As predicted, the Fed cut the federal funds rate today.  That's the interest rate that banks charge each other.  The mortgage market seems to be following suit as I've already received several "reprice for the better" statements from our various lenders.

What does this means for you as a Realtor, or financial planner, or CPA, or anyone else for that matter?  It means be PROACTIVE and go through your database of past clients.  Be the source of information for them and have them get in contact with their lenders immediately!  If the value of the homes are still there and the clients still have an income, they are prime candidates for refinances to a lower rate which could have the potential to save them some money.

As you've probably read on several ActiveRain posts, being proactive rather than reactive will not only bring a smile to your referral partners faces, but it could result in reciprocated referrals and future income for you as well!

From the standpoint of a mortgage broker, I 'm glad that my partners have been calling and will be sending me referrals in the next couple of days. Why?  Because I'm the guy they get many of their leads from.  I turn prospects into borrowers which means someone needs to find them a house right?  It just goes to show you that when you give, give, give, someone will pay it forward and you will receive, receive, receive!

The mini refinance boom has, once again, arrived, and I hope that you are ready.  There still about 90% of homeowners in the US who are not in foreclosure!