In sports, third place isn’t exactly what athletes aspire to, but when it comes to some recent mortgage market news, there’s a ‘third place’ you might love to find yourself in: The population of homeowners who could refinance their homes and save hundreds of dollars on their monthly payment increased by one-third in January according to the latest Mortgage Monitor Report released by Black Knight Financial Services. Highlights of the report include:
- A 30-basis-point decline in interest rates has increased the population of refinanceable borrowers by 30 percent to 6.7 million
- 3 million borrowers could save $200 or more per month by refinancing; nearly 1 million could save $400 or more
- Total potential savings available via refinancing now stands at $20 billion per year; average borrower could save $3,000/year
- Another 15-basis-point drop in rates would result in the most refinanceable borrowers since the mini-boom of 2012 – 2013
This is important, great information for consumers, Realtors and Loan Officers:
Realtors: Reach out to your past clients to discuss equity position, current goals and their plans for the next 1-5 years. Along with help from your Loan Officer partner, you can help people uncover if they can move up, buy that vacation or second home or take steps to make any other moves that now may be possible.
Loan Officers: Get in touch with your past clients and team up with your Realtor partners to conduct mortgage reviews to help people find out if they can save money in light of these latest developments or make any of the moves mentioned above.
Consumers: Are you one of the 30-percent additional homeowners that could save significant money on a monthly basis? Does this new information open up possibilities? If you haven’t been contacted by a Realtor and Loan Officer, we’re happy to connect you with professionals willing to do a no-cost review to find out if you can benefit and explore options. You deserve the most up-to-date information, especially if it can enhance your financial bottom line.
Realtors and Loan Officers – let’s get the word out and get the buzz going around the water coolers in addition to providing one-on-one reviews to help people make the most of what they have and can do. It’s an exciting time and the My Smarter Mortgage Team is here to help spread the word and the benefit! What we’re talking about here is a great “third place” to be in!
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AMEC NMLS150953/ Branch NMLS:1139048/ Kelvin Kaemingk NMLS:251124
Kelvin Kaemingk is Regional Vice President with American Equity & Mortgage Consultants (AMEC), leader of the My Smarter Mortgage Team and Co-Host of the Real Estate Chalk Talk Radio program based in the Minneapolis-Saint Paul area.
