buyers are in good hands when they call you, Gene. 

Mar 21, 2020 08:19 AM #5
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Gene good information and advice.  While having a 20% down payment or as close to it as possible is a great goal, it should not be the reason to keep a Buyer from purchasing a home.

We hear all the time of how low the interest rates are, but we also need to mention that the PMI rate are very low right now as well.  I have been seen PMI rate half if not more than what they were just a couple of years ago.  So Buyers should not let PMI be a reason from purchasing a home right now.  They will be surprised how low that PMI payment may be.

Mar 21, 2020 10:51 AM #6
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is very good information to share with prospective mortgage borrowers.

Mar 21, 2020 12:09 PM #7
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Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

708.921.6331 - 40+ yrs experience
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