Build a Down Payment with Your 2021 Tax Return

St. Louis – February 23rd, 2022 – Gershman Mortgage, a leader in the mortgage industry, recognizes that tax time is here and while buying a new car or jacuzzi sound like a good idea, you may want to consider using this income to start putting together a down payment for your dream home. With a little planning, your dream home can be right around the corner!

First things first, what is a down payment? A down payment is a part of the purchase price that is paid out-of-pocket the day you close on your new home. It is usually paid in cash or check at the time of the transaction (as opposed to borrowing).

Secondly, you’re going to want to crunch numbers. On average, a down payment for a home is usually around 6%. If you calculate your ideal house price range, down payment amounts and your tax return, you can see how those numbers match up. If these numbers are closely aligned, you could have a new home sooner than you think!

Last and arguably the hardest step, avoiding the temptation to spend that tax return. Whether you have your return deposited directly into your account or it comes in the mail by check, save those dollars! Keep it in savings until you’re ready for that closing table.

There are several things you can do to get ready for homebuying season so it may be a good idea to sit down with a knowledgeable loan officer before you’re ready to buy. Gershman Mortgage staffs only the best and brightest loan officers in the game and they’ll help you make the best decision for you and your family. Especially when it comes to down payments, they can help you determine a price range that fits your budget and approximately how much you’ll need.

When you’re ready, contact a Gershman Mortgage Loan Officer to start your journey home today.

 About Gershman: Communities, families, and homes are at the heart of what we do at Gershman Mortgage.  Our founding principles are based on the core values of honesty, integrity, the entrepreneurial spirit, and putting our customers first.  We are passionate and committed to customer service and strive to ensure that we exceed the expectations of our customers.  We are a customer-centric company devoted to creating and maintaining long-lasting relationships.

NMLS #138063 16253 Swingley Ridge Road Suite 400 Chesterfield, MO 63017 (800) 457-2357 Equal Housing Lender.