Today, Credible users seek to understand their mortgage buying power in a variety of ways. Some begin the application flow with the intention of comparing mortgage rates for a specific property, while others simply browse to assess their buying power before deciding when or where they might purchase a home.
At the time, Credible did not offer guidance in the mortgage buying process. The pre-approval form flow asked users all the required questions to gauge their buying power through assets and income, and personal details were collected to create a dashboard on which users landed once the form was complete. Our analysis revealed that many users became confused and abandoned the dashboard after navigating the lengthy pre-qualification process.
Credible features a pre-approval form flow—a streamlined process designed for users curious about mortgage options. When visitors arrive on our website, they complete a three-part form covering their current property and housing details, financial assets, and personal information. This data is used to generate a pre-approval number—a best-guess estimate that doesn’t require a hard credit check. The goal is to help users understand their potential buying power and guide them through the home search process.
Once the form is complete, users are directed to a dashboard featuring two key elements: the pre-approved mortgage number and the next actionable step tailored to their needs. There are three primary calls-to-action (CTAs): generate a pre-approval letter, compare mortgage rates, and confirm “my offer was accepted.” Despite the importance of all three actions in enhancing engagement and increasing the likelihood of loan conversion, only 0.1% of users completed the flow that moves them toward receiving a qualified rate. This specific flow is triggered when a user selects a mortgage option they like within the dashboard and applies for a loan through one of our lenders—the official kickoff for borrowing money for a mortgage.
An initial heuristic evaluation allowed us to identify two core issues impacting conversion and overall engagement on the dashboard. First, with no clear distinction between primary and secondary CTAs, users were often unsure of their next step. From a business perspective, each action is critical; yet without context, users struggled to understand where they stood in their journey or how Credible could best assist them. Second, the dashboard did not adequately explain the value and impact of each option, leaving users wondering: why take any action if they don’t fully understand its purpose?
Taking out a mortgage is a life-changing decision—one that can be intimidating to make online. Success in this space isn’t solely measured by loan conversions; it also hinges on guiding users through a complex, human-centered process in a digital environment. First-time buyers, in particular, may prefer in-person support rather than navigating a fully digital process. On the other hand, experienced homeowners might appreciate the convenience of an online system, provided it clearly communicates Credible’s competitive edge over other digital offerings.
The main question through out research was what potential features could solve current user pain points experienced in our flow. We held brainstorming sessions and mapped out task analysis, user journeys, and our current flow to hypothesize what features could solve those pain points. Features were broken up into segments based on where a user might be within their home buying journey.
We learned that some users come to credible to understand their home buying power. They were curious to understand how much money they could be approved for and how that translated to a home. We referred to them as "dreamers" since they expressed their intent was low, and they wouldn't be ready to purchase anything for a few years, but liked to daydream about the potential.
The other group of users came in to compare rates to see which lender offered them the most competitive rates. These users were typically more informed and came in to the process either having been through our competitors flows or planned to go to competitors for comparison post Credible loan retrieval. Some feature ideas were focused on clarifying a home purchase journey or roadmap for users through visuals they could follow along with. This would show them where they are at currently and what steps are involved in order to fully "complete" the process before they can submit their final loan offer. Other feature ideas were based on levers that users could play around with to understand how much money they'd need to afford the house they want, and using data from aggregators to show average home size and details based on that mortgage loan amount.
I conducted 4 research sessions with loan officers to understand how customers ranked levels of importance in the home buying stages and which education pieces were crucial when making process decisions. When talking with return home buyers, we targeted cohorts that had already gone through a home purchase process to gain additional perspective on the difficulties, questions, and needs they had the first time around. We also wanted to understand what an ideal process for their second purchase would look like.
3 unmoderated tests were conducted via usertesting.com with 30 different customers. These unmoderated tests were utilized to hear their initial feedback on pain points within their journey and thoughts on the existing design. We used this method due to privacy laws regarding loan applications and private information within those.
We conducted usability tests to observe first-time user interactions with various feature ideas, assessing interest, usability, learnability, and perceived value. The insights we gained helped prioritize features based on users’ immediate needs. Using this feedback, we developed a phased approach for our MVP and future product enhancements, ensuring our foundation aligns with long-term objectives.
After consolidating our research data and insights, I facilitated a brainstorming session with key stakeholders to accelerate decision-making. This collaborative step not only secured stakeholder buy-in but also confirmed our shared belief that engagement and conversion will improve by catering to users at every stage of their home buying journey. We agreed that introducing personalization in our MVP is essential. By creating three distinct dashboard views—tailored to users’ indicated purchase timeframe and current stage—we can offer targeted recommendations and next steps that resonate with each user's unique situation.
I implemented a survey on our dashboard page to understand what users wanted to gain from Credible or what their intent was for using Credible's service. The survey ran on the pre-approval dashboard. Users only saw this survey once they completed the form flow. It was live for 30 days reaching a total of 108 users.
Usability tests were performed to witness users' first-time interactions with different feature ideas to gauge, interest, usability, learnability, and perceived value. Three main focus area in testing were:
Exploration: Understanding User Scenarios
Our research revealed that users are keen to understand the various outcomes and parameters influencing their home buying decisions. They expect the tools to address scenario-specific questions, enabling them to visualize potential pathways. Notably, 44.4% of users were browsing rates without a strong intent to proceed further, highlighting the need for an exploratory experience that educates and engages.
Relevance: Delivering Contextualized Experiences
Users demand experiences that deliver relevant information and clear pathways aligned with their current stage of the home buying process. They need context-specific education to guide them toward the next best step. Our goal is to ensure that each user's journey feels personalized and directly applicable to their situation.
Budget Constraints: Aligning with Financial Realities
When asked about deal-breakers in their home purchase decision, users consistently cited monthly payments as a primary concern. They are looking for mortgage rates that comfortably fit their budget, yet our current product lacks a detailed monthly cost breakdown. Addressing this gap is critical to helping users make informed decisions and feel confident in their financial commitments.
