Mortgage Marketing to End 2020

December 1st, 2020 by

Mortgage marketing to end 2020 with a bang needs to look at the 3 leading prospect segments. They are Homeowners looking to refinance, First Time Home Buyers and Reverse Mortgage prospects.

Reaching homeowners Looking to refinance

Leading housing agencies are expecting an average 30-year mortgage rate of 3.03% in 2021. That’s pretty incredible.

Until 2020, the lowest 30-year rate on record was 3.29%. Now, experts are saying interest rates could remain well below that for a year or more to come.

This bodes well for home buyers and refinancing homeowners next year. Low rates mean expanded buying power, cheaper monthly payments, and huge savings.

The refinance market is projected to stay very busy.  Mortgage brokers need to keep marketing. Homeowners have a lot of options out there. Those mortgage brokers who reach out will get a larger market share.

First time home buyers, the housing market and available inventory

Throughout 2020, housing inventory has remained incredibly tight. This pushed home prices up and increases bidding competition.

For buyers, low inventory has created a sort of push and pull: Low rates mean home buying is more affordable, and borrowers can afford larger homes. But low inventory means homes are more expensive and harder to get.

If rates do rise in 2021, it could potentially stem the tide of home buyers — giving builders a chance to catch up with high demand. And it may reduce competition for existing homes.

But, a higher rate also decreases home buying power and increases monthly mortgage payments.

Are you are a mortgage marketers looking to end 2020 who specializes in the first time home buyer market?  These all things to keep in mind when you are looking for new business.  You might not be able to close them until 2021.

Reverse mortgage prospects

The COVID-19 pandemic has had a serious financial impact across the U.S.

More than 40 million people have lost their jobs during the past few months. And as the pandemic lingers, household budgets are starting to thin out.

More people than ever before are considering a Reverse Mortgage.  You can reach them with a targeted list that focuses on borrower’s age, home equity and property value.

As in all types of business, consumers have choices. You can either let them Google or contact them with your message.

Mortgage brokers should not take anything to chance. There are lots of Mortgage marketing options to end 2020.