Each month, the mortgage marketing experts at Dataman Group are delighted to offer this month’s Mortgage Marketing Update.
The unemployment rate is at its lowest level in almost 50 years and wages for millennials are increasing. This combination of factors should create a more confident group of homebuyers.
According to the Mortgage Bankers Association, Purchase volume will increase as millennials enter the market driving up origination growth. Home purchase originations are expected to increase in each of the next few years, going from $1.143 trillion in 2017 up to $1.308 for 2021. The percentage of Originations will continue to grow over the next few years when compared to Refinances.
This month’s mortgage marketing update suggests that Mortgage marketers use a more creative approach to identify households with a greater need to purchase homes. Households who have more than one child with the most recent one coming within the last year or two are excellent prospects since they will need more room to grow especially if they are renting or living in a smaller home.
There are excellent databases to help mortgage marketers reach Origination Prospects. The Dataman Group First Time Home Buyer database will target Renters who should be looking to purchase their first home and the Dataman Group Move-Up Buyers list will identify homeowners who are ready for their next home.
Even though interest rates have ticked up, this is not the time to forget about the Refinance market.
There are still Homeowners who could benefit from Refinancing. It’s all about segmentation and marketers can pinpoint Cash-Out Refinance Prospects as well as Renovation Loan Prospects.
With a little creativity, Mortgage companies can continue to prosper in today’s economy and we encourage mortgage marketers to review this month’s mortgage marketing update each month.