Skip to main content

Increase your business by 80 percent in eight weeks

National Mortgage Professional
Jan 27, 2005

Homeowners Report on RefinancingMortgagePress.comRefinancing, Statistics, Interest Rates, Payments Mortgage rates may be the lowest they have been in 40 years, but according to a recent survey conducted by InsightExpress, these low rates, while indeed primary, are not the only reason for homeowner refinancing. A survey of 500 homeowners revealed that more than one-third of the group is likely to refinance in the near term, although nearly half of this percentage has gone through the paperwork-intensive process at least once before. For those considering, other key deciding factors are being weighed, including the desire to lay out as little cash as possible in the process. A variety of factors were cited by survey participants as being important to their refinancing decisions: Refinancing: Reasons Considered Extremely Important Lower Interest Rate: 85 percent No-Cost/Low-Cost Closing: 72 percent Fixed-Rate Commitment: 66 percent No Point Commitment/Requirement: 61 percent Lender Reputation: 53 percent Local Presence of Loan Backer or Mortgage Company: 26 percent Many participants cited a reduction of monthly payments and consolidation of loans and debt as primary motivating factors for refinancing. However, additional concerns come into play: Refinancing: Reasons Considered Primary Reduce Monthly Payments: 54 percent Consolidate Loans and Debt: 18 percent Reduce Loan Term: 15 percent Utilize Equity for Home Improvements: 11 percent Utilize Equity to Fund Education: 2 percent When seeking refinancing information, 48 percent of all participants turned to traditional financial service institutions, 25 percent turned to Mortgage Brokers and 21 percent turned to online brokers, 17 percent used either the newspaper or an online news source for information, and a final 15 percent used an online mortgage information portal.
Jan 27, 2005
NewRez Introduces 1% Down Mortgages

RezSource targeted to low-income borrowers and first-time homebuyers.

Dec 04, 2023
Emmy-Winning Director Takes Viewers Inside the World of Mortgage Originators in 'LO Confidential'

New reality series offers a glimpse of the mortgage industry's challenges.

Nov 30, 2023
Shake Things Up In 2024

Embrace change and revitalize your brand for lasting impact

Nov 20, 2023
Luxury Home Prices Hit Highest Third-Quarter Level Ever

Redfin report says the market segment might soon cool, though.

Nov 06, 2023
Tales From The 100-Acre Wood

Be more like Winnie and less like Eeyore to increase business

Nov 02, 2023
Burrowing Into Borrowers' Brains

Getting insight into borrowers' needs builds better relationships and more closings

Nov 02, 2023