High Tax Subs

Tax Refund

By June 21, 2019December 14th, 2019No Comments
Scott Digregorio

Coming back at you with more information about taxes


What the HECK can you do with your tax refund right?

“Scott can we use this as a downpayment?”

Uhm.. hold on …Maybe you should..


So check it out..

A lot of people come to me and tell me

“Take my tax refund and let me use this as my down payment”

Now most people, lots of people take their tax refund

And they don’t necessarily do anything smart with it right?


They go on vacation, they kind of blow it, whatever they do

Other people say, hey I want to put it all down on a house

Here’s the thing, now that there is a fair amount of 100% down programs

There’s a consideration as to what is the best thing to do with your tax refund


Yes, a downpayment is a viable option, and a good option

But, sometimes what I find for people is that

If we split that money up and use part of it

towards debt consolidation, and the other part towards down payment

It can really maximize people’s qualifying ratio


I don’t want to get too technical

Every $1000 you borrow is around $5 a month

All depends on a million different things

But let’s just use that as an example

That’s not what people qualify for just an example

So if you knock out a credit card that has minimum payment of $100,

that $100 equates to an additional $20k of borrowing ability


Sometimes you have a relatively small credit card with a payment,

or maybe you have a car loan that’s almost paid off

I was working with somebody recently, they owed $6000 on their car

and their payment is over $300/month

So we paid off the $6000 and increased their borrowing ability to $60K!


Look, don’t just decide one way or another, I talk a lot about strategy sessions,

and this is where it is important. Let’s put our heads together and

do the smartest thing.

Now there are two angles with this

What is the smartest way from a spreadsheet standpoint

and what feels most comfortable.

When I meet with everybody, I really focus on both

I don’t think you can exclude one or the other


So, we look at it from two angles

We figure out the best solution

And we divide and conquer from that direction


That’s what I got for you, I’m Scott DiGregorio,

Do me a favor, reach out to me, let me see if I can write some numbers for you

I’ll talk to you nextime, thanks, byebye!


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