If mortgage companies plan to remain relevant in today’s tech-savvy world, they must take a close look at what technology has to offer. Consider this – in 2018, close to 45% of prospective homebuyers began their search for homes online. In addition, around 11% used the internet to learn about the home buying process before getting in touch with a loan officer or a real estate professional.

Several mortgage companies in the United States are adapting to evolving technologies. This, in part, is because of new regulations, and also because mortgage customers are now looking for quicker and paperless processes. Besides, the fact that customers are looking for a better digital experience when purchasing a home or getting a mortgage is hard to ignore.

Mortgage companies that have woken up to the digital revolution are not just offering great user experiences through their websites, they are also simplifying how people may apply for mortgages. In addition, several FinTech players have entered the field to provide relevant solutions for banks and other financial institutions that offer mortgages. With online mortgages finding traction, the typical back-and-forth movement along with considerable paperwork is now making way for online applications, e-signatures, and document uploads.

What Are Mortgage Companies Doing to Market Their Products?

An average homebuyer, even with access to the internet, typically spends more than two months to find a home. This gives mortgage companies enough opportunities to market their mortgages using different online tools.

Mortgage companies that have embraced technology are working in curating content that helps position themselves as solution providers. For instance, probable applicants are often found looking for information such as the differences between mortgages on offer, how to save money for a down payment, and what differentiates pre-qualification from pre-approval.

Blogs are now commonly seen to be part of websites of various mortgage companies. This is because blogs give businesses easy means to provide tailored content for specific demographics, without cluttering a website. Creating short informative videos is a tactic that some mortgage companies have already put to good use. The process also involves effectively promoting videos on different social networking platforms such as Twitter, Facebook, and Instagram.

Another aspect that shows how mortgage companies are coming of the digital age is the increased use of organic and inorganic search strategies. Well designed landing pages that include clear calls to action (CTAs) encourage probable borrowers to provide their contact information so they may get more details. Search engine optimization (SEO) is quickly becoming part of the parcel, where content-driven landing pages make use of keywords related to specific mortgage-related queries. Mortgage companies have also started taking cues by understanding the habits of specific consumer groups, and they optimize their strategies accordingly.

Mortgage providers that are yet to make the most of what technology has to offer need to start by reviewing their existing websites. They need to identify which areas borrowers find useful. They need to diversify content and ensure that it remains relevant to the questions and requirements of different generations of homebuyers.

The Importance of Creating a Good UI and UX

User interface (UI) includes various elements that go into creating a website or an application. These include menus, buttons, blocks, and controls. From a borrower’s perspective, UI essentially refers to the steps or commands that one needs to follow to interact with a digital offering. Mortgage companies are now relying on this aspect to create their brand identity, and are using the latest in design principles to try and keep prospective clients from leaving their websites.

User experience (UX), on the other hand, is about how borrowers feel when they interact with digital products. While web design plays a significant role in creating a good UX, environmental factors, as well as individual preferences, may also affect the outcome. Aspects that mortgage companies need to address in creating good UX include design, utility, performance, accessibility, and usability.

Statistics surrounding the importance of creating good UI and UX clearly show why mortgage companies need to pay attention to these aspects.

  • Around 38% of all users do not engage with websites that have unattractive content or layout
  • More than 35% of users choose to leave websites because of poor design or navigation
  • Slow loading images result in around 40% of users leaving websites
  • Over 30% of users leave websites that make use of auto-loading audios or videos
  • More than three-fourths of all advertising agencies state that focusing on creating better UX would benefit their customers

Given that an increasing number of prospective borrowers now use their mobile devices to look for suitable alternatives, mortgage companies must create responsive websites. Such websites not only work well with just about any kind of device, but they also find favor with search engines such as Google and Bing.