In today’s digital era, it’s not a matter of whether or not your lending institution should deploy rate-based tools on its website. You certainly should. Today’s borrowers expect that information from you, and giving them the resources they want helps you warm that lead. 

The question, then, is: which resources should you provide to help leads shop? Two options have emerged as widely popular, both with lenders and consumers. Mortgage rate tables give people quick, easy information. Comparison tools let them dig deeper to better personalize the loan scenario to their unique needs. 

Which is best? Let’s look at rate tables and comparison tools individually to see how they might benefit your lending operation. 

Mortgage rate tables: Fast, easy access

Today’s shopper is impatient. They’re used to having thousands of options available to them with just a few clicks. In the era of same-day delivery and countless other forms of near-instant gratification, they don’t want to wait.

Rate tables help you cater to this desire for fast access to what they want. By prominently featuring a rate table on your mortgage website, you give potential borrowers what they came for. 

And if you’re worried about giving away proprietary information, don’t be. Nearly every national competitor you’re up against is showcasing rates, and a lot of your local competition likely is, too. If consumers can’t find the information on your site, they’ll go somewhere else. 

Some lenders still decide not to feature rate tables because they think it will be too much work to keep them updated. In reality, though, you can take a set-it-and-forget-it mentality here — provided you choose the right table. Modern rate tables integrate directly with your product pricing engine (PPE). This way, when rates update, your rate table automatically updates, too. That means you can continually show consumers the latest information without any effort from your team.  

As a result, mortgage rate tables deliver some serious upside to your site. They’re not perfect, though.

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Rate table pros

With rate tables on your site, you achieve the following benefits:

• Giving people the information they want quickly
• Providing a no-commitment way for borrowers to learn about the rate environment
• Not requiring any effort from the lead
• Staying up with the competition

That said, there are some boxes that rate tables leave unticked. 

Cons of rate tables

Rate tables do mean missing out on some things. Specifically, they don’t:

• Provide leads with ample ways to customize the information to them
• Have built-in lead capture functionality
• Explain the borrower’s options, like buying points

Because of those shortcomings, some mortgage lending institutions look to an alternative resource: comparison tools. 

Mortgage comparison tools: Personalized information to drive next steps

Rate tables provide a quick, easy way for potential borrowers to get information — but they can quietly leave your site just as quickly and easily. That’s why some lenders take a different tack and use mortgage comparison tools instead.

With options like a lead workflow, you equip leads with a way to compare the loan options that are likely available to them. In order to get this personalized information, though, they have to give a little personal information of their own. Usually, mortgage comparison tools ask for the basics like the type of house they’re wanting to buy, their budget, and their credit score. Then, in exchange, it shows them a personalized rate quote. This means the lead can explore options from your company, helping to nudge them in your direction.

The real magic in mortgage comparison tools, though, comes from a small step at the very end in which you ask for the lead’s contact info. This way, your loan officers have a way to pursue them further. When that mortgage comparison tool connects directly to your CRM, it can make it extra seamless for your team to take next steps. 

To drive the lead even further toward your loan options, you can also implement an additional comparison tool like a customer rate dashboard. This way, the lead can price out different loan scenarios on their own, but your team can track how they engage with that dashboard. That means your loan officer can make smarter connections to help move them toward the closing table. 

Still, you need to weigh the pros and cons before deploying involved mortgage comparison tools.

Pros of comparison tools

By giving consumers the power to compare their loan options, these tools help:

• Personalize rate information to the lead
• Give the lead a realistic idea about what’s available to them
• Leads see key details — like APRs and down payment requirements — more clearly 

That said, comparison tools have some drawbacks. 

Comparison tool cons

Because they require some investment from the lead, comparison tools can raise concerns about:

• The time it takes to enter their information
• The privacy of the information they hand over
• The commitment to next steps that comes with giving you their contact information

Making your comparison tools user-friendly and clearly stating how you’ll handle personal information helps to allay those concerns. 

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Why not both? Using rate tables and comparison tools for your lending business

Both mortgage rate tables and comparison tools come with pros and cons. Rate tables are better for potential borrowers who want quick, easy information, while comparison tools are key for people who are ready to dig deeper into their loan options.

You can cater to both audiences by deploying both kinds of resources on your website. Having rate tables running in tandem with comparison tools means that you’re always serving up the information people want when they visit your site. This builds favor among potential borrowers, helping to make it easier for your loan officers to get them to the closing table. 

If you think operating both of these resources would be a big lift, think again. We can help make that easier than you might expect. 

Here at BankingBridge, we offer ready-made rate tables and comparison tools. We tailor them to your branding and connect them to your PPE so they can be high-functioning, low-effort marketing resources for your team. To learn more, book a demo with us today. 

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