The mortgage journey starts long before the application. Are you there when it begins?

Mortgage lending is the cornerstone of consumer lending for most banks and credit unions. The loan amounts are large, the relationships are long, and a mortgage often anchors a customer relationship for decades.

But capturing mortgage volume has become intensely competitive. Online lenders offer streamlined digital experiences. Mortgage brokers aggregate options from dozens of sources. Real estate platforms embed financing into the home search. Meanwhile, many traditional institutions still rely on borrowers to seek them out — and wonder why volume flows elsewhere.

The challenge isn't rate or product. It's timing and experience. Homebuyers begin their journey months before they're ready to apply. They research neighborhoods, calculate affordability, and form expectations about what they can buy — often without any lender involvement. By the time they're ready for pre-approval, they've already developed preferences and momentum that are hard to redirect.

Institutions that capture mortgage volume are the ones present during this early research phase — helping borrowers understand their affordability, guiding them through mortgage options, and building relationships before the formal lending process begins.

The Competitive Landscape

Understanding who you're competing against — and how they reach borrowers — shapes effective mortgage strategy.

Online lenders and fintechs

Digital-first mortgage lenders have invested heavily in streamlined experiences. Quick rate quotes, easy applications, and fast decisions appeal to borrowers who value convenience. They've captured significant market share, particularly among tech-comfortable demographics who expect digital-first interactions.

Mortgage brokers

Brokers aggregate options from multiple lenders, positioning themselves as one-stop shops for rate comparison. For borrowers who don't have a lender relationship — or don't think to use their bank — brokers offer a seemingly easy path to finding "the best rate."

Real estate platform integrations

Zillow, Redfin, and similar platforms have embedded financing into the home search experience. A borrower browsing listings can get rate estimates and lender connections without leaving the platform. This captures borrowers at the moment of highest engagement — when they're actively looking at homes.

Other banks and credit unions

You're also competing with institutions like yours — on rate, on relationship, on digital experience. In markets with strong credit union presence, multiple institutions may pursue the same borrowers, often differentiating on member service or community focus.

The common thread

What successful competitors share is presence during the borrower's journey. They don't wait for borrowers to seek them out. They appear during home search, during affordability research, during the moments when borrowers are actively engaged with their home purchase decision.

The Homebuyer's Journey

Understanding how homebuyers move from "maybe I should buy" to "I'm closing on a house" reveals where mortgage lending is won and lost.

Stage 1: Dreaming and wondering

The borrower is thinking about homeownership but hasn't committed. They browse listings casually, wonder if they could afford a house, and imagine what ownership would be like. They're not ready to talk to a lender — they're not even sure buying makes sense for them.

What they need: Basic education about the homebuying process, general affordability guidance, encouragement to explore further.

Stage 2: Researching affordability

The borrower gets serious about understanding what they can afford. They calculate their budget, research down payment requirements, and try to understand how mortgage payments work. This is when the "Can I actually do this?" question gets real.

What they need: Affordability calculators, explanation of how lenders determine qualification, guidance on down payment and closing costs, help understanding monthly payment components.

Stage 3: Exploring options

The borrower starts comparing mortgage types, learning about conventional vs. FHA, considering fixed vs. adjustable rates, and understanding term length trade-offs. They're building knowledge to make informed decisions.

What they need: Clear explanations of mortgage options, guidance on which options fit their situation, rate comparisons, help understanding the trade-offs.

Stage 4: Getting pre-approved

The borrower is ready to formalize their financing. They want a pre-approval letter that lets them shop for homes with confidence. This is when they engage with a specific lender's application process.

What they need: Clear pre-approval process, understanding of required documentation, quick decisions, a letter they can use when making offers.

Stage 5: House hunting and offer

With pre-approval in hand, the borrower shops for homes and makes offers. The lending relationship is established; now it's about supporting them through the purchase process.

Stage 6: Application through closing

Once an offer is accepted, the formal application, underwriting, and closing process begins. This is operational execution — important, but not where most lending relationships are won or lost.

