Boosting Pre-Approvals: 3 Strategies to Convert More Lookers into Buyers

For loan originators in the competitive world of mortgages, as current interest rates slow the market down, every lead counts. Turning casual browsing into committed buyers is the ultimate goal, and pre-approvals are the first step down the path to homeownership. But in the age of instant gratification and information overload, how do you make sure your pre-approval process is efficient, enticing, and ultimately, successful?

1. Digital Mortgage Application

Did you know being offered an online application influenced 70% of borrowers to choose a particular lender? (According to the ICE 2023 Borrower Insights Survey). 

It’s crucial in this digital age to offer potential borrowers a smooth and efficient application process. Make sure you have the ability for borrowers to enquire online, especially via mobile and send that information directly to your database. 

Bonus points if your DMA is branded to your business – which an ecosystem like CANDID can do for you instantly. CANDID take the DMA a step further. Once your client has completed their application, CANDID automatically takes them to their Client Portal where they can start uploading necessary documents and identification. 

2. Foster Collaboration:

Buying a home is a team effort and the pre-approval process shouldn’t be a solo act. Work closely with your realtor partners to encourage pre-approval as the basic requirements for looking at homes. This not only speeds up the pre-approval process on the lender’s side but saves realtors time, by understanding their clients’ purchasing power and budget. Thereby fostering essential relationships with real estate professionals.

One way to foster collaboration is to offer your realtor partners a quick shortcut for referring clients. For example, CANDID’s realtor portal contains a one-click ‘refer a client’ tab that automatically triggers emails and texts to connect buyer and lender directly. On top of this, the realtor is looped into any important communications as the buying process progresses, presenting a united and cohesive front. 

3. Educate and Empower:

A pre-approval is more than just a number. It’s a powerful tool that can help buyers understand their financial situation and make informed decisions. Don’t just hand them the pre-approval letter and call it a day. Educate them on what it means. Leverage social media and educational classes to inform the local community about the homebuying process. 

  • Explain what components bring you to this number.
  • Walk them through the buying process, next steps and potential roadblocks.
  • Help them set realistic expectations for their budget and timeline.

Empowered buyers are confident buyers, and confident buyers are more likely to close the deal. 

Want to go even further? Boost your conversion rate tenfold with a Mortgage Marketing Sales Ecosystem like CANDID. Schedule a demo today.