Southwest Florida residents will begin receiving economic stimulus checks  from the Internal Revenue Service as early as today.  In all, local consumers will receive more than $1.5 billion in payments.

This infusion of cash into the Fort Myers economy was authorized by Congress last week in the American Rescue Plan legislation. 

The stimulus relief legislation calls for a one-time payment of $1,400 to single adults. Married couples who filed jointly will receive $2,800 total ($1,400 apiece). Families will get an additional $1,400 for each eligible dependent regardless of age. A family of four could get $5,600 in total payments. Like the second round of stimulus payments, the third round specifically prohibits payments to anyone who died before January 1, 2020.

Many of the stimulus dollars will end up in the wallets of 334,000 Fort Myers area homeowners. Based on research from Modernize, a leader in the home improvement and home services industry, 57% of these consumers are planning to spend all or part of their checks on home improvement projects.

There are approximately 267,000 households in Southwest Florida with existing mortgages, according Nielsen. The median value of these homes is $292,000.

Yesterday, there was extraordinary news for many of these borrowers and for SWFL 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%.

There are 698,000 consumers in the Fort Myers-Naples area who own their own homes. 

According to Zillow, more than 60% of homeowners carry a mortgage. A record number of owners are considering refinancing  now, which means millions of dollars in fees for local lenders and brokers are up for grabs.

Why the sudden urgency for SWFL homeowners to refinance their mortgages?

According to The Federal Home Loan Mortgage Corporation (aka, Freddie Mac), "The average 30-year fixed-rate mortgage hit a record 3.29% this week, the lowest level in its nearly 50-year history."

"Meanwhile, mortgage applications increased 10 percent last week from one year ago and show no signs of slowing down. Given these strong indicators in rates and sales, as well as recent increases in new construction, it’s clear the housing market continues to be a positive force for the broader economy."

If a consumer Googles 'refinance my mortgage in Southwest Florida', more than 6.2 million results come back, So, to set themselves apart, lenders and brokers will need to advertise.  By any key metric, advertising on Fort Myers radio is the best way to reach area homeowners.