Opportunities are sometimes hard to come by. Success comes to those who find that one opportunity in a sea of challenges, choose just the right approach, and persevere despite the odds.
Other times the stars seem to align, opportunities are there for the taking, and the hardest part was just recognizing that a great opportunity is right in front of you. Today’s post is about this kind of opportunity.
For mortgage brokers, now is a great time to turn your attention to refinance leads. Here’s why these leads are ready to go and how you can take advantage of it.
According to Bankrate, mortgage rates just hit a four-month high. It’s true rates may not climb too much higher in the immediate future, but they aren’t going to go down either. And don’t forget about the Fed. They could still decide to raise the federal funds rate target at their mid-December meeting, causing your future customers’ rates to edge up even more. But most importantly, experts advise those borrowers looking for better terms than what they already have to act now.
Long term, this slow march of rates upwards is going to continue — there’s really not much more room to go down, after all. Locking in good terms on a 15- or 30-year fixed-rate mortgage now, while they still can, should be a top priority of any lead considering a refi. Even November’s rising trajectory is still an amazing deal. (There are only a few stretches on record from 2011 onward when rates for 30-year mortgages have dipped below 4.0 percent. That’s just a few years in more than 40 years of rate-tracking data from Freddie Mac.)
Another rate-influencing factor: the economy. The latest jobs report found 271,000 new jobs were created in October. Up significantly over August and September. This has already started to have an effect on the mortgage market, with one report finding the 10-year treasury yield has already gained ten base points since the news broke. Naturally, mortgage experts expect rates to follow suit — yet another reason for refinance prospects to act now.
However, good employment numbers don’t just affect rates. Improving employment also means borrowers may be in a better financial position. That makes a refinance even more tempting. A promotion, new job, or raise could help a homeowner put their money to work to better meet other financial objectives — like paying down debt or putting home equity to use.
Some homeowners may want to pay off credit card or student loan debt, finance a college education, or invest in home improvements. Accumulated home equity can be a path to achieving these types of goals, and a refinance can be a good way for some to tap that existing equity. A higher mortgage payment is likely, but a better salary makes that increase worth it.
Other borrowers may just want to save on the lifetime interest of their loan. If they’ve built up some equity and will be in the home long enough to recognize the cost savings, switching from a 30-year loan to a 15-year loan may well be worth it, even if it means a higher monthly mortgage payment.
The End of the Year Push
We’re almost the end of 2015. That fact is weighing on your leads as much as it’s weighing on you, albeit for different reasons. Sure, you’re pushing hard to close out the year on a high note for your business. But your leads are also mulling over the implications of closing on their refi before the end of the year.
The question is: how can you make the most of your December and where can you find these mortgage refinance leads that are raring to go?
The answer is the Aged Lead Store. If the headlines weren’t enough to convince you the refi market is on fire right now, perhaps our recent influx of new aged leads will do the trick. That’s right. We’ve got 50,000 new aged mortgage leads — all less than 90 days old and all ready to go.
This is that opportunity you’ve been waiting for. The one where things just seem to come together. Rates are looking skyward and getting ready to take off, plus the economy is improving, making a compelling case for potential refinance customers to act. And leads are pouring in, ready to find a refinance deal that fits their needs and actively searching for mortgage professionals to lead the way.
Head over to the Aged Lead Store today to take advantage of this amazing opportunity and get first crack at our thousands of high-quality aged leads that are ready to go.