How Much Do Mortgage Leads Cost in 2026?

Most loan officers track cost per lead.

$30 for a LendingTree lead. $150 for a Bankrate lead. $50 for a Facebook lead.

They compare prices. They negotiate with vendors. They hunt for the cheapest source.

And most of them are tracking the wrong number.

Cost per lead is a vanity metric. It's meaningless without conversion data.

The only number that matters is cost per funded loan.

That's what you actually paid to close a deal. And when you run the math across every major lead source in 2026, the results are surprising.

The cheapest leads often cost the most per funded loan. The expensive leads sometimes deliver the best ROI. And the leads most LOs ignore — the ones they generate themselves — consistently deliver the lowest cost per funded loan in the industry.

Here's the real breakdown, with real math, from every major source.

Cost Breakdown by Source (2026 Numbers)

Shared Aggregators (LendingTree, etc.)

Cost per lead: $30-$100

How it works: Consumer fills out one form. That lead gets sold to 5+ lenders simultaneously. You're in a race to call first.

Conversion rate: 0.5-2%

Most LOs without call center infrastructure convert at the low end (0.5-1%). LOs with auto-dialers and instant multi-channel follow-up can hit 1.5-2%.

Cost per funded loan: $5,000-$10,000+

Let's do the math:

• 100 leads at $50 average = $5,000
• 1% conversion = 1 funded loan
• CPFL = $5,000

If you're converting at 0.5%? That same spend produces $10,000 CPFL.

Who this works for: Call center operations with speed-to-lead systems. If you're manually dialing from your CRM hours later, you're paying for leads you'll never convert.

The caveat: Same 100 shared leads, one LO closes 2-3, another closes 0. Results depend on your response speed, follow-up discipline, and whether you can compete in a knife fight.

Premium Aggregators (Bankrate)

Cost per lead: $100-$250+

How it works: Rate comparison tables. Consumers go through an 8-10 step questionnaire, see rates from multiple lenders, and submit contact info. You pay per lead (CPL model), with CPC and pay-per-call options also available.

Conversion rate: 3-5% (strong operations), 1-2% (average operations)

Bankrate leads are higher-intent. The consumer chose specific lenders. Fewer competitors get the same lead compared to LendingTree.

Cost per funded loan: $2,500-$4,500

Let's run both scenarios:

Strong operations:

• 100 leads at $150 average = $15,000
• 4% conversion = 4 funded loans
• CPFL = $3,750

Average operations:

• 100 leads at $150 average = $15,000
• 1.5% conversion = 1.5 funded loans
• CPFL = $10,000

Notice what happened. The premium lead source produced the same $10,000 CPFL as cheap shared leads — if your systems aren't dialed in.

Who this works for: Lenders with competitive rates, fast response systems, and margins that support $100-$250 per lead. Bankrate's minimum spend is $20,000/month, so this isn't for testing.

The caveat: Expensive leads only perform better if your conversion rate matches the premium. If you're converting at 1%, Bankrate costs more per funded loan than LendingTree.

First-Party Exclusive Leads (Your Own Marketing)

Cost per lead: $15-$60

How it works: You run Google Ads or Facebook Ads to your own landing pages. The lead is exclusive — no other lenders get it. The consumer submitted YOUR form and expects YOUR call.

Conversion rate: 2-5%

First-party paid leads convert better than shared aggregator leads because there's no competition. You're not racing 5 other lenders. The consumer knows who you are.

Cost per funded loan: $1,000-$3,000

Let's do the math:

• 100 leads at $50 average = $5,000
• 3% conversion = 3 funded loans
• CPFL = $1,667

Now compare that to the two scenarios above:

• Shared aggregator: $5,000-$10,000 CPFL
• Premium aggregator: $2,500-$10,000 CPFL
• First-party exclusive: $1,000-$3,000 CPFL

And here's the part most LOs miss: this CPFL only accounts for paid ads. When you add organic leads (5-12% conversion at ~$0 marginal cost) and referral leads (40-70% conversion at ~$0 marginal cost) to the mix, your blended CPFL drops to $1,200-$2,000.

