“People are going to refinance. With the assurance of rates not going substantially higher, people are going to be willing to act and upgrade homes and do various things that they’re looking to do,” Donaldson said.
“So we’re not going back to the boom years of COVID, 2021 – by no means am I saying that, but I do think you’re going to get into a more normalized market where there are refinancing opportunities, there are enough sales to go around. And I think that’s where the best brokers are really going to win a lot of business because they can add value. The opportunity is going to be there.”
Renewal, refinancing opportunities aplenty for borrowers and brokers
That’s not to mention the renewal market, which will see billions of dollars’ worth of mortgages renew this year – bringing plenty of potential for borrowers and brokers to restructure and plan for the future.
“When people are up for renewal, number one, we want to get them a low interest rate, but number two – that’s an opportunity,” Donaldson said. “There are no penalties, so if we need to consolidate debt, pull equity out for renovations or various different things, that’s when people have the conversation and do something with their mortgages, when they’re up for renewal.”
A refinancing resurgence, meanwhile, would be a boon for the mortgage market and industry, Donaldson said, after a couple of difficult years marked by higher rates and steep borrowing costs.