Best Area/demographic for Mortgage Refinance?

[overdrive]

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.

 

[Joe0909]

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.

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,