The modern website includes a wealth of functionality to boost engagement, supercharge repeat visits and make the overall website experience better. One addition that is really popular among mortgage advice companies right now are mortgage calculators. You’ve probably seen them before, but do you know how great they can be?
What are mortgage calculators?
Mortgage calculators are a genre of financial calculators that can be added to a website. They provide website visitors with personalised information regarding the different costs or projected costs associated with buying property and taking out a mortgage. The user has to enter their own information – such as income, debt, etc. - and the calculator will provide projected figures based on this information.
Mortgage calculators are mostly incorporated into websites owned by mortgage advisers, financial advisers and non-commercial websites designed to help people manage their finances.
What mortgage calculators are available?
There are several types of financial calculators that are relevant to mortgages. Three of the most common are:
- Borrowing power calculator – a calculator that uses your income and existing debts to work out how much you may be able to borrow through a mortgage
- Mortgage repayment calculator – a calculator that uses the loan amount, loan term and interest rate to show projected monthly mortgage repayments
- Stamp duty calculator – a calculator that uses the purchase price and sometimes personal information (e.g. if you’re a first-time buyer) to work out how much land tax needs to be paid
How mortgage calculators can improve website performance
Mortgage calculators improve website performance by first enhancing the user experience. By providing these calculators to website visitors, they can easily get answers regarding their personal situation and may even be more likely to book a consultation after unearthing this information.
So, how does this improve website performance? First, the website user is likely to remain on the website for longer as they engage with the calculator – as opposed to blocks of generic text on the same subject. This reduces “bounce time” which is a measurement of how quickly a user arrives on your site and then leaves. These calculators also encourage website visitors to return, possibly as they show their partners the results they discovered on their own, or to re-check the result.
Both a reduced bounce rate and repeat visitors are good for SEO performance which has to do with how search engines rank your website. If search engines notice people staying engaged on your site longer as well as repeat visits, they will consider your website pages more valuable and could rank you higher. This continues the cycle as a higher-ranking site will increase its visibility and potential for more visitors, leads – and eventually new clients.
Reap the benefits yourself by speaking with our web developers about mortgage calculator services today!
How accurate are mortgage calculators?
Mortgage calculators provide 100% accuracy in their calculations but do not guarantee 100% accuracy to the individual’s circumstances.
This is because the calculators use figures that may not be applicable to that individual (e.g. interest rate) or because the calculator does not consider an exact situation (e.g. complex income streams). This must be stated on the website.
Mortgage calculators are valuable in giving estimates with limited information which can help in setting expectations. But they should not be assumed to be 100% correct and never replace tailored advice from an experienced adviser.
Important things to consider
If you’re thinking about adding mortgage calculators to your website, you should consider how simple or detailed you wish them to be. Moreover, you should consider which calculators will be most beneficial to your clients. Our team can assist in helping you select the most suitable calculators for your business. We can even create bespoke calculators if required.
Recap: Mortgage calculators on websites provide personalised property cost estimates based on limited user input. They enhance user experience with more website engagement, reduce bounce rates and encourage repeat visits, ultimately benefiting SEO and leads. While these calculators offer accurate estimates, they might not precisely match individual circumstances and should be considered as approximations only.
WEBPRO Knows
Despite search engines not acknowledging bounce rate as a ranking factor, some studies have found a strong correlation between bounce rate and search engine ranking.
