Washington DC Refinance Mortgage Leads

In the most recent Census, Washington, DC was listed as having a median family income of $46,283; this fairly wealthy enclave is the base for many homeowners, making it a solid market for those interested in finding refinance mortgage leads. At last count, there were 114,235 families residing in the city. The District is home to many exclusive neighborhoods, and there has been quite a bit of gentrification in recent years. In fact, rising real estate costs have forced many families to flee the city for the less expensive suburbs that surround it.

Investigate your leads, and you will find that many of the mortgages written in the area are for interest-only loans. These loans allow borrowers to initially repay only the interest, putting off payment of the principal for years and years. More than a third of the mortgage loans written in Washington, DC in 2005 were for this relatively new type of loan.

Know Your Washington, DC Refinance Mortgage Leads

Borrowers find interest-only loans appealing because their initial monthly payments are more affordable than those of traditional mortgage loans. Still, these loans represent a huge risk for borrowers. Should the value of their homes decrease, they could lose money in a big way.

For this reason, many seek refinancing options as soon as their financial situation improves. Thus, refinance mortgage leads who have interest-only loans can provide excellent opportunities for Washington, DC mortgage lenders. Many have found these leads to be quite open to exploring myriad refinancing opportunities.