Mortgage rates recently plummeted to another all-time low, convincing many to refinance their homes. These rock-bottom rates have caused the average close time to increase exponentially due to the massive influx in applications. With many companies now exclusively working from home, getting ahold of applicants’ employers or HR departments has become a challenge. This delay in approval is giving Loan Officers nationwide a unique opportunity to reach these refi-ready homeowners with a better offer. With lower interest rates, fewer fees, and possibly different repayment terms, the homeowner can start saving money immediately.
Surprisingly, a large number of homeowners fail to shop around for the best mortgage terms when refinancing, typically accepting the first lender who agrees to offer them a home loan. Many homeowners have been misled to believe that shopping around for a mortgage will hurt their credit score – this is a common misconception as they actually have a 30+ day window to shop with no additional impact to their score
This is the best time to reach out to that homeowner with a more appealing offer. You’re taking your best shot at communicating with these active, motivated homeowners when you use credit data to access these mortgage lead opportunities. Using that data to then target and engage potential customers currently shopping a new mortgage, by immediately sending a custom loan offer directly to their home, is the most effective way to reach these refi-ready homeowners. So you can be the one closing their loan!
This delay in approval is giving Loan Officers nationwide a unique opportunity to reach these refi-ready homeowners with a better offer.
It is critical to send your best offer in the earliest stages of a homeowner’s decision making process. With most homeowner’s having to wait 30, 60 even 90+ days to refinance their homes, now is the perfect opportunity to engage them and put your best offer on the table, to earn their business and grow your pipeline!