I remember before the real estate crash of 2008, almost everyone who was out of work suddenly became a mortgage broker. They all wanted to participate in all the homeowners who wanted to refinance. Buyers were everywhere, and everyone was making money until they stopped, and we all know what happened after that. Now we see that the Federal Reserve is raising interest rates and is starting to take a large part of the mortgage business.
What can you do to keep your mortgage business green? How can you continue to find people who still want to re-escrow now at higher rates? Believe it or not, it’s not impossible – you just need to focus on your marketing and take it to the next level. Below is a sample marketing piece to look at and think about. Ideal for email marketing, website, social media, flyers, mail pieces, or 2-minute radio ads.
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Refinancing
Is your current mortgage interest rate too high? Would you like to take out some of the equity in your home for your children’s college, to buy a car, to renovate it or to pay off other debts? There are many reasons to refinance and the need is specific to the borrower’s financial situation and wishes.
Re-Fis can often be stressful, as lenders want to know everything about you and your financial means. But it doesn’t have to be a difficulty. That’s why we’re upfront about explaining all the necessary verification pieces before we get started. This way, there are no real last-minute surprises, which is a common complaint from borrowers refinancing their properties. Often a lender may need additional verification to clear up any doubts, but most of this is predictable.
You see, before the loan committees meet, there is someone who reviews all the paperwork before filing, these quality and paperwork masters know what’s going to work and what won’t. Sometimes the loan committee might say, “Okay, if we have verification of this, then it’s an opportunity, and we all sign the deal.” Remember that each institution or organization has its own bureaucratic processes, and that is how things work. If you show that you are a reduced risk, you get the best rate. Is about:
1. Credit score
2. Income
3. Debt
4. Personal funds
We have been doing this long enough (30 years) to predict such potential eventualities. Yes, when it comes to re-fi, the experience is worth it.
We can help you simplify refinancing through the FHA or VA if you are a veteran. The USDA also offers a refinance program. If you want to renovate your existing home, you can refinance or take out a second mortgage. If you want to buy a house and renovate it, fix it up, you may qualify for the FHA 203(k) rehabilitation loan program.
You have options, and we have solutions, we get it, and we’ll do the deal for you.
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Why not play around with your marketing communication strategy? Consider how you can get your message across before you end up like many of your competitors: out of business. Please think about all this.