The key insight: Stages 1-3 happen before the borrower is ready to apply. Most institutions focus on Stage 4 and beyond — the formal lending process. But borrowers who reach Stage 4 with another lender are unlikely to switch. The opportunity to influence lender choice is earlier, during research and exploration.

Reaching Borrowers During Research

Capturing mortgage volume requires engaging borrowers during Stages 1-3 — before they're ready to apply, when they're researching and forming preferences.

Affordability tools that provide real answers

Borrowers researching homeownership want to know: can I afford this? What would my payment be? How much house can I buy? Tools that answer these questions — with specific numbers based on the borrower's inputs — provide immediate value and establish your institution as a helpful resource.

The best affordability tools go beyond simple calculators. They help borrowers understand how different down payments affect their options, how property taxes and insurance factor in, and what the full monthly cost of ownership looks like — not just principal and interest.

Mortgage option guidance

The alphabet soup of mortgage options (conventional, FHA, VA, USDA, fixed, ARM) confuses many borrowers. Guided selling tools that ask about the borrower's situation and recommend appropriate options — with explanations of why each fits — build confidence and differentiate your institution from rate-table-only competitors.

First-time buyer education

First-time homebuyers are particularly valuable and particularly in need of guidance. They don't know what they don't know. Content and tools designed specifically for first-time buyers — walking them through the process step by step — capture this audience early in their journey.

Lead capture with context

Borrowers who engage with your affordability tools and mortgage guidance aren't ready to apply yet — but they're interested. Capturing their information (through saved scenarios, email results, callback requests) keeps the relationship alive and provides context when they are ready. A lead that includes "explored $350K homes with 10% down, interested in FHA options" is far more valuable than a cold application.

The Pre-Approval Pipeline

Research-phase engagement isn't just about building awareness — it's about feeding your pre-approval pipeline with qualified, prepared borrowers.

From exploration to pre-approval

A borrower who has used your affordability tools, explored mortgage options, and saved scenarios has already invested time with your institution. When they're ready for pre-approval, you're the natural next step — not because you demanded it, but because you've been helpful throughout their research.

Context-rich handoffs

When a borrower moves from exploration to pre-approval application, the information they've already provided should carry forward. They shouldn't have to re-enter their income, their target purchase price, or their down payment amount. A seamless transition from exploration tools to application demonstrates that you value their time.

Loan officer preparation

For borrowers who want to talk to someone before applying, the loan officer should have context: what the borrower explored, what scenarios they considered, what questions they might have. "I see you were looking at FHA options for homes around $300,000 — let me explain how that would work" opens a productive conversation.

Warming cold leads

Not every borrower who explores affordability is ready to buy soon. Some are months or years away. Nurturing these leads — with helpful content, rate updates, and check-ins — keeps your institution in consideration when they're finally ready to act.

Building a Digital Mortgage Experience

Your digital presence determines whether you capture research-phase borrowers or lose them to competitors with better experiences.

Affordability as the entry point

For many borrowers, the first question is "Can I afford to buy?" Make affordability tools prominent and easy to find. A borrower who can answer their affordability question with your tool is more likely to continue their journey with you.

Comprehensive payment breakdowns

Borrowers are surprised by how much more than "the mortgage payment" homeownership costs. Tools that show principal, interest, property taxes, insurance, PMI (if applicable), and HOA fees give borrowers realistic expectations — and demonstrate that you're being honest about what they're getting into.

Scenario comparison

"What if I put 20% down instead of 10%?" "How much more house could I afford with a 30-year term instead of 15?" Side-by-side comparisons let borrowers explore trade-offs and understand their options. This engagement keeps them on your site longer and builds familiarity with your institution.

Mortgage type recommendations

A tool that asks about the borrower's situation — first-time buyer? Veteran? Rural area? Credit profile? — and recommends appropriate mortgage types provides guidance that borrowers can't get from a rate table. This is where guided selling creates real differentiation.

Save, share, and return

Home purchase decisions involve multiple people and multiple sessions. The ability to save a scenario, email it to a spouse, and return later supports how borrowers actually make decisions. It also captures lead information naturally.

