The Complete Guide to Generating Mortgage Leads With Facebook Ads
Facebook has more than 3.07 billion active users, which is why running ads on Facebook is one of the smartest moves your mortgage company can make.
Your ads can reach exactly the right people while keeping costs manageable. Financial services companies have found great success with Facebook Ads, using it to generate leads at the lowest possible cost per acquisition.
Below, we walk you through how you can use Facebook to find exclusive mortgage leads and develop your brand online. But first, let’s take a moment to understand how Facebook Ads work.
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How Do Facebook Ads Work?
Facebook Ads works a lot like Google Ads in that you only pay when someone clicks on your advertisement, also known as pay-per-click (PPC) advertising. You also have the choice to pay based on how many times your ad shows up, also known as cost-per-mile (CPM) advertising – meaning you pay for every 1,000 times your ad appears (impressions), regardless of how many people click on it.
In other words, the system works like an auction: the more you’re willing to pay per click or per 1,000 impressions, the more often Facebook will show your ad. You can create ads using text, pictures, or videos, and you can either manage them yourself (using a self-service interface) or hire a Facebook Ads Manager to do it for you.
Now, let’s get back to talking about mortgage leads.
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You can make engaging ads that show up in people’s feeds, but mortgage leads loan officers will need to follow certain steps to ensure this works well.
A Step-By-Step Plan for Using Facebook Ads to Generate Leads
Mortgage brokers who use Facebook Ads can attract leads by focusing on the needs of potential clients. Here’s a step-by-step guide to how to do it:
1. Define Your Audience
Here’s an interesting fact from Statista: By the third quarter of 2023, mortgage companies were handling about $444 billion in loans, thanks to changes in interest rates and lending options. If you want to stand out, you need to know exactly who you’re trying to reach. The clearer you are about your ideal customers, the better your Facebook Ads will work.
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Think about segmenting your audience into different groups and creating specific ads to target each one. For example, if you’re making ads for retirees, you’ll want to use pictures and words that really speak to their needs.
2. Write Engaging Copy
When you write your ads, try to speak directly to what your customers care about. Talk about things like low interest rates, quick approvals, and personalized services. For instance, your ad might say something like: “Ready to buy your dream home? We offer great interest rates and can pre-approve your mortgage fast!”
3. When Necessary, Retarget Your Customers
Sometimes people visit your website but aren’t ready to fill out a form right away. That’s normal – they might just be looking around and comparing their options. You can use Facebook Ads to display more ads to these people later, a practice known as “retargeting,” even if they didn’t find your website through Facebook in the first place.
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4. Offer High-Value Resources
If you want to attract leads, you need to give people something helpful (also known as “lead magnets”) like guides, mortgage calculators, or e-books. As an example, you could create an attention-grabbing ad that offers a free first-time homebuyer’s guide. If people think your resource is valuable, they’re a lot more likely to consider using your mortgage service.
5. Use the Lookalike Audiences Feature
Facebook Ads has an excellent tool called Lookalike Audiences. Once enough people have shown interest in your business, Facebook can find other users who are similar to them and display your ads to them, too. This helps your mortgage company reach new people who have a higher probability of being interested in what you offer.
6. Offer More Than One Communication Channel
Different people like to communicate in different ways, so it’s good to give them options for getting in touch. Make sure your phone number is easy to find on your website and landing pages, and consider adding a chatbot feature to answer frequently asked questions. This makes it easier for your dream customers to reach you and helps you generate residential mortgage leads.
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Final Words
Facebook Ads can be a great way to find new leads for your mortgage business. Just remember that not every click will turn into a sale, and that’s okay.
You can get better results by trying different approaches, sharing helpful videos, and staying active in relevant Facebook groups. This is a long-term plan for building relationships and becoming a mortgage broker people trust and remember.
Stop chasing dead-end mortgage leads. Let’s fill your pipeline with qualified borrowers.
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In 30 minutes, we’ll map out how to get you consistent, qualified mortgage leads without burning your marketing budget on tire-kickers.
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