There’s a lot of hesitancy to enter into the online mortgage rate quoting marketplace. The perception has been that online quoting marketplace is primarily something used for refinance loans, which is a market that continues to trend downward as rates climb. However, there’s a key reason why online quoting will see use, and possibly even growth, in the future: millennials.
As millennials continue to enter the housing market, the majority of them are going to turn to online resources for their mortgage needs. According to Zillow Group’s Report on Consumer Housing Trends for 2017, 88% of millennial buyers use online resources when buying a home, and that having competitive rates and loan products that meet a buyer’s specific needs are still most important to buyers when deciding where to obtain their home financing. Quoting online addresses both of those needs – by putting your rates online, you can get them in front of all of the borrowers using online resources, allowing them to view your rates alongside other lenders.
When thinking about the best place to position your business and rates for the future, Mortech has the tools and partnerships that you need to succeed. We work with a number of online lead sources to give you the best catalogue of places to put your rates. This includes lead sources like Credit Karma and NerdWallet, which are growing into key players of the online rate quoting space.
With Mortech’s customer success team, you can know all of the ins and outs about online quoting, as well as quoting on those different lead sources. Our team has a lot of experience in the mortgage world, and can coach you to success when posting rates on different online marketplaces. They can also help you to find the right places to quote online based on your strengths. For example, most lenders try to find the online marketplace with the largest borrower audience. However, those marketplaces also have the highest competition of lenders looking to showcase their rates. To counter it, most lenders end up adjusting their margins to compete, which negatively affects revenue in the long run.
Stop feeling like you have to shrink margins and compete across the larger lead sources for borrowers. As long as you have technology to get your rates out to any marketplace, managed in a single platform there are options out there for everyone.
Talk with us more today about our partnerships with lead sources like Credit Karma and NerdWallet to learn more about how this helps your business with rate quoting. You’ll be glad you did.