Why Your Clients Should Probably Be Considering a Mortgage Refinance This Year

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February 21, 2024 | By RGR Marketing Blog

Factors to Help Clients Consider With a 2024 Mortgage Refinance

With all signs pointing to an improved housing market in 2024, loan officers should anticipate the return of a client that they probably have been missing over the last few years – the mortgage refinance client. There’s no denying that the market has become slightly more stable in recent years, especially after the turmoil caused by the Covid pandemic, but the interest rate has largely remained too high for most American homeowners to consider refinancing.

But that is expected to finally change in 2024, as the first major interest rate reduction in a long while is predicted to happen. So, if you have clients who have been considering a mortgage refinance, then this year might be their best opportunity to save some money.

Who is the Ideal Mortgage Refinance Client in 2024?

In 2023, the Federal Reserve indicated that it could potentially cut interest rates as many as three times in 2024 with many industry experts anticipating that the average rate on 30-year mortgages could reach as low as 6.1% by the end of the year. Understandably, this may still be too high for those homeowners with mortgage rates already between 5% and 6%, but this can open up more possibilities for a certain group of homeowners, namely those who purchased their homes over the last two years.

If you have clients who have closed on their homes in the last two years, then the odds are good that they have interest rates at or possibly even above 7%. For these clients, this year should prove to be a good time to refinance their loans and save. Even if the rate doesn’t fall as much as expected, those clients with larger loan amounts will be able to see decent savings with even a minor reduction in their rates.

Solid potential for refinance clients can also be found among those looking to get out of their adjustable rate mortgages. Homeowners who are nearing the end of their initial lock period may want to try and avoid the sudden increase in their mortgage payments that’s likely to come as their rates adjust, so refinancing into a steady and more predictable fixed rate loan in 2024 might make more sense.

For Refinance Clients, Preparation is the Key to Success

If you have past mortgage clients who are thinking about refinancing this year, then the most important piece of advice you can give them is – be prepared. Your clients will need to go through the same underwriting and approval processes as with their original loan, so they will want to get all their ducks in a row before applying.

This means ensuring that their credit rating is just as high, or preferably higher, than when they got their first mortgage. If their credit is worse now than when they got approved for their first mortgage, then they may not get as low an interest rate as they had hoped, or they could even be denied altogether.

Being prepared also means having all their required documents and financial statements organized and ready to go. The more prepared your clients are, the quicker their refinances will be processed.

Where to Find High Quality Mortgage Refinance Leads

Most homeowners usually don’t stay on top of the Fed’s interest rate changes, so it’s not uncommon for many decent refinance prospects to miss out on money saving opportunities. But as a professional in the mortgage business, a loan officer does keep up on all the rate changes, so having a list of refinance prospects is always a good idea because you can reach out to your past clients and let them know of the savings they could potentially enjoy by refinancing their home loans.

Another excellent option for increasing your refinance sales in 2024 is to purchase mortgage refinance leads. At RGR Marketing, we can provide you with exclusive access to hot refinance leads that are very close to making their decisions. Our leads are considered “hot” because all of our refinance leads have shown recent increased interest in refinancing their mortgages.

RGR Marketing also scrubs and verifies our leads, and compiles your list based on your unique target demographics. This will be the first year in many where your refinance clientele should see a sizable increase. Make the most out of 2024’s interest rate drops by partnering with RGR Marketing today!

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Factors to Help Clients Consider With a 2024 Mortgage Refinance

Who is the Ideal Mortgage Refinance Client in 2024?

For Refinance Clients, Preparation is the Key to Success

Where to Find High Quality Mortgage Refinance Leads

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money today!

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Factors to Help Clients Consider With a 2024 Mortgage Refinance

Who is the Ideal Mortgage Refinance Client in 2024?

For Refinance Clients, Preparation is the Key to Success

Where to Find High Quality Mortgage Refinance Leads

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