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Banks and Credit Unions Reach ReFi Customers On Augusta Radio

Sep 12, 2020 10:35:42 AM / by Larry Julius

There are approximately 134,000 households in the Central Savannah River Area with existing mortgages, according Nielsen. The median value of these homes is $161,000.

Yesterday, there was extraordinary news for many of these borrowers and for CSRA 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 Augusta 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 local financial companies to claim a significant share of the expanding refi market requires advertising. By any metric, advertising on Augusta radio is the most effective way to reach homeowners.
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Topics best way to advertise, best way to advertise in augusta, best way to advertise in csra, radio advertising, mortgage, bank, mortgage broker, refinance, home owner, advertise on radio, credit union, homeowners

Why CSRA Banks & Credit Unions Need To Advertise Now

Jun 30, 2020 9:12:36 AM / by Larry Julius

Based on statistics from the Bureau of Labor Statistics, before the COVID-19 crisis, Central Savannah River Area households were putting more than $1.3 billion in the bank every year. 

Since February, however, Augusta 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 4173 banks and credit unions in Georgia and South Carolina that 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 Augusta radio.

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Topics best way to advertise, radio advertising, small business owner, small business, bank, advertise on radio, credit union, savings account, certificate of deposit

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