Clear path to pre-approval

When a borrower is ready to move from exploring to applying, make the path obvious and easy. "Ready for pre-approval? Start here" — positioned after they've explored their options — converts research engagement into lending applications.

Purchase vs. Refinance: Different Journeys

Purchase mortgages and refinances represent different borrower needs and different competitive dynamics.

Purchase mortgages

Purchase borrowers are on a journey toward homeownership. They need education, guidance, and support across weeks or months of decision-making. The opportunity to engage early and build relationship is significant. Competition comes from whoever is present during the research and shopping process.

Refinance mortgages

Refinance borrowers already have a mortgage. They're evaluating whether to change their current arrangement — often driven by rate changes, equity access needs, or changing financial situations. The decision timeline is typically shorter, and borrowers are more likely to compare options directly.

Refinance triggers

Refinancing makes sense when rates have dropped significantly, when the borrower's credit has improved, when they want to access equity, or when they want to change their loan term. Marketing that addresses these triggers — "Rates have dropped. Could you save?" — reaches borrowers when refinancing is relevant.

Portfolio retention

Your existing mortgage customers are refinancing targets for competitors. Proactive outreach — alerting customers when refinancing might benefit them — retains relationships that might otherwise walk away. This is both customer service and competitive defense.

Targeting Existing Customers

Your current customers — especially those with deposit relationships — are your most valuable mortgage prospects.

Cross-sell to deposit customers

Customers with checking accounts, savings, and other deposit relationships are natural mortgage prospects when they're ready to buy. They already know your institution and have a reason to consolidate their financial relationship. Proactive communication about your mortgage capabilities keeps you in consideration.

First-time buyer identification

Deposit patterns can suggest first-time buyer potential: growing savings balances, age demographics, rental payment patterns. Reaching these customers with first-time buyer education and affordability tools captures them early in their journey.

Life event triggers

Marriage, growing families, job changes, and relocations trigger home purchases. While these aren't always visible in account data, marketing that acknowledges these life stages reaches customers when home buying becomes relevant.

Member/customer loyalty programs

Rate discounts, reduced fees, or closing cost credits for existing customers incentivize them to use your mortgage services. These loyalty benefits should be prominent in your mortgage marketing to existing customers.

Measuring Mortgage Performance

Track metrics that reveal where you're winning and losing across the mortgage journey.

Tool engagement: How many visitors use your affordability calculators and mortgage exploration tools? Depth of engagement (scenarios compared, time spent) indicates whether your tools are providing value.

Lead capture rate: Of engaged visitors, what percentage provide contact information or save scenarios? This measures your ability to maintain relationships beyond a single visit.

Lead-to-application rate: What percentage of captured leads eventually start a pre-approval application? This measures lead quality and nurturing effectiveness.

Pre-approval-to-close rate: Of pre-approved borrowers, what percentage close a loan? Drop-off here may indicate issues with the purchase market, competition at the offer stage, or operational challenges.

Time in funnel: How long from first engagement to closed loan? Understanding the timeline helps calibrate nurturing and follow-up strategies.

Source attribution: Where do your closed loans originate? Which channels and campaigns generate volume? Attribution data guides marketing investment.

Getting Started

If your institution wants to grow mortgage volume, focus on reaching borrowers during research — before they've committed to another lender.

Audit your digital experience. Go through your mortgage pages as if you were a first-time homebuyer. Can you easily understand what you might afford? Do tools help you explore mortgage options? Is there a clear path from research to pre-approval?

Invest in affordability tools. If your mortgage pages offer only a basic calculator or rate table, you're missing research-phase borrowers who need more guidance. Tools that help borrowers truly understand their affordability capture more engagement.

Add mortgage option guidance. Don't make borrowers figure out conventional vs. FHA on their own. Guided tools that recommend appropriate options based on borrower inputs provide value that differentiates.

Implement lead capture. Borrowers who explore your mortgage tools but aren't ready to apply represent future opportunities. Save-a-scenario, email-results, and callback request features capture these leads for nurturing.

Connect exploration to application. When borrowers are ready to move from research to pre-approval, the transition should be seamless. Information already provided should carry forward, not require re-entry.