Recently, there have been increased stipulations placed on what a mortgage lending advertisements are allowed to convey. Misleading advertising in an attempt to trap consumers into thinking they are getting a great deal is considered illegal by the Federal Trade Bureau. Home mortgage ad campaigns must be truthful and put the most relevant information in front of the consumer, without trying to hide secret clauses and fine print.
Effective home mortgage ad campaigns have the annual percentage rate highlighted on the advertisement. The consumer should be able to figure out the terms of the loan offered and what type of home they can afford from the advertisement itself. Potential customers will be more apt to take a closer look at your mortgage offerings if they feel confident about the quality of the information that is being shared.
When using home mortgage ad campaigns to attract consumers, pertinent information should be found within the advertisement so that there is no question about payment options. If APR rates are going to increase after a certain amount of time, it should be noted. In addition, all necessary lending compliance language should be included. Truthful mortgage advertising will help prospective customers avoid uncertainty and establish your financial institution as a trustworthy choice for mortgages.
Rather than using false promotions on your home mortgage ad campaigns to rope in customers, focus on true rates, benefits and the support your institution and lenders can provide. Low rates are important to consumers; however, they also value expertise and support when making such an important financial decision. Capitalizing on this can help create trust in your brand and set you apart from the competition and increase your marketing return on investment.
For more information about proving the ROI of your home mortgage ad campaigns, download our free eBook today!