Refinancing Opportunities in the Near Future?

If you have been watching the economy over the past few weeks you are likely as confused as the rest of us. Former Chairman for the Federal Reserve, Alan Greenspan, announced the US economy may likely head into a recession again as it did in 2001. The current Federal Reserve Board, in contrast, state this is unlikely as growth is still being seen in the beginning of 2007. The stock market continues to slowly drop as investors begin liquidating their funds. The state of the economy is greatly unknown and your ability to adapt your marketing strategy remains vital during the next few months.

Reviewing financial institutions’ rates over the next couple weeks will provide a better indicator as to how your competitors are reacting to these market changes. Within Central Florida, it is evident several institutions are gearing up for the recession path as their rates begin to slowly decrease.

The promotion of new vehicle loans or real estate loans may come to light as rates drop, but if rates do, in fact, begin dropping you may find more of your members holding on to their funds until the economy levels out, at least temporarily. One of your best opportunities will come in the form of refinance opportunities.

As the buying power of your current and potential members begins to reduce, they will be looking to save money wherever possible. Your new lower rates will provide the perfect opportunity for them to do just that through auto and mortgage refinance promotions.


It remains important that you begin looking at both of these economic possibilities and begin creating action plans to satisfy each path. The ability to adjust your marketing strategy quickly has always been essential; however, the next few months may cause you to completely alter your entire focus.

 

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