Refinancing Market Size, Industry Analysis Report By Type (Fixed-rate Mortgage Refinancing, Adjustable-rate Mortgage Refinancing, Cash-out Refinancing), By Deployment (Cloud, On-premise), By End-Use (Personal, Commercial) & Region – Forecast
- PUBLISHED ON
- 2024-10-03
- NO OF PAGES
- 238
- CATEGORY
- Banking & Finance
The Refinancing Market is valued at USD 18.09 million in 2022 and is projected to reach a value of USD 32.26 million in 2030 expanding at a CAGR of 7.5% over the forecast period of 2022-2030. In this the borrowers refinance their existing loans in order to benefit from reduced monthly payments. This is to help borrowers pay faster, modify their loan terms, and also cash out the home equity value, which are the major factors contributing to the industry’s growth. Also, the cash-out refinance is a mortgage refinance that has enabled borrowers to liquidate home equity that is built up over the years by paying the original mortgage.
The pandemic had a positive impact on the market growth. This is because as the crisis limited household incomes worldwide, borrowers started opting for financial services with lower interest rates in order to save money on the high-interest rates. Because of the lagging economic activity, refinancing at a lower interest rate enabled the borrowers to reduce mortgage costs and the refinancing activity among high-income borrowers increased significantly compared to low-income homeowners. Therefore, it had a positive impact on the market growth.
Refinancing Market- Growth Factors
Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth over the forecast period is the increasing investment made by banks and financial institutes in order to enhance their technology. This has led to providing innovative product offerings to their customers and boosting the customer’s experience over the forecast period. Additionally, these systems' various potential benefits have forced key players to develop innovative products that include fast loan payment, easy convenience, and fixed rates for mortgages. Thus, it will witness maximum growth of the Refinancing Market in the forecast period. Also, there has been an enormous growth in various venture capitalists and venture capital businesses and these businesses have focused on aiding the start-ups that fund them to innovate their product portfolios. This has augmented the market growth over the forecast period.
Refinancing Market- Market Trends
• The low-interest rates for auto and home loans have also boosted the development of the market growth over the forecast period. This has led to providing innovative product offerings to their customers and also boosting the customer’s experience.
• Also, the rising investments made by banks and other financial institutions in order to enhance their technology and provide improved refinancing offerings to their customers aimed at boosting their experience and the growth over the forecast period.
• At the same time, banks and financial institutes have been offering numerous refinancing options to customers with fixed-rate mortgages and lower interest rates. This has augmented the market growth over the forecast period.
Refinancing Market- Segmentation
The refinancing market has been sub-classified into type, deployment, and end-use.
Based on Type
• Fixed-rate Mortgage Refinancing
• Adjustable-rate Mortgage Refinancing
• Cash-out Refinancing
• Others
Based on Deployment
• Cloud
• On-premise
Based on End-Use
• Personal
• Commercial
Refinancing Market- Regional Segmentation
The Refinancing Market is segmented into 4 main regions namely, North America, Europe, Asia Pacific, and Middle east and Africa. Among these, North America has dominated the market growth over the forecast period. This is because of the presence of a large number of prominent players in the region, such as WELLS FARGO & COMPANY, Bank of America, and ALLY FINANCIAL INC and also this region includes numerous mortgage investors such as Fannie Mae, Freddie Mac, and Ginnie Mae, which are government-sponsored enterprises that offer better refinancing options and has provided lucrative opportunities to the market growth.
Refinancing Market- Key Market Players
Some of the prominent companies operating in the market are WELLS FARGO & COMPANY; Bank of America; ALLY FINANCIAL INC; JPMorgan Chase & Co.; Rocket Companies, Inc.; Citigroup Inc.; RefiJet; Better Holdco, Inc.; loanDepot, Inc.; Caliber Home Loans, Inc.
Report scope
Refinancing Market : Historical Years- 2018-2021
Refinancing Market : Forecast Years- 2022-2030
Refinancing Market 2022- USD 18.09 Million
Refinancing Market CAGR- 7.5%
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