June 4th, 2019
And the breaks just keep on comin’. Mortgage interest rates are falling again this week, hitting their lowest levels since late 2017, and naturally opportunities are arising out of it. According to Black Knight, the recent rate drops have bumped up the refinanceable homeowner population up to roughly 5.9 million, which is the biggest group in close to 3 years. FYI: “refinanceable” means qualifiable homeowners who could reduce their current interest rates by 75 basis points or more.
What else is improving? Affordability, especially for people looking to buy their first homes.
So what should you be doing in order to take advantage of these opportunities? First, mine your database. Find people you have spoken to in the past that could benefit from dropping their rates without being put further into debt (aka expanding their term and/or adding to their balance). Second, boost your online social presence by letting your friends, family, acquaintances, even your elementary school teachers know that you can help them secure a home or refinance their current mortgage. Keep talking money and benefits and you’ll be sure to have a rockstar summer.