You'd think by now everybody that was going to refinance their home would have already done it.
Interest rates have been at record lows for months, right? But the answer is, that's not true.
There are 5 million homeowners in America that could benefit from refinancing. And here's how it breaks down, which is crazy:
450,000 of those loans have interest rates above 6.17%. Isn't that amazing In this day and age?
A million of those loans have interest rates above 4.39%.
And 3.6 million have interest rates above 4.21%.
So when we look at that, that's a huge opportunity for you to educate the market in your local area about the power of refinancing. Try partnering with a lender in your local market. And you guys could talk about that through a video or email — really reaching out and doing a good job with communication.
Now what's more powerful about this?
Did you know that when you refi a house, you don't get quite the best rate. You know who gets the best rate?
Home buyers get a better rate than refinancing homeowners.
So this is the story to tell:
"Hey, listen, you could refinance. Or better yet, if you want a little bit better interest rate, you know what you should do? Think about buying. Think about moving up to your dream home. Not only are you going to get all that savings because you were paying 6%, 5%, 4%. Why don't you use those savings to upgrade your home with very little change in your payment?"
That's the messaging that you should be putting out there. In fact, here's the marketing message you could use:
"Hey, do you know someone that's paying over 3% for their home mortgage? If so, they may be able to now purchase their dream home was very little change in their payments. Call or text me to learn how."
And then you just outline that by having a relationship with a local lender.
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