If 2012 was a fabulous year for consumers coming into your shop to refinance their mortgage, 2013 should be just as good, based on the results of a Harris Poll conducted in mid-December.
The poll asked consumers what do they expect to do in 2013 regarding their finances. Multiple responses were allowed, but out of the 2,176 people who responded to the online survey, 5% said they would refinance their mortgage this year.
To put that into context, in the 2008 survey (asking about 2009) 5% said refi, in 2010 (asking about 2011) it was 6% and in 2011 (asking about 2012) it was 5%. That sort of consistency bodes well for loan officers.
But if you look at the breakout by generation, there are clues to where you should target your marketing dollars. Those considered Gen Xers, between 36 and 47, had the highest response to the question, 9%. Baby Boomers were 5%, Echo Boomers (18-35) were 4% and matures (67 and over) were 3%.
From the whole sample, of those with children under the age of 18 living at home, 9% said they would refi, versus 4% who didn’t have children in the house.
Of those who planned to refi in 2012, 9% said they did so, 6% said they did not follow through and 85% did not plan to refi or it did not apply.
Taking out a home equity line of credit was cited by just 1% of respondents, similar to the 2011 survey and down from the 2% in the prior two surveys.
Take our loan originator survey: Speaking of refis, Origination News is conducting its annual production survey. The link to the survey is located at http://bit.ly/WybTbg.