September 13, 2023 | By RGR Marketing Blog

How to Land the Mortgage Refinance Clients You Want

buy Mortgage LeadsFor many mortgage loan officers, 2023’s housing market has yet to live up to its promise of returning close to pre-pandemic levels. With interest rates still hovering between 7% and 8% in most states, buyership continues to be down and even those who were looking to refinance their home loans this year are starting to rethink their plans.

But just because the statistics are slim doesn’t mean that you shouldn’t still be targeting mortgage refinance clients. The key to success is hyper-focusing your target, so you can connect with the types of homeowner who might still want to refinance their loans this year.

If you’re not sure where to begin, then this guide will help you determine what kinds of mortgage refinance clients you should be searching for.

Refinance Prospect #1: Money Savers

Admittingly, the pool of prospects who can save money on their monthly mortgage payments by refinancing is small. But there remain some homeowners out there with high-interest loans who might still be able to take advantage of a better rate. All you need to do is find those homeowners who can reduce their interest rates by at least 1%. This means that they would have to have a current rate of between 8% and 9%. There might not be an overabundance of them, but there are some still out there.

Refinance Prospect #2: Home Renovators

With housing prices continuing to climb, now is a great time for homeowners to complete overdo home renovations and improvements to help maximize their market values. And a cash-out refinance can be a great way to access the cash they need to get these projects done.

A cash-out refinance, when done to pay for home improvements, can be beneficial even if the homeowner is getting a slightly higher interest rate because if the home improvement increases the home’s value, the homeowner will gain additional equity in their home. This simple increase may provide the homeowner with enough equity in their home that they can ask their lender to remove their private mortgage insurance, and this will drop their monthly payment back close to what they were paying before the refinance or possibly even lower.

Refinance Prospect #3: Green Homeowners

Homeowners who are interested in sustainability and renewable energy may be worth searching for because they are always looking for ways to make their home more “green,” and it takes a lot of green to go green. For instance, having a solar panel system installed on a home can easily cost $20,000 or more, so these prospects may be interested in cash-out refinances to help cover their solar costs.

Solar prospects make for great refinance prospects because even if they get a higher interest rate, their solar panel system will not only increase their home values, but also lower or even eliminate their energy bills, so the combined savings will often result in a positive financial outcome.

Refinance Prospect #4: High-Debt Homeowners

In most cases, using a cash-out refinance to help pay off high-interest credit card debt isn’t recommended because the homeowner is using a secured debt to pay for their unsecured debt. But some homeowners, especially those who feel as if they’re in dire financial situations, might consider the risk to be worth it. If you have refinance prospects who are in this position, then be the best financial partner you can be by providing them with all the resources they need to make the best decision for their goals.

RGR Marketing Can Connect You With the Refinance Prospects You’re Searching For

The above refinance prospects can be difficult to find if you don’t know where to look. That’s why working with a company like RGR Marketing can pay off. We use the latest lead generation technology to provide you with highly targeted leads based on your unique search demographics. With RGR Marketing, you get exclusive access to the mortgage leads you need to increase your refinance closings.

In addition, partnering with RGR Marketing gives you access to expert guidance and support thanks to our 20+ years of experience working with mortgage lenders. And unlike the leads you get from other firms, our mortgage leads have been verified and scrubbed to help ensure that your leads are accurate and complete. This helps save you time and resources, and it maximizes the return on your investment.

Contact RGR Marketing today to find out how working with better quality mortgage leads can impact your business!

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