Online Rate Display & The Future of Mortgage Lending
The mortgage lending industry is changing rapidly. The line between “online lenders” and “retail loan officers” is becoming increasingly blurred, and most successful and growing mortgage companies are embracing both an online and a brick-and-mortar presence.
With 90% of prospective home buyers using the internet to research the mortgage process before even speaking with a mortgage lender, a successful mortgage lending company is going to meet their customers where they start their journey: online.
When a potential customer visits your website, chances are they want to see your rates. As a mortgage lender, your rates are arguably your biggest selling point. Along with realtor recommendations and reviews from past customers, showing your rates to potential customers before they even step foot in an office or make a phone call is crucial.
Online, real-time rate display is the pinnacle of transparency for mortgage lenders and helps build trust with potential customers so they can begin the mortgage loan process with confidence. For some lenders whose interest rates are locked inside a complicated pricing engine, this may seem like a stretch. How do you get those rates onto your website and update them in real time?
The transition to online rate display isn’t as hard as you think. With BankingBridge, you can easily add rate card embeds to your website, your realtor partner’s website, or a company page. These embeds are equipped with our signature RateFlow API to make sure that your rates stay up-to-date no matter where they’re displayed.
What Makes a Good Rate Display
Although many industry leaders are incorporating real-time rate displays into their websites, not all rate display designs are created equal. The best rate displays have a few things in common:
- They are simple and easy to use
- They utilize clean, streamlined design to make the information clear and easy to read
- They are fully customizable, allowing for adjustments in the loan period, type, and monthly payments
- They are mobile-friendly, making them accessible for users on any device
- They include an effective call to action button to capture more leads
Let’s keep these principles in mind as we take a look at the different layouts for online rate displays across some of the mortgage industry’s largest players.
How Major Companies are Using Online Rate Display
A quick look at platforms and websites across the mortgage lending industry will reveal that industry leaders are embracing real-time rate display.
Major lead generation sites such as Bankrate.com and business intelligence sites like Informa.com are positioning mortgage lenders’ real time rates into high traffic websites. Both sites promote competing lenders to help consumers make an informed decision by showing the rates and cost of each type of loan. The screenshots below show how Bankrate.com allows the user to customize the scenario in an easy-to-use format.
Bankrate.com utilizes a table layout for real-time rate displays that compare rates between multiple lenders. It is fully customizable, even including a credit score option, but there is no clear call to action button included and the number of options might be overwhelming for some visitors.
Informa.com rate tables position lenders on real estate or finance websites such as Realtor.com, MSN, and mortgage101.com. They have a similar layout to Bankrate.com with clear, upfront rates and a customizable scenario.
Bank of America & Wells Fargo
Bank of America also uses rate tables on their website, but the filters are limited to purchase price, down payment, and zip code. It’s important for rate displays to give a clear description of the loan program being offered. This particular rate display allows you to scroll over “Rate,” “APR,” “Points,” and “Monthly Payment” to see a quick explanation of each category which keeps the design clean without sacrificing clarity. Adding in the monthly payment is a nice addition to keep the user engaged and increase the time they spend on the page.
By comparison, Wells Fargo offers a similar table layout but doesn’t offer much in terms of customization. However, the user can toggle between “purchase” and “refinance” rates, which is a plus. Another downside is that the call to action button to “get started” is positioned off to the side where it is more likely to be overlooked.
Better.com is an online lender looking to streamline the entire mortgage process. Their rate table designs and call to action buttons are some of the best on the market. The use of color grabs the user’s attention and a clear breakdown of cost creates transparency. They include both “basic” and “custom” scenarios to cater to a variety of needs. The “Better Price Guarantee” is a great design feature that encourages the user to shop around and come back for the best offer.
Mountain American Credit Union
Finally, let’s take a look at a more innovative rate display on Mountain American Credit Union’s website. They use rate card design as opposed to a table display. Rate cards are more mobile-friendly because they don’t pack as much information into a small space like some table designs.
The program titles, rates, and APR are clear and easy to understand. Each rate card has a built-in call to action button with the “Apply now” and “Learn more” links. The information “i” icon adds the disclaimer directly into the rate card while keeping the design clean and simple.
Real-Time Rate Solutions for Every Lender
Whether you prefer the traditional rate table layout or are looking for a more modern rate card design, BankingBridge has real-time rate display solutions for every mortgage lender. Our online rate displays are fully customizable, mobile-friendly, and feature effective call to action buttons and clean, modern design.
In today’s market, customers expect to be able to access your rates online. Don’t leave your rates locked away in your pricing engine – request a demo at https://bankingbridge.com/products/ and upgrade your mortgage lending business today!