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Banks and Credit Unions Reach ReFi Customers On Boston Radio

Sep 11, 2020 11:44:05 AM / by Larry Julius

There are approximately 635,000 households in the Boston area with existing mortgages, according to the US Census Bureau, American Housing Survey. The median amount owed on these homes is $232,000.

Yesterday, there was extraordinary news for many of these borrowers and for Boston area banks, credit unions, and mortgage companies

According to The Federal Home Loan Mortgage Corporation (Freddie Mac), mortgage rates have hit an all-time low of 2.86%.

 
With interest rates at this new level, 20 million American homeowners can now refinance their existing mortgage, according to Black Knight, a data analytics company specializing in homeownership life cycles. 
 
By refinancing an existing mortgage, a Boston area homeowner could considerably reduce the length of their loan or lower the amount 
of their monthly payments.
 
Local banks, credit unions, and mortgage companies create a great deal of revenue from refinancing. 
 
Generally, a lender can expect to earn two to five percent of the loan principal amount in closing costs, according to BankRate.com. For a $200,000 mortgage refinance, for example, closing costs could generate between $4000 and $10,000.
 
For local financial companies to claim a significant share of the expanding refi market requires advertising. By any metric, advertising on Boston radio is the most effective way to reach homeowners.
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Topics best way to advertise, radio advertising, bank, credit union, advertise on radio, mortgage, mortgage rates, home owners, advertise on boston radio, mortgage company

Why Boston Area Mortgage Lenders And Brokers Need To Advertise Now

Mar 7, 2020 8:33:55 AM / by Larry Julius

There are 2.3 million consumers in the Boston area who own their own homes. 

According to Zillow, more than 60% of homeowners carry a mortgage. A record number of owners are considering refinancing  now, which means millions of dollars in fees for local lenders and brokers are up for grabs.

Why the sudden urgency for New England homeowners to refinance their mortgages?

According to The Federal Home Loan Mortgage Corporation (aka, Freddie Mac), "The average 30-year fixed-rate mortgage hit a record 3.29% this week, the lowest level in its nearly 50-year history."

"Meanwhile, mortgage applications increased 10 percent last week from one year ago and show no signs of slowing down. Given these strong indicators in rates and sales, as well as recent increases in new construction, it’s clear the housing market continues to be a positive force for the broader economy."

If a consumer Googles 'refinance my mortgage in Boston', more than 6.5 million results come back, So, to set themselves apart, lenders and brokers will need to advertise.  By any key metric, advertising on local radio is the best way to reach area homeowners.

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Topics best way to advertise, radio advertising, consumer spending, small business owner, small business, financial professionals, small business advertising, real estate, mortgage, mortgage rates, refinance, financial services, home owners, home values

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