Did you know that the average Tucson resident receives $3500 + for a tax refund? Make that money work for you and invest in real estate! Here are 4 ways you can use your. money to work for you in regards to real estate investing:
- Use the money as a down payment. It is a common misconception that you need 20% as a down payment. That is not true! For an FHA loan, you need 3.5% down, for a conventional loan, you need 3% down, and for a VA loan, you need 0% down. I can get you in touch with some lenders to discuss which loan option would suit your needs best.
- Use your money for closing costs. Closing costs are the title and lender fees and typically run 3% of the cost of the home. For example, if you buy a $200,000 house, your closing costs will be around $5k-$6k.
- Use your money to buy down your interest rate. Rates were around 3% in February 2022 and now they are hovering around 7%. You can buy down your interest rate to make your monthly payment more affordable.
- Use your money to pay someone to help you move!