As rates move to a 4 year high, it is becoming less and less attractive for those conservative a-paper borrowers to pull cash out of their homes. The jump from the low 5% range to the mid 6% range is too much to stomach for many homeowners. The hot leads of a year ago are quickly turning into cold to lukewarm at best rate shoppers. This can be discouraging, but have hope and stay in touch with these borrowers.
Make the transition from loan originator to financial advisor. Get the prospect talking and take notes. Key in on why they inquired about refinancing in the first place and schedule a follow up call. Shoot out a quick personalized follow up email as well.
Times are changing and those who are persistent and diligent in their follow ups will be the mortgage professionals who succeed.
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