Today, the National Association of Realtors says that 96% of homebuyers use online tools during their journey to find their first or next home. That applies to potential properties, of course, but it also extends to home loans.
That makes it paramount to have a good mortgage website in 2023. And that also makes it critical to have the information homebuyers want on that website. And what is it that they want? Current mortgage rates.
To drive this point home, let’s talk about five reasons why consumers want to see rates on your website — plus a big reason adding them can benefit your company.
#1: Rates are key
Let’s establish this up top. When people visit your website, they’re looking for information. Sure, they might want to read a few lines about your company’s history in the lending game or your experience in helping homebuyers like them. Really, though, they want information they can use to move their home purchasing experience forward.
That means rates. As homebuyers use online tools like mortgage calculators to figure out how much house they can afford, they want to know what kind of interest rate they can expect. If your lending institution can give them that information quickly and easily, it goes a long way. In fact, that leads directly to our next point.
#2: They’re digitally impatient
When people research or shop online in 2023, they expect to find the answers they need quickly. In fact, brands across a wide range of verticals are moving fast to try to find a way to satisfy the rise in digital impatience.
When it comes to financial services websites, users spend an average of 54 seconds on any given webpage. In other words, they’re trying to get in and get out with the info they need. If you make them dig for what they want (read: rates), you risk losing them to another website where that information is more readily available.
#3: Your competitors are doing it
Today, a lot of mortgage lending institutions offer live rate tables on their websites. They may even publish their rates on third-party sites like Bankrate or NerdWallet. They’re getting the information out there in an attempt to bring customers to them.
An example can help you see why this matters. Let’s say Tonya wants to buy a home. She’s found a real estate agent she likes and has narrowed it down to a few properties. Before she puts in an offer, though, she wants to make sure her budget can accommodate the resulting mortgage payment. Using a mortgage calculator, she tries to crunch the numbers.
To get the clearest possible idea of what to expect, she checks a few mortgage lenders’ websites for rates. She easily finds them on two of the sites, but can’t locate them on a third. When it comes time to actually apply for preapproval, where do you think she’ll go? Most likely, she’ll circle back to the two companies that gave her the information she wanted with just a few clicks.
#4: Or, if they aren’t, it’s a leg up
But wait, you might be thinking. If your company operates in a market where other lending institutions aren’t making their rates readily available, wouldn’t you be putting your company out on a limb by publishing your rates?
Maybe. Your competitors might try to rate-match — or even better your rates. But that would require consumers to contact their company and inquire about their rates. Circling back to our point about digital impatience, they’re increasingly unlikely to do that. Today’s homebuyers want the info they need, and they want it now. So if you publish rates while your competitors don’t, you’re showing homebuyers you’re willing to meet them where they’re at.
#5: It makes your company look helpful
Making the information homebuyers want available to them where they want it lets you make a good first impression. You probably believe in your team’s customer service and your loan products. But just telling Johnny Homeshopper that you’re good at what you do doesn’t go very far.
Making your rates available gives you a way to walk the talk. It proves to homebuyers that you’re making the effort to help them right out of the gate. That makes your lending institution seem helpful and trustworthy before the potential customer ever contacts you. Then, once they do, all you have to do is keep providing the information and service they need. In other words, putting your rates on your website lets you start with positive momentum, potentially making it easier to deliver a stellar customer experience from start to finish.
Bonus: They qualify leads for you
These five reasons above all underscore the importance of having mortgage rates on your website to satisfy the modern homebuyer. But that’s not the only argument for having a live rate table added to your site. Doing so can also support your sales team.
When you feature your rates on your website and someone contacts you to inquire about a mortgage, you know they’ve seen what you can do for them. By the time they reach out, they already have a realistic idea of what you offer. Your sales team doesn’t have to waste time or energy talking with someone who thought you’d offer a rate that isn’t realistic. In other words, the rates on your website serve as a built-in lead qualification tool.
In 2023, homebuyers expect to find the information they need quickly and easily when they visit a website. And as a lending institution, that means you should serve up your current home loan rates. Doing so helps you satisfy customer expectations and keep pace with — or even get a leg up on — your competitors.
Sound good? We can make it easy for you to add a live rate table to your site. Here at BankingBridge, our team specializes in exactly that. Book a demo and we can show you just how simple adding this key feature can be.