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Looking for a Deal? Discover how Buying or Refinancing a Home in December or January can help

1. CLOSING COSTS. Part of these costs are calculated based on how much of your taxes for the calendar year have not yet been paid. When you pay the last installment of your taxes in December for the year, you’ll only need to pay to impound 1-2 months. This could help you bring $7,000+ less in cash you’d need to bring to the closing table (based on an average priced home & property taxes in Austin, Texas).

2. TAX BENEFITS. If you close on or before December 31, you can take advantage of mortgage-specific tax deductions. Save hundreds or even thousands of dollars thanks to deductions on interest, property taxes, and points. You can still get these deductions if your mortgage closes after January 1, but you'll have to wait until the following year when you file your tax return.

3. COMPETITION. Many homes still on the market in Dec/Jan have been there 90+ days - which gives you leverage negotiating a better price when buying a home.

It’s important to know that it might NOT be a good idea for you to make a move right now, depending on your personal situation. Consult your trusted Mortgage Loan Officer and Realtor to guide you through this decision.

Interest rates are still very favorable compared to where they were at 18 months ago, so if you haven’t looked into refinancing lately, now is the time to run the numbers! Lots of people like to pull cash out at the end of the year through a cash-out refinance to pay off debt, book a trip, or just save money each month on their mortgage payment. Call us today to chat! We work weekends. 512-820-5919

-AJ Miller, Loan Officer, NMLS#403782

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