Best Area/demographic for Mortgage Refinance?

Discussion in 'Real Estate and Mortgage Forum' started by overdrive, Aug 9, 2017.

  1. overdrive
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    overdrive Member

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    Just wondering what the best area/state, sex, age etc. typically is for those that are interested in refinancing their mortgage?

    I need to subscribe to 5 areas for the DNC list and am not sure what 5 to pick.

    I'm not a mortgage or real estate agent but would like to find out if anyone can help.

    Thanks very much.
     
  2. Joe0909
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    Joe0909 New Member

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    Might need to better define what you are asking for, but I'll give you my best answer based on being in the mortgage industry since 2009.

    Best state/area; high COL areas have bigger loan sizes, but there is more competition. Lower COL will give you more units. Are you looking for volume or units?

    Sex: toss up.

    Age: for refis in the market today, I would say target folks right around the age of retirement for a few reasons;
    1) This group have often spent the last few years prior to retirement being very busy with work, kids/grand kids, etc and may still be sitting on slightly higher interest rates thanks to plain old lack of time/attention.
    2) Transitioning from the working world to a lower fixed income in retirement is often a big worry and prompts many individuals into trying to lower their monthly outflow as much as possible before retiring.
    3) Piggybacking on #2, with a lot more free time to travel, splurge on grand kids, finally tackle that kitchen remodel, this group also has a new found need to access equity in their home to pay for (or conversely pay off, if they get in over their heads) all these items.

    Cheers,
     

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