Advertise In Philadelphia Advertise In Philadelphia

Banks and Credit Unions Reach ReFi Customers On Philadelphia Radio

Sep 11, 2020 2:55:18 PM / by Larry Julius

There are approximately 862,000 households in the Delaware Valley with existing mortgages, according to the US Census Bureau, American Housing Survey. The median amount owed on these homes is $150,000.

Yesterday, there was extraordinary news for many of these borrowers and for Philadelphia area banks, credit unions, and mortgage companies

According to The Federal Home Loan Mortgage Corporation (Freddie Mac), mortgage rates have hit an all-time low of 2.86%.

With interest rates at this new level, 20 million American homeowners can now refinance their existing mortgage, according to Black Knight, a data analytics company specializing in homeownership life cycles. 
By refinancing an existing mortgage, a Philadelphia area homeowner could considerably reduce the length of their loan or lower the amount 
of their monthly payments.
Local banks, credit unions, and mortgage companies create a great deal of revenue from refinancing. 
Generally, a lender can expect to earn two to five percent of the loan principal amount in closing costs, according to For a $200,000 mortgage refinance, for example, closing costs could generate between $4000 and $10,000.
For Delaware Valley financial companies to claim a significant share of the expanding refi market requires advertising. By any metric, advertising on Philadelphia radio is the most effective way to reach homeowners.
Read More

0 Comments Click here to read/write comments

Topics Best Way To Advertise, Advertise On Philadelphia Radio Stations, radio advertising, mortgage, mortgage rates, mortgage broker, bank, advertise on radio, credit union, homeowners, refinancing

Why Philadelphia Banks & Credit Unions Need To Advertise Now

Jun 30, 2020 7:51:38 AM / by Larry Julius

Based on statistics from the Bureau of Labor Statistics, before the COVID-19 crisis, Delaware Valley households were putting more than $12.3 billion in the bank every year. 

Since February, however, Philadelphia area banks and credit unions noticed that customers' savings accounts were beginning to swell to record levels.

According to the Federal Reserve, for many years, the personal savings rate has hovered well below 10%.  The PSR is the percentage of personal disposable income that remains after taxes and all other spending.

In April of this year, the PSR hit an all-time high of 33%. The rate remained at stratospheric levels in May, as well. The previous record high was 17.3% in September of 1975 at the tail-end of a deep recession.

There are more than 4783 banks and credit unions in Pennsylvania who would love to earn a large share of this infusion of new savings. To compete, though, requires advertising.  By almost any metric, the best way to reach new depositors is by advertising on Philadelphia radio.

Read More

0 Comments Click here to read/write comments

Topics Best Way To Advertise, small business owner, radio advertising, small business, bank, advertise on radio, credit union, savings account

Get Advice Direct To Your Inbox

New call-to-action

Recent Posts