March is here, and while basketball fans are filling out their brackets, savvy homeowners are making winning moves of their own—by refinancing their mortgages! If you’re looking to score big on savings this year, now’s the time to get the ball rolling. Interest rates are still near historic lows, and locking in a great rate now could save you thousands over the life of your loan. Don’t wait until the shot clock runs out—check out these tips to ensure you slam dunk your refi!
Fast Break to Savings
When the opportunity presents itself, you’ve got to act fast! Just as a team seizes the fast break, homeowners should take advantage of current market conditions. While 2023 has shown economic shifts, interest rates are still in a competitive range. Make your move before rates start climbing again—waiting too long could mean missing out on a prime opportunity to save.
Take the Shot: Cash-Out or All-In?
A refinance isn’t just about lowering your interest rate—it can also be a game-changer for your financial future. Whether you opt for a rate-and-term refinance to lower your payments or a cash-out refinance to access equity for home improvements, debt consolidation, or other major expenses, it’s all about making the right play for your situation. A cash-out refi could be your perfect alley-oop to tackling financial goals with ease.
Scout the Best Loan Options
Every great team has a winning strategy, and your mortgage refi should be no different. If you’ve been in a conventional loan for a while, now might be the time to explore government-backed programs like FHA or USDA loans. These options often come with lower interest rates and flexible requirements, making them a slam dunk for many borrowers. If your current mortgage insurance (PMI) has become a costly burden, refinancing into a government-backed loan could be your game-winning shot.
Stay on the Offensive
Even if you’re feeling trapped by your current mortgage, there’s still a play to be made. Home values have been rising, and lenders are offering more flexible solutions than ever before. Whether you’re upside down on your mortgage or just looking for better terms, refinancing could put you back in control of the game.
Victory Starts with the Right Team
Not all refi solutions are created equal, and finding the best option requires a great coach in your corner. That’s where the professionals at Tidewater Mortgage Services come in! Our experienced loan officers will analyze your financial situation, explore every possible play, and help you secure the best refinancing option for your needs.
Don’t wait until the buzzer sounds—contact Tidewater Mortgage Services today and get prequalified in just one day. It’s time to take your mortgage game to the next level and score big on savings!
