Real Esate Blog

If you haven't already spent your refund and housing check on a vacation or big screen TV, you might consider these other uses.

1. Make an extra payment on your mortgage. This will save you big time on the interest you will pay, increase your equity and get the home paid for years sooner. Be sure to note on the payment "this is to be applied to principal"

2. Put the extra money toward a down payment on a home. It is a great time to buy with low interest rates and low priced homes on the market.

3. Upgrade your home with a new kitchen, bath, backyard bar-b-que, new furnace/air conditioner or landscaping. Many contractors are looking for work so you will probably never get a better deal on additions or upgrades. Plus it will improve your equity and enjoyment of your home.

4. Use it to purchase a "rental" property. Very good deals to be had and the rental market will be very good for some time with the housing crunch in full swing.

Just some thoughts on ways to make that refund and housing credit work for you in the long run.