4 Ways Your Bank Can Capture Refinancing Business Through Social Media

Posted by Will Moses on February 25, 2020

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Interest rates are at all-time lows and that means opportunity is on the table for banks. Social media is the perfect tool for building awareness, educating audiences and persuading customers so that your team can close more refinancing deals.

If homeowners had the ability to save thousands of dollars, wouldn’t you like to be the lender to share that great news? Well, you’re in luck.

Interest rates fell in 2019 and have continued dropping to historic lows so far this year. After a sharp drop in early February, refinance demand rose to its highest level since 2013. Considering that, for most homeowners, the biggest chunk of income goes to paying the mortgage, these low rates could mean saving thousands over the course of their long-term loans.

How does your bank get to be the one that helps homeowners in your area save that kind of money? Social media is the perfect tool for building awareness about these market trends, educating audiences on refinancing, and persuading customers that you’re the best lender for their business. 

The Fastest Way to Reach Homeowners

Believe it or not, following housing market trends isn’t everyone’s favorite hobby. Refinancing likely isn’t top of mind for every homeowner, and it’s not the kind of everyday transaction they’re used to conducting with their bank. Chances are, many homeowners in your network don’t know what they have to gain from refinancing.

That’s where your mortgage loan officers can come in as trusted guides, and social media is their best tool for reaching homeowners in their networks. Most Americans already visit social media daily. That gives loan officers the perfect opportunity to get information in front of them and engage in helpful ways. Having these kinds of conversations outside of the typical sales setting gives loan officers more opportunities to build customer trust and positions your bank as a genuinely helpful partner.

Here are four ways your mortgage loan officers can better reach customers on social media to boost refinancing business and build a trusted name for your brand:

1. Bring refinancing to the top of your followers’ minds.

Mortgage professionals might be well aware of the refinance boom and what it could mean for customers, but the average homeowner isn’t likely such an avid follower of housing market news. Lending officers have an excellent opportunity to be the first source of relevant information for these homeowners when they share useful content on social media. By telling their followers what they need to know, officers can enter their consideration set and begin building awareness.

2. Educate audiences about complex matters.

The average homeowner is also unlikely to fully understand the historic nature of current rates and why they matter so much now. On social media, mortgage loan offers can establish themselves as experts and build relationships by explaining these complex financial matters to their followers. Without that kind of engagement, customers may not realize that low rates could mean cash in their pockets or huge savings in the long run.

3. Make human connection your competitive advantage.

The fact that the refinance market is so hot right now means there’s also a lot of competition. Social media, however, gives mortgage loan officers the perfect opportunity to humanize the bank’s brand and connect with audiences. Don’t just market products on social media — speak your customers’ language and share information that will resonate. For example, skip the jargon around interest rates over the last 10 years, or just give a quick summary, and focus instead on the $50K in interest homeowners may be able to save over their loan’s term.

4. Clear the path for faster closing.

When the refinance market is this hot, every minute counts for a mortgage loan officer. But there are still mandated steps for consumer education that can seem to muddle up the closing process. These can’t be skipped, but they can be simplified. Digitized educational resources such as VidVerify can make things a lot smoother in the closing process for both loan officers and customers. 

The Federal Reserve has indicated that interest rates will remain relatively steady for some time, and mortgage loan officers are the best ones to bring this good news to their customers. Social media is the perfect place to build awareness, educate audiences, and become trusted guides.

 

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3 Mortgage Lenders Killing It In Social Media

Ever wonder what other banks are doing in social media? Check out our guide, 3 Mortgage Lenders Killing It In Social Media to find out.

3 Mortgage Lenders

Topics: lender, mortgage, Social Media for Banking, social media for mortgage, Social Media for Mortgage Banks, strategy, bank marketing, Social Selling, VidVerify

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