President Obama has sometimes been criticized for being too slow to respond to the collapse of the housing market, but during his State of the Union address, it was one of his chief areas of concern. Obama called for Congress to pass new legislation that would give any homeowner who is current on his or her mortgage payments the chance to refinance the mortgage at some of the lowest interest rates the country has ever seen.
The legislation proposed by President Obama would extend to all borrowers rather than just those whose mortgages are already guaranteed through the government by Freddie Mac or Fannie Mae.
The law would bring financial relief to homeowners who have been unable to refinance because they are upside down in their homes or because the recession has caused their income to decline.
Financial analysts suggest that 28 million people could take advantage of the law to cut their mortgage rates by more than one percentage point.
State of the Union Speech and Mortgage Refinance Leads
Even though the law proposed by Obama is still very much on the drawing board, the very possibility that such legislation could pass has caused many homeowners to revisit the issue of refinancing at a lower interest rate. Websites that collect mortgage refinance leads have been deluged with requests for information about refinancing.
It is a smart financial move for your company to purchase and nourish such leads.
Follow Up Is Critical
Many of the people requesting information do not currently have mortgages that are eligible to refinance. Traditionally, salespeople ignore leads who cannot be “qualified,” but doing so would be a mistake in the mortgage refinance market.
Even if the leads don’t qualify under today’s laws, they very well may qualify if the legislation proposed by President Obama passes. When those leads become eligible to refinance their mortgages, they will remember which companies were the most helpful and took the most time to follow up with them and keep them informed about legislative changes that could work to their benefit.
The companies who stand to gain the most from any new laws about refinancing are the ones that purchase unqualified refinance leads today with an eye towards working with them as legislation changes in the future.