Top performers? Under $1,000.

Who this works for: Lenders willing to build their own marketing systems. Requires landing pages, ad account setup, some learning curve. But once it's working, you own the channel.

The caveat: First 90 days are the hardest. You're paying to learn. Most LOs quit before the system starts working. (See our guide on how to build first-party lead generation.)

Organic/SEO Leads

Cost per lead: ~$0 (marginal cost after initial investment)

How it works: You build a website that ranks for searches your borrowers are making. "FHA loan requirements [your city]." "How much house can I afford." When they find your site organically and submit a form, that's a lead.

Conversion rate: 5-12%

Organic leads convert dramatically higher than paid leads because:

• They found you (you didn't interrupt them)
• They're actively researching (high intent)
• No other lenders are calling (exclusive by default)

Cost per funded loan: Dramatically lower

Let's say you spent $5,000 on content creation, site optimization, and tools in month 1-3. You're now getting 50 organic leads per month at 8% conversion = 4 funded loans per month.

Month 4 CPFL: $1,250

Month 12 CPFL: $104

Month 24 CPFL: $26

The cost per funded loan drops toward zero over time because the marginal cost of an organic lead is near zero. Content you wrote 12 months ago still ranks. Still drives traffic. Still produces leads.

Who this works for: Lenders with a 12-18 month horizon willing to invest upfront for compounding returns. Not a quick fix.

The caveat: SEO takes 6-12 months to build momentum. You need to publish consistently. You need to target the right keywords. And you need a website that converts visitors into form fills.

Referral Leads (Agent + Client)

Cost per lead: ~$0 (relationship cost, not transactional)

How it works: Agent referrals come from real estate agents you've built relationships with. Client referrals come from past borrowers who remember you when their friends buy homes.

Conversion rate: 40-60% (agent referrals), 50-70%+ (client referrals)

This is the highest-converting lead source in the industry. Trust is pre-established. They're not comparing you to 5 other lenders.

Cost per funded loan: Near $0 (lowest in the industry)

If you close 10 agent referrals this month, your CPFL is whatever you spent maintaining that relationship. Maybe you sent market updates. Maybe you bought lunch. Maybe it's just time investment.

Even if you spent $500/month on agent relationship-building and closed 10 referrals, your CPFL is $50.

Compare that to the $5,000-$10,000 CPFL from shared aggregator leads.

Who this works for: Every loan officer. But it takes consistency. You can't ghost agents for 3 months and expect referrals to keep coming.

The caveat: Referrals don't scale like paid leads. You can't turn on a switch and get 100 agent referrals tomorrow. This is a long game.

The Real Difference: It's Not Conversion Rates, It's Cost Per Lead

Here's the insight most articles miss:

The conversion rates between premium aggregators (Bankrate) and first-party paid leads aren't dramatically different. Both can hit 3-5% with the right systems.

The real difference is cost per lead.

• Bankrate: $150/lead at 4% conversion = $3,750 CPFL
• First-party paid: $50/lead at 3% conversion = $1,667 CPFL

Same borrower profile. Same loan size. Same market.

The difference? One lead costs $150, the other costs $50.

And that $100 gap per lead compounds fast.

100 leads at $150 = $15,000. 100 leads at $50 = $5,000.

You just saved $10,000. And you haven't even optimized conversion yet.

Now add this: every dollar spent on Bankrate builds Bankrate's brand. Every dollar spent on your own marketing builds yours.

The first scenario ends the moment you stop paying. The second creates compounding equity — brand impressions you own, organic traffic that grows, referral networks that multiply.

This is why the "cheap vs. expensive" lead debate misses the point. The question isn't which lead costs more per lead. The question is: which lead costs less per funded loan while building assets you own?

Hidden Costs Nobody Talks About

When loan officers compare lead sources, they look at the per-lead price and stop there.

But the real cost is bigger.

1. Speed-to-Lead Infrastructure

Bought leads require speed. Especially shared leads.

