New Data Outlines Consumer Attitude Shift for the Purpose of Mortgage Refinance Loan from Rate Reduction to Pulling Out Cash

September 20, 2018 Best Rate Referrals

Clearwater, FL – September 20, 2018— Despite increasing rates, consumers remain interested in refinance mortgage loans, but now with a new purpose: pulling out cash from home equity. The Q2 2018 Mortgage Consumer Profile Report, which is published by Best Rate Referrals, explores the reality that, with mortgage rates higher than they’ve been in recent years, the majority of refinance mortgages are focused on cash-out objectives instead of the rate-reducing objectives previously prioritized. Rising home prices across the U.S. have boosted homeowners’ equity to record-setting levels. According to this report, the median value of a U.S. home was $298,170 in the second quarter of 2018. Homeowners still see their homes, which is often their largest investment, as a source of cash. Cash-out and home equity line of credit (HELOC) refinance loans are often tied to expense-driven objectives, such as weddings, vacations, educational expenses and home remodels, as shown in this report, and may be more likely to appeal to a younger, higher-income household.

WHAT: Not all prospective borrowers have the same motivation, concerns or financial constraints. The data in the Q2 2018 Mortgage Consumer Profile Report can be used to recognize the various consumer segments that likely represent borrowers for most U.S. mortgage lenders.

 

WHO: Best Rate Referrals, an award-winning consumer finance marketing leader, publishes the quarterly report.

 

WHERE: The FREE report is now available for download at insights.digitalmediasolutions.com.

 

The data in the Q2 2018 Mortgage Consumer Profile Report is comprised of inquiries generated by Best Rate Referrals during the period of January 2018-June 2018, with an emphasis on April-June 2018, combined with Neustar ElementOne data. Subjectivity was applied to Neustar ElementOne data, at times combining high-indexing characteristics to define attributes.

 

About Best Rate Referrals

Best Rate Referrals is an award-winning consumer finance marketing firm that is an industry leader in generating high-quality leads and driving inbound calls to lenders. Best Rate Referrals has a long history of connecting high-intent consumers with a diverse network of lenders for a variety of financing products. The company’s flagship website, MortgageAdvisor.com, is a one-stop mortgage financing shop that matches consumers with mortgage lenders and also provides an array of online tools and information to educate potential borrowers on achieving their financing goals. In 2018, Best Rate Referrals expanded into the world of personal finance with the launch of LoanAdvisor.com, a new online marketplace designed to provide consumers with simple and fast personal loan quotes from lenders for free. Best Rate Referrals is part of Digital Media Solutions, LLC (DMS), the fastest-growing independent agency focused on performance marketing. For more information on Best Rate Referrals, go to bestratereferrals.com, check out the Facebook page at facebook.com/BestRateReferralsLV  and follow on Twitter at @BestRateLeads.

 

© 2018 Digital Media Solutions, LLC. All Rights Reserved. Digital Media Solutions and its logos are trademarks or registered trademarks of Digital Media Solutions, LLC. All other company and product names referenced herein are the property of their respective owners.

About the Author

Best Rate Referrals

Best Rate Referrals is an award-winning mortgage marketing firm and an industry leader in generating high-quality mortgage leads and driving inbound calls to mortgage lenders. The Best Rate Referrals team has broad mortgage market experience with proven lead generation practices that produce measured results for the lending and real estate industry. Best Rate Referrals has a long history of connecting high-intent consumers with a diverse network of lenders for a variety of financing products including Home Purchase, HARP, VA, FHA, Cash-Out, 203k, USDA, Conventional, Reverse Mortgage, ARM, Fannie Mae, Freddie Mac, First-Time Homebuyer, Jumbo and Debt Consolidation. The company's flagship website, www.MortgageAdvisor.com, is a one-stop mortgage financing shop that matches consumers with mortgage lenders and provides an array of online tools and information to educate potential borrowers on achieving their financing goals. Best Rate Referrals is a subsidiary of Digital Media Solutions.

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