The Mortgage Renewal Gold Rush is a Mirage
For the past 18 months, brokers have been told that a massive renewal wave is coming, and it’s their big chance to cash in.
However, the truth is that waiting for renewals to drive business is a losing bet. By the time a client’s mortgage is almost up, the banks already have them locked in.
The incumbent lender holds an unfair advantage, renewing is the path of least resistance for clients, and lenders’ deep pockets let them go on the offensive.
Instead, the real opportunity is mid-cycle, long before renewal. Author's summary: Brokers should focus on mid-cycle opportunities.
- Relying on renewals is not a viable strategy
- Incumbent lenders have an unfair advantage
- Mid-cycle opportunities are the key to success
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