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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 Banks & Credit Unions Need To Advertise Now

Jun 30, 2020 7:07:44 AM / by Larry Julius

Based on statistics from the Bureau of Labor Statistics, before the COVID-19 crisis, Boston households were putting more than $11.8 billion in the bank every year. 

Since February, however, Boston area banks and credit unions noticed that customers' savings accounts were beginning to swell to record levels.

According to the Federal Reserve, for many years, the personal savings rate has hovered well below 10%.  The PSR is the percentage of personal disposable income that remains after taxes and all other spending.

In April of this year, the PSR hit an all-time high of 33%. The rate remained at stratospheric levels in May, as well. The previous record high was 17.3% in September of 1975 at the tail-end of a deep recession.

There are more than 2500 banks and credit unions in Massachusetts who would love to earn a large share of this infusion of new savings. To compete, though, requires advertising.  By almost any metric, the best way to reach new depositors is by advertising on Boston radio.

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Topics best way to advertise, radio advertising, small business owner, small business, bank, credit union, advertise on radio, savings accounts, certificates of deposit

Boston Area Bank Creates 'Awareness & Consideration' With Advertising

Dec 5, 2019 7:11:00 AM / by Larry Julius

"We want to have a dominating presence in the area where people know us and love us," says Jim Nelson, Senior Vice President & Chief Marketing Officer of Salem Five. "Advertising on Boston radio helps us do that."

Salem Five is a mutual community bank based in Salem, MA. It serves both retail and commercial customers online and from 36 branches across Middlesex and Essex Counties.

"As a mutual bank, we are owned by our customers. That's how it has been since 1855 when we opened as Salem Five Cents Saving Bank," says Mr. Nelson. "We were called that because our first depositors were kids who could open up an account with a nickel."

Finding new depositors is essential for the long term success of the bank. "We need to continue to grow to be able to serve our customers better," says Mr. Nelson.

"Deposit gathering is about building brand, which we accomplish in part, with advertising. For the past ten years, radio has commanded the largest share of our advertising budget."

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Topics best way to advertise, newspaper advertising, radio advertising, television advertising, advertise in boston, small business, bank, credit union

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