If you're manually dialing from your CRM hours later, you've already lost. The lenders winning with shared leads have:

• Auto-dialers ($200-$500/month)
• Instant text/email automation ($100-$300/month for CRM + automation)
• Multi-channel follow-up systems

That's $300-$800/month in infrastructure costs before you buy a single lead.

For first-party leads? You control the timing. A lead from your own website doesn't expire in 5 minutes.

2. Time Cost

100 shared leads might take 20+ hours of follow-up.

You're calling. Leaving voicemails. Texting. Emailing. Calling again. Most don't answer. Most never will.

That's 20 hours you could have spent:

• Building agent relationships
• Creating content
• Following up with warm leads from your database

Opportunity cost is real.

3. Minimum Spend Commitments

Bankrate requires $20,000/month minimum spend. LendingTree wants $5,000-$10,000/month.

These aren't "test a few leads and see how it goes" commitments. You're locked in.

If your conversion rate is 1% instead of 4%, you're burning $20,000/month to close 1-2 deals.

First-party lead generation? No minimums. You can spend $500/month or $5,000/month. You control the dial.

4. The Brand Cost

This is the one nobody calculates.

When someone searches "mortgage rates" and finds Bankrate, Bankrate captures the brand impression. When that person submits a form, you pay for the lead — but Bankrate keeps the brand equity.

You funded the traffic. They own the asset.

If you spent that same $20,000 running your own Google Ads, those 2,000-3,000 clicks are 2,000-3,000 people who saw YOUR brand. Some convert immediately. Some remember you and come back later. Some refer a friend six months from now.

That's compounding equity. And it's worth more than the immediate lead cost.

The Compounding Effect: First-Party Gets Cheaper Over Time

Bought leads stay the same price forever.

LendingTree charged $30-$100 per lead in 2023. They'll charge $30-$100 in 2026. (Actually, probably more — the trigger lead ban reduces supply, prices go up.)

Every month, you pay. Every month, the cost resets.

First-party lead generation works differently.

Month 1: You spend $3,000 on ads, content, and landing pages. You get 50 leads at $60 each. 2 close. CPFL = $1,500.

Month 6: You spent another $3,000/month (total $18,000). You're now getting 80 leads/month — 60 from ads, 20 from organic content you wrote months ago. 4 close. CPFL = $750.

Month 12: Total spend $36,000. You're getting 150 leads/month — 70 from ads, 50 from SEO, 30 from referrals triggered by your content. 8 close. CPFL = $375.

Month 24: Total spend $72,000. You're getting 250 leads/month — 80 from ads, 100 from SEO (content compounds), 70 from referrals. 15 close. CPFL = $200.

Notice what happened. Your cost per funded loan dropped from $1,500 to $200 over two years. Because:

• SEO content you wrote 18 months ago still ranks and drives traffic (marginal cost = $0)
• Referrals from satisfied clients multiplied (marginal cost = $0)
• Your brand recognition grew (people search for you directly)

Bought leads don't do this. You pay $150/lead in month 1. You pay $150/lead in month 24. The cost never drops.

This is the compounding advantage of owned channels. And it's why the LOs who make it long-term are the ones who invested in first-party lead generation years ago.

How to Calculate YOUR Real Cost Per Funded Loan

Here's the framework you can apply to your own business today:

Step 1: Track total lead spend for the last 90 days.

Include everything:

• Per-lead costs (LendingTree, Bankrate, Zillow, etc.)
• Ad spend (Google Ads, Facebook Ads)
• CRM and automation tools
• Content creation (if you're doing SEO)
• Aged leads (if you're buying those)

Let's say total = $12,000.

Step 2: Count funded loans from leads acquired in that period.

Not loans in pipeline. Not applications. Funded loans.

Let's say = 6 funded loans.

Step 3: Divide.

$12,000 ÷ 6 = $2,000 CPFL.

Step 4: Benchmark.

• Under $1,000: Top 1%. You're doing it right.
• $1,000-$2,000: Solid. Sustainable if your margins support it.
• $2,000-$4,000: Workable, but you're leaving money on the table.
• $4,000+: You're either in a very high-margin niche, or you're burning money.

