Did you know that 89% of marketing pros use Facebook Ads in their digital campaigns? This tactic has become especially popular in the mortgage industry. Running ads for mortgage brokers on Facebook can be a simple way to gain traction and generate potential clients. 

Here’s everything you need to know about Facebook Ads for mortgage brokers:

Facebook Ads for Mortgage Brokers

Why use Facebook Ads for mortgage brokers? The answer is simple: they work. Facebook ad impressions increased by 31% last year, and the average cost per ad decreased by 6%. In other words, you can reach more people for less money. 

People spend a lot of time on Facebook. In fact, the average American devotes 30 minutes to scrolling Facebook daily. Sounds like the perfect time to educate prospects about your mortgage services. 

Advertisements on the social platform generally get plenty of engagement, too. Mobile-friendly, video-based Facebook Ads for mortgage brokers can be particularly impactful. Users are 1.5X more likely to watch a video on their phone. 

Starting to get excited about the potential impacts of Facebook Ads for mortgage brokers? You should be. Now, it’s time to dig a little deeper so you can put this brand-building tool to use. 

Creating Compelling Mortgage Ads on Facebook

Everyone is running ads on Facebook these days, including your competitors. The good news is that you can stand out by making sure your content is awesome and engaging. Here’s how to do just that: 

Define Your Audience and Their Pain Points

Don’t waste your time or money running ads until you know who you are trying to reach. Consider your “typical” client and make a list of their traits. Chances are that you have several different groups or segments that you typically work with. A few examples might be first-time homebuyers, military veterans, and retirees. 

List each major group and identify their needs and pain points. Next, you can start brainstorming ideas to connect with each segment. 

There are lots of ways to structure your Facebook Ads. One of the most common approaches follows this general template:

• Identify the viewer’s problem 
• Agitate the issue so they understand its extent and impact
• Position yourself as the solution

This is known as the problem, agitation, solution (PAS) framework. Suppose that you want to run ads encouraging first-time buyers to schedule an appointment with you. Here’s how you can reach them with the PAS framework:

• Problem: Mortgages can be confusing
• Agitation: Uncertainty about the lending process can prevent you from buying a home
• Solution: Our professionals can help you navigate the lending process

You’ll want to tailor the language to match your brand’s values and tone of voice. However, the example above provides a quick glimpse into how you can incorporate PAS into your ads. 

Tips for Making Awesome Facebook Ads for Mortgage Brokers

There are many ways to make your content stand out. Start by pairing your text with images or videos. Visual content can be more engaging and interrupt users’ scrolling. Keep things short and to the point, too. Don’t waste your time creating long videos. And always end your content with a clear call to action. 

If you’ve been in the business for a while and have lots of positive feedback, use this social proof to build trust. Sharing testimonials and reviews can eliminate hesitancy and encourage prospective clients to reach out to you. 

Most importantly, be willing to experiment. Try different formats, layouts, and content to see what resonates with your audience. 

Types of Ads You Can Run

Facebook lets you run multiple types of ads, including the following: 

• Image Ads: These are the most common and feature a single image that you place in users’ feeds
• Slideshow Campaigns: Similar to image ads, but you can include between 3 and 10 different images, which users swipe through
• Stories Ads: Popular clips that Facebook integrates into users’ Stories, letting you connect with people when they are highly engaged 
• Video Ads: More expensive but can have a big impact 

Facebook recommends keeping your video ads to 15 seconds or less. 

Examples of Great Facebook Ads for Mortgage Brokers 

It’s helpful to take a look at an engaging Facebook ad and discuss what the marketer did right. 

The ad above targeted renters looking to buy their first home. The image includes models that appear to fall in the late millennial and early Gen Z age range. Marketers structured this ad well, taking advantage of Facebook’s “Learn More” feature. They also identified the reader’s problem and positioned themselves as the solution. 

People who click the button will see the screen featured above. They are targeted with a bulleted list of benefits. The ad also prompts them to provide some basic follow-up information. 

