If you enjoy helping others and making a big difference in people’s lives then becoming a lender can offer a significant amount of job satisfaction. Not only that but starting your own mortgage company can increase your earning potential, give you a chance to work with a wide range of clients and sectors, and can give you the independence you desire. But before you can build a steady clientele, you need to create a website that inspires people to do business with you. Let’s discuss the most important elements of a mortgage company website. But first, here are a few challenges that you’ll likely face in this industry.
5 Challenges the Industry Faces
Starting your own mortgage company is a huge responsibility and requires a lot of decision-making. But these challenges are small in comparison to those that the industry as a whole must face. Here are a few things that the mortgage industry has to overcome.
1. Compliance Pressure
Every area of the lending business is constantly subjected to pressure from state and federal regulators. This is especially the case when it comes to the servicing side. As larger banks move away from mortgage servicing, state regulators are starting to add more pressure and scrutiny.
2. Choosing the Best Partners
There are a lot of mortgage companies that find it difficult to find the right partners when it comes to outsourcing. And that’s because many third-party companies don’t understand both the process and technology. Many have no idea what mortgage companies need. This makes it risky to do business with them.
3. Access to Technology
Technology is an essential part of a mortgage business. However, it can often be hard to keep up with the innovations and expense of the latest tools. And this makes finding the best technology a full-time job.
4. Global Expansion
A common issue that a lot of mortgage companies face has to do with global expansion. It’s not easy to create a customer base outside of the country. And that’s because it can be difficult to find a trustworthy partner that can help to scale the operations.
5. Reducing Costs
Perhaps one of the biggest challenges the mortgage industry faces is the continuing rise in operational costs. The constant rise is mainly due to compliance issues. It can be difficult to cut costs and still offer the best services. In most cases, companies aren’t staffed to handle this challenge.
7 Things a Mortgage Website Should Include
While the mortgage industry does have it’s obstacles, it can be extremely profitable. However, if you want to attract as many customers as possible you need to know how to market your company online. Let’s discuss a few elements that every mortgage company should include in their web design.
1. Apply Now
One of the first things your visitors should see when they enter your website is how they can apply. The best way to make sure that this option is highly visible is to include a button in the header of your website that takes them to the application page. Ideally, the button should stand out from the rest of the page. And when they click on it, they should be presented with a form that requests the needed information.
If you want to become a resource for your visitors, then you can always include calculators on your website. These calculators can help people to calculate their mortgage payments. You could provide a refinance calculator to help them determine if refinancing will help lower the monthly payments on their home. You may also provide an affordability calculator so that your visitors can figure out how much they will need to invest in their homes and if they can afford it. The benefit of offering calculators is that it gives people a reason to come back to your website and establishes credibility and trust.
Before anyone signs up to work with your company, they’ll be interested to find out what experiences your previous customers have had with you. So it’s a good idea to include a review section on your website. Ask your current and previous clients to give you a testimonial about their experience and how working with your company changed their lives for the better. You may also consider linking your website to platforms that are designed specifically for customer reviews.
Financing can sometimes be complex, which means that a lot of your customers will have questions. You can make things easier for them by answering the most common questions about your company and the mortgage process directly from your website. An FAQ page may include information about how they can qualify for a certain loan. They may want to know where they’ll be expected to mail their payments. Perhaps they would like you to clearly define certain terms such as ‘deed of trust,’ ‘balloon mortgage,’ ‘origination fee,’ or ‘underwriting.’
5. Make an Appointment
It’s important that you include a section that allows your visitors to make an appointment. Let your visitors know that they can learn more about the process if they sit down and talk with one of your loan advisors. You may also be able to help speed up the application process.
A blog can be an invaluable part of your website. And that’s because it accomplishes several things. First, it can establish credibility. When you offer important information, your visitors will know that you’re extremely knowledgeable about your industry. Next, it helps you to build a loyal audience. The more valuable the information you offer, the more often people will return to learn more. It can also establish you as a thought-leader–especially if you’re offering innovative ideas.
Create posts that solve your audience’s problems. For instance, give them a list of the hidden costs of renting. Provide a guide for buying a home in your city. Give them a few tips on how they can increase their chances of being approved for a loan.
Perhaps the person couldn’t find their question on your FAQ page. Maybe they don’t have the time to schedule an appointment with you. In these cases, they should have access to your contact information. Create a contact page that lists all of your details. Ideally, it should include your email address, phone number, and physical address of your business. You may even consider including a form on the contact page so that the visitor doesn’t have to leave your website in order to get in touch with you.
When starting a mortgage company, make sure that you invest a considerable amount of effort into your online presence. This is particularly the case when it comes to your website. Your website will set the tone for the relationship that you build with your future clients. This means that you need to be strategic about your web design and the information you ask for. Make sure that your clients always know what action they should take next. Use your blog to educate your visitors and establish the personality of your business. Also, make sure that they know how to get in touch with you.