For the first time since 1971, rates have dipped below 3%. The 30-year fixed-rate mortgage averaged 2.98% for the week ending July 16, down five basis points from the previous week, according to Freddie Mac. And the 15-year fixed-rate mortgage dropped three basis points to an average of 2.51%.
This drop has led to increased homeownership and home refinance demand. This is an enormous opportunity for mortgage professionals to close more loans than ever before. Increasing your marketing budget & strengthening your marketing strategy, as well as your retention and acquisition strategy, is essential and the only way to harness this high demand for mortgage loans.
Here are 4 components that are critical to your mortgage marketing efforts RIGHT NOW:
- Utilize Credit Data
- Marketing is most effective for loan officers, customers and prospects when it is backed by data-driven insights. When given the right tools and the ability to view their “whole picture”, you can engage prospects with personalized marketing that helps build long last relationships.
- Launch a Data Driven Direct Mail Marketing Campaign
- Turn-key Direct Mail Campaigns are the most cost effective and profitable way to increase your loan pipeline and reach new and existing customers. Grow your business by 5 to 50+ more loans per month with Camber Marketing Group.
- Monitor your Portfolio
- Camber alerts you when your past customers apply for a mortgage elsewhere. Past Client Monitoring keeps you engaged by notifying you when a past client is back in the market and sending a retention letter on your behalf within 24 hours. By using direct mail to retarget your customers, you can yield up to 8x’s the response rate of digital marketing1. Protect your portfolio, stay engaged and never lose another loan!
- Target Your Ideal Customer
- Increasing ROI starts with identifying your ideal customer. Camber’s inMARKET Monitoring program keeps you engaged with potential customers by alerting you when they start looking for a mortgage. Within 24 hours, you’ll have their information and an acquisition letter mailed on your behalf.