You can apply this same basic template to your own ads. Consider asking qualifying questions to screen people out. People who meet your criteria can be added to your customer relationship management (CRM) software for follow-up.

Having a great CRM is critical for running Facebook Ads for mortgage brokers. Otherwise, you’ll have no way of capitalizing on the data you gather with your advertising campaign. 

Navigating Advertising Regulations

Coming up with an idea for a great idea is only half the battle. The mortgage industry is tightly regulated. In response, you’ll need to carefully work to ensure your ads align with state and federal laws. Here are some basic concerns to be mindful of: 

Mortgage Advertising Rules

Always keep your ads truthful and transparent. Avoid any statements that could be construed as “misleading.” Make sure to include any disclosures about rates or fees as well. Additionally, never advertise anything you can’t offer. You should keep information generalized, especially in light of Facebook’s Special Ad Category requirements. This category includes ads related to housing, such as those for mortgages or home insurance, which now face restrictions on how specifically you can target based on factors like age, gender, and location to prevent discriminatory practices.

For instance, suppose that you are promoting a down-payment assistance program. Under the Special Ad Category rules, you cannot specify how much assistance someone could receive or target by precise demographic details. Instead, stick with general statements like, “As a first-time homebuyer, you may be eligible for down-payment assistance. Contact our team to determine eligibility.”

How to Legally Talk About Mortgage Rates

There are strict rules governing how you talk about mortgage rates. The Consumer Financial Protection Bureau requires you to use specific language when discussing finance charges. You are also required to state whether a rate is adjustable. 

If you are going to get into specifics, clearly outline all relevant terms and conditions of the advertised rate. Keeping things vague tends to be the better option. By avoiding any mention of a specific rate, you can protect yourself from liability. 

For example, perhaps mortgage rates have begun trending down, and you want to earn refinance clients. In this situation, you could run an ad encouraging people to see whether they could lower their monthly mortgage payment via refinancing. 

Vague ads are helpful because they protect you from liability. However, they also serve to generate intrigue in the minds of consumers. 

HELOC Ad Requirements

Home Equity Lines of Credit (HELOCs) are subject to many of the same advertising rules as mortgages. Brush up on state and federal laws before advertising HELOCs. If you are going to discuss specific rates, use the proper verbiage. If rates are variable, clearly say so in your ad. 

Never make false or exaggerated claims. For example, let’s say that the average time to close a HELOC is 30 days, but you once closed a transaction in just two weeks. You probably shouldn’t advertise that you can open a HELOC in only 14 days since it was a one-off occurrence. Doing so might be viewed as misleading. 

Truth in Lending Act (TILA) Limitations

Truth in Lending Act violations can damage your reputation and compromise your license. Avoid TILA penalties by understanding what you can and can’t say. With that in mind, make sure to always be transparent in your ads. Keep things simple and high-level. Don’t make specific promises or exaggerated claims. 

Leveraging Professional Designations

Professional designations can enhance your credibility and attract more clients. The Certified Mortgage Planning Specialist (CMPS) designation is one you should consider obtaining. It helps build trust with clients and shows you are knowledgeable. 

Obtaining the CMPS designation involves completing required education and training courses. You’ll also have to pass the CMPS exam to prove your knowledge. 

After you pass the test, you can use the CMPS in your Facebook Ads. Follow the organization’s marketing requirements and limitations to ensure you use the designation in a compliant way. Consider adding it to other marketing assets, including brochures, business cards, and your website. 

Integrating Technology for Success

A mortgage CRM can help you better leverage the customer data you gather from Facebook Ads. You can input contact information into your CRM and run automated campaigns to nurture promising leads. 

Top CRMs also include built-in tools to help promote compliance. They have customizable settings, allowing you to align messaging campaigns with state and federal laws. Before you start running Facebook Ads for mortgage brokers, make sure you’ve got a great CRM in place. 

Contact us to book a free demo today!

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