Step 5: Break it down by source.

Don't lump everything together. Calculate CPFL separately for:

• Shared aggregator leads
• Premium aggregator leads
• First-party paid leads
• Organic leads
• Referral leads

You'll probably find one source is crushing it and another is bleeding money. Kill the bleeder. Double down on the winner.

Step 6: Optimize for CPFL, not CPL.

If a $150 Bankrate lead converts at 5% (CPFL = $3,000) and a $50 first-party lead converts at 3% (CPFL = $1,667), the first-party lead is the better investment — even though the Bankrate lead converts better on a percentage basis.

The goal isn't highest conversion rate. The goal is lowest cost per funded loan.

The Three-Tier Framework

If you're rebuilding your lead strategy from scratch, here's how to think about it:

Tier 1: Immediate Pipeline (Bought Leads)

Budget: 30-40% of lead spend

Purpose: Keep deals flowing this month and next month

Sources: Bankrate, LendingTree, aged leads (if you have the infrastructure)

CPFL target: $2,500-$5,000

Tier 2: Owned Channels (First-Party)

Budget: 40-50% of lead spend

Purpose: Build assets that compound over 12-24 months

Sources: SEO/content, paid ads to your own funnels, email to your database

CPFL target: $1,000-$2,000 (drops over time)

Tier 3: Referral Engine (Relationship-Based)

Budget: 10-20% of lead spend (mostly time, some activation costs)

Purpose: Highest-converting, lowest-cost leads in the industry

Sources: Agent relationships, past client reactivation, referral programs

CPFL target: Under $500

Most LOs spend 80% on Tier 1 and wonder why they're always scrambling. The ones who make it flip the ratio: 40% on owned channels, 30% on referrals, 30% on bought leads for immediate cashflow.

Over 18-24 months, Tiers 2 and 3 produce enough volume that Tier 1 becomes optional instead of necessary.

That's when you stop renting your pipeline and start owning it.

What You Should Actually Be Paying

Here's the honest answer: it depends on your market, your competition, and your infrastructure.

But as a general benchmark:

• Shared aggregator leads: If your CPFL is over $5,000, you're paying too much. Either improve your conversion (speed-to-lead systems, better follow-up) or stop buying from that source.

• Premium aggregator leads: If your CPFL is over $4,500, reassess. Are you converting at 3-5%? If not, your systems aren't strong enough to justify the premium price.

• First-party paid leads: If your CPFL is over $3,000, your ads or landing pages need work. Benchmark is $1,000-$2,000 once optimized.

• Blended (paid + organic + referral): Target $1,200-$2,000 CPFL. Achievable once your owned channels are mature.

• Best-in-class: Under $1,000 CPFL. This is what the top 1% of LOs achieve by building owned channels that compound over time.

And remember: the same 100 leads, one LO closes 5-6, another closes 0. Results depend on your systems, speed, process, and sales ability — not just the source.

Final Thought: Track the Right Number

Here's the truth most lead vendors don't want you to know:

Cost per lead is a marketing metric. It makes cheap sources look good and expensive sources look bad.

Cost per funded loan is a business metric. It shows you what actually matters.

A $30 LendingTree lead that converts at 1% costs $3,000 per funded loan. A $150 Bankrate lead that converts at 4% costs $3,750 per funded loan. A $50 first-party lead that converts at 3% costs $1,667 per funded loan.

The "cheap" lead might be the most expensive. The "expensive" lead might be worth it. And the lead most LOs ignore — the one they generate themselves — is consistently the best investment in the industry.

Stop tracking cost per lead. Start tracking cost per funded loan.

That's the only number that matters.

Related Reading:

• Where to Buy Mortgage Leads in 2026 — Full provider reviews with pricing and LO experiences
• Why Mortgage Leads Ghost You — Speed-to-lead and follow-up systems that actually work
• The Best Mortgage Lead Generation Software for Lenders — Tools and platforms compared
• Exclusive Mortgage Leads — How first-party generation works