Published Date: 30-Nov-2022
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According to a new report, published by KBV research, The Global Refinancing Market size is expected to reach $28 billion by 2028, rising at a market growth of 7.2% CAGR during the forecast period.
The Cloud segment is showcasing a CAGR of 9.2% during (2022 - 2028). One of the main drivers of growth is the capacity of cloud-based refinancing services to promote scalability and effectiveness in mortgage operations. The combination of machine learning and artificial intelligence technologies also promotes growth at the same time. The advantages of cloud adoption include reduced costs for loan management solutions and automated loan onboarding and operations.
The Personal segment is leading the Global Refinancing Market by End-use in 2021 thereby, achieving a market value of $19.6 billion by 2028. Factors fueling the expansion is the increased acceptance of the reduced interest rates on student loans provided by the refinancing service providers. Additionally, refinancing mortgages with a fixed-rate plan is more convenient for borrowers than managing a number of credit cards with variable interest rates. These elements are encouraging the segment's growth during the projection period.
The Adjustable-rate Mortgage segment has shown the growth rate of 7.5% during (2022 - 2028). Refinancing an adjustable-rate mortgage has superior advantages for short-term borrowers who plan to leave a property soon (ranging from 5 to 7 years). Refinancing adjustable-rate mortgages give interest rates that are often lower than those of fixed-rate mortgages, which is a key element in growth.
The North America market dominated the Global Refinancing Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $9.6 billion by 2028.The Europe market is exhibiting a CAGR of 6.7% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 7.9% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/refinancing-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Wells Fargo & Company, Ally Financial Inc., Rocket Companies, Inc., Citigroup Inc., Berkshire Hathaway, Inc. (Bank of America Corporation), loanDepot, Inc., JPMorgan Chase & Co. (Wepay, Inc.), RefiJet, Better Holdco, Inc., and Caliber Home Loans, Inc. (Newrez LLC).
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