Key takeaways:

• Modern mortgage websites need to feature rate data, but static documents aren’t the answer. 
• PDF rate sheets are hard to maintain, and they deliver a less-than-ideal user experience.
• Borrowers today expect fast, easy access to rate info personalized to their loan scenario, and an interactive rate table delivers. 
• A strong rate table can power pipeline for your loan officers and smooth progress toward closing. 

You’ve probably heard it again and again. To succeed in the modern lending environment, your mortgage website needs to have rate data.

Some lenders thought they could solve this easily. Just periodically upload a static document (e.g., a PDF rate sheet) to the website. Done.

But if you’ve gone that route, you’re missing out in two major areas: user experience and efficiency. The static nature of an uploaded PDF doesn’t give potential borrowers ways to interact with the rate information. That means missing a key opportunity to warm the lead. 

Just as importantly, keeping your static sheet updated requires recurring manual effort. 

Fortunately for mortgage lenders, there’s a better way. 

Why PDF rate sheets fail

Before we talk about all the things a live rate table can do for you, let’s look at all the things a PDF rate sheet can’t. Here are some of the biggest problems with using this format to share rate data: 

Static documents get outdated fast

Today’s pricing engines offer real-time rate data. And that reflects the constant movement in the market, where rates update multiple times throughout the day. 

So what do you do? Do you task a team member with sitting at their desk, continually updating the sheet all day, every day? Do you only update it every few days or weekly, and hope that rates don’t change too dramatically in between? Either way, this requires regular work from one of your team members.

In short, if you use a PDF rate sheet, you’ll be constantly juggling manual effort against lagging rate data. 

They don’t provide tailored information

Because a PDF rate sheet is static, it doesn’t provide any customization opportunities. People can’t see how a bigger loan amount or bigger down payment would adjust their rate. They get a generic one-size-fits-all overview, and they’re left to guess how that could apply to their situation. 

Worse still, they can put you in an overpromise, underdeliver situation. You probably showcase your lowest available rates on your rate sheet. But few borrowers will qualify for those lows. They might be disappointed or frustrated when they learn what’s actually available based on their loan scenario. 

They’re typically a bad experience on mobile 

Mobile accounts for more than half of all web traffic. Your PDF rate sheet might look great when viewed from a laptop, but it probably gets cut off on mobile. 

Unless the rate sheet is tiny, it probably doesn’t fit nicely on the smaller screen. Trying to navigate around a PDF on mobile often makes for a clunky user experience. 

Give the people what they want

Hopefully, you’re convinced that a static rate sheet is not the way to go. But where does that leave you? 

With a wealth of tools at your fingertips. We have a variety of rate display widgets that can pull your rate data directly from your pricing engine. That means they continually update with the latest info. And they give website visitors the opportunity to customize the rate display to their loan scenario. 

That means you can deliver on the modern borrower’s expectation for:

Quick and easy access to information

People can get what they want when they want it. We’re in the internet, same-day delivery era. If they can’t get what they want from you, they’ll start looking elsewhere.

Fortunately, a live rate table gives potential borrowers the information they’re seeking. That keeps them on your website, lowering your risk that they’ll look to your competitors. 

Interactivity

Just as importantly, when the rate display widget connects to your pricing engine, it gives your website visitor the opportunity to explore their options. 

They can see what kind of rate they can expect based on the price of the house they want to buy, the type of loan they want to use, and even individual factors like their credit score range. This way, they get a better idea of what your company can actually offer them. 

By the time they speak to one of your loan officers, they should have a feel for how they want to move forward. That helps to smooth the pathway toward the closing table. 

Transparency

With a PDF rate sheet, you have to decide what information to include and leave out. You don’t want to make it overly complicated. 

But with an interactive rate display widget, you can streamline the way you show all pertinent information. That could include an area for estimated fees and a fine-print footer for the required disclosures, for example. 

Transparency helps to build trust. And that means you help to create a connection with that lead before they even reach out to your team. 

Give your team resources

Finally, interactive rate display widgets trump static documents because they support your loan officers. The increased access to info, ability to personalize rates, and transparency nudge the lead closer to conversion. By the time they get in touch with your team, they should be both warmed and informed. 

What’s more, the tech behind the rate display tool can support the sales process. With a customer rate dashboard, for example, your loan officer can see how the lead engages with the rate information. This way, they can customize the next communication to the lead. 

We built our rate display tools to create better lead experiences on your website and to support smoother closings for your loan officers. If you’re ready to explore these resources for your own website, book a demo with us. 

We can show you how your rate display can connect to your pricing engine (e.g., Optimal Blue, Polly, Lender Price) and what kind of experience it delivers to your website visitors. This way, you can ditch the PDF rate sheet for a tool that benefits everyone: your prospects, your loan officers, and your company.

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