Earlier this year, we predicted 2022 as the Year of Home Equity. A recent CoreLogic Homeowner Equity Insights report shows that 2022 has exceeded even our lofty home-equity expectations.
As of 2Q 2022, homeowners with mortgages have seen their equity increase by 27.8% since 2Q 2021, or an average increase of $60,200 per borrower year-over-year. Total average equity per borrower has now reached $300,000, the highest since CoreLogic began publishing home equity data.
All of this is fantastic news for homeowners, but what does it mean for lenders and mortgage advisors?
More opportunities to help your borrowers reach their financial goals and more chances for you to be a Home Equity Hero.
In 2022, most loans — regardless of their ultimate purpose — will stem from conversations about home equity. Fortunately, with Sales Boomerang’s alerts, mortgage advisors always know when prospects or past customers have accumulated enough equity to unlock new financial opportunities.
Potential opportunities arising from increased home equity, even with rising interest rates, include:
Sales Boomerang removes the mystery from your database with four alerts that keep you apprised of your contacts’ home equity position:
Knowing when your borrower has an advantageous home-equity position is a great start, but how do you seal the deal? In today’s market, mortgage advisors need to convert every viable lead. The good news is that home equity can help borrowers achieve practically any financial goal they desire, from funding home improvements to paying off debts and from buying a new home to investing for the future.
The key to conversion is offering advice — not price. Mortgage Coach is here to help with a customizable Total Cost Analysis that makes it easy to compare any number of loan scenarios.
Contact Sales Boomerang and Mortgage Coach today to find out how the industry’s only automated borrower retention and conversion platform can help you and your borrowers take advantage of near record-high home equity.