The Worldwide Refinancing Industry is Expected to Reach $34 Billion by 2030: Ability to Cash Out Home Equity Driving Growth

Dublin, Dec. 12, 2022 (GLOBE NEWSWIRE) -- The "Refinancing Market Size, Share & Trends Analysis Report by Type (Fixed-rate Mortgage, Adjustable-rate Mortgage, Cash-out Refinancing), by Deployment (Cloud, On-premise), by End-use, by Region, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.

The global refinancing market size is expected to reach USD 34.04 billion by 2030, registering a CAGR of 7.5% from 2022 to 2030. The growth can be attributed to the better financing options offered by the refinancing solutions, coupled with benefits such as lower interest rates and a convenient process. On the other hand, borrower benefits from favorable terms of loans in a cash-out refinance, which would generally be useful for medical, debt payment, and investment for long-term savings.

Several refinancing solution providers are focusing on expanding their services to offer refinancing services efficiently. For instance, in March 2022, Better Holdco, Inc. announced the expansion of its mortgage services to the U.S. state of Hawaii, building upon the launch of Better Mortgage in the state of Massachusetts in November 2021. The company's mortgage services are now available to almost 99% of the U.S. market, thereby facilitating real estate, mortgage, homeowner insurance, and title services while eliminating lender fees and commissions.

Moreover, the growth of the refinancing industry can be attributed to the benefits of refinancing for personal and commercial activities. According to Freddie Mac, borrowers could reduce mortgage payments by an average of 1.15% in 2021 by refinancing first-lien conventional mortgages, saving about USD 2,700 in mortgage payments annually. Such a reduction in mortgage payments is expected to create lucrative growth opportunities for the market over the forecast period.

The COVID-19 pandemic is expected to positively impact the growth of the industry. Several refinancing solution providers started expanding their loan capability to offer better services to customers.

For instance, in October 2021, Caliber Home Loans, a financial service provider, announced an expansion of loan limits on conforming loans to USD 625,000 across its retail, wholesale, and direct-to-consumer channels. The previous limit was capped at USD 548,250, and expanding the limit would allow more borrowers to qualify for large loan amounts.

Refinancing Market Report Highlights

• In terms of type, the adjustable-rate mortgage refinancing segment is anticipated to register the highest CAGR over the forecast period. The flexibility of adjustable-rate mortgage refinancing to be used as short and long-term refinancing instruments is expected to drive the segment's growth
• In terms of deployment, the on-premises segment dominated the market in 2021. The growing adoption of loan software systems for on-premise mortgage origination, including refinancing and management, is a significant factor driving the segment's growth
• In terms of end-use, the personal segment dominated in 2021. Borrowers are widely adopting refinancing services to reduce monthly payments in a lower interest rates environment
• The presence of a large number of refinancing solution providers and government-sponsored enterprises in North America is expected to create lucrative growth opportunities for the regional industry

Key Topics Covered:

Chapter 1 Methodology and Scope

Chapter 2 Executive Summary

Chapter 3 Refinancing Industry Outlook
3.1 Market Segmentation and Scope
3.2 Market Size and Growth Prospects
3.3 Refinancing Market - Value Chain Analysis
3.4 Refinancing Market - Market Dynamics
3.4.1 Market driver analysis
3.4.1.1 Ability to cash out a home equity
3.4.1.2 Financial benefits of refinancing a mortgage
3.4.2 Market challenge analysis
3.4.2.1 Costs associated with mortgage refinancing
3.4.3 Market opportunity analysis
3.4.3.1 Government refinancing instruments and initiatives
3.5 Penetration and Growth Prospect Mapping
3.6 Refinancing Market - Porter's Five Forces Analysis
3.7 Refinancing Market - PESTEL Analysis

Chapter 4 Refinancing Type Outlook
4.1 Refinancing Market Share By Type, 2021
4.2 Fixed-rate Mortgage Refinancing
4.2.1 Refinancing market for a fixed-rate mortgage, 2017 - 2030
4.3 Adjustable-rate Mortgage Refinancing
4.3.1 Refinancing market for an adjustable-rate mortgage, 2017 - 2030
4.4 Cash-out Refinancing
4.4.1 Cash-out refinancing market, 2017 - 2030
4.5 Others
4.5.1 Others refinancing market, 2017 - 2030

Chapter 5 Refinancing Deployment Outlook
5.1 Refinancing Market Share By Deployment, 2021
5.2 Cloud
5.2.1 Cloud refinancing market, 2017 - 2030
5.3 On-premise
5.3.1 On-premise refinancing market, 2017 - 2030

Chapter 6 Refinancing End-use Outlook
6.1 Refinancing Market Share By End-use, 2021
6.2 Personal
6.2.1 Personal refinancing market, 2017 - 2030
6.3 Commercial
6.3.1 Commercial refinancing market, 2017 - 2030

Chapter 7 Refinancing Regional Outlook

Chapter 8 Competitive Analysis
8.1 Recent Developments & Impact Analysis, By Key Market Participants
8.2 Company Categorization
8.3 Vendor Landscape
8.3.1 Company market share analysis, 2021
8.3.2 Vendor landscape
8.4 Company Analysis Tools
8.4.1 Company market position analysis
8.4.2 Competitive dashboard analysis

Chapter 9 Competitive Landscape
9.1 WELLS FARGO & COMPANY
9.1.1 Company overview
9.1.2 Financial performance
9.1.3 Product benchmarking
9.1.4 Strategic initiatives
9.2 Bank of America
9.2.1 Company overview
9.2.2 Financial performance
9.2.3 Product benchmarking
9.2.4 Strategic initiatives
9.3 ALLY FINANCIAL INC.
9.3.1 Company overview
9.3.2 Financial performance
9.3.3 Product benchmarking
9.3.4 Strategic initiatives
9.4 JP Morgan Chase & Co.
9.4.1 Company overview
9.4.2 Financial performance
9.4.3 Product benchmarking
9.4.4 Strategic initiatives
9.5 Rocket Companies, Inc.
9.5.1 Company overview
9.5.2 Financial performance
9.5.3 Product benchmarking
9.5.4 Strategic initiatives
9.6 Citigroup Inc.
9.6.1 Company overview
9.6.2 Financial performance
9.6.3 Product benchmarking
9.6.4 Strategic initiatives
9.7 RefiJet
9.7.1 Company overview
9.7.2 Product benchmarking
9.7.3 Strategic initiatives
9.8 Better Holdco, Inc.
9.8.1 Company overview
9.8.2 Product benchmarking
9.8.3 Strategic initiatives
9.9 loanDepot, Inc.
9.9.1 Company overview
9.9.2 Financial performance
9.9.3 Product benchmarking
9.10 Caliber Home Loans, Inc.
9.10.1 Company overview
9.10.2 Product benchmarking
9.10.3 Strategic initiatives

For more information about this report visit https://www.researchandmarkets.com/r/zaxsz9

Attachment

• Global Refinancing Market