The mortgage industry is rising nowadays. In 2018, 5,96 million houses were sold in the USA. Statista predicts that this number will be increasing in the upcoming years: the US mortgage sales are expected to be 6.12 million in 2020. That’s why companies adjust their businesses to new challenges like increased online payments and the fall of bricks-and-mortgage services (banks, insurance services, etc.). So, what’s the cost of mortgage service and why is it better than a traditional model? If you’re curious to find the answer to this question, keep reading about 4 factors that influence online mortgage website development in our article:
1. Discovery stage
According to Clutch, the cost of research ranges from $5,000 to $15,000 on average. The discovery stage includes competitor’s research, creation of prototypes, and preparation of a project scheduling. The same principles could be applied to mortgage service development but knowledge of end-user journey is a beneficial asset in this situation. It determines the way of using and reaching a product by customers.
2. The number of features
App functionalities are important for mortgage service development, and their number also matters for its success. Payment gateways, push notifications, social media integrations, etc. are the examples of features for online mortgage service development. Concerning websites, their costs depend on type and presence of such functionalities like search bar, security (SSL certificate), contact form, GDPR compliance, newsletter form, admin panel, and mobile-ready layout. Clutch estimates that development of these mentioned-above elements might cost between $12,000 and 16,000 on average. In addition, the number of pages influences website development as well: the more a website has them, the higher is the cost.
3. Type of platforms
There are various platforms that allow developers to build websites. WordPress, Joomla, Magento, Open Cart and many others. Most of them have free packages of functionalities, but when clients want to have more advanced features, they should pay for them. For instance, a minimum spend for WordPress starts from $11 per month. E-commerce platforms like Magento, Open Cart, and Drupal have another pricing as it depends on website speed load and SEO.
4. Team size
Team size determines online website mortgage development as well. To design it, you need one UI/UX designer, two-three developers, and one project manager. On average, the number of people you should hire for mortgage website development is five. Apart from that, there are several factors that influence cost. Geographical location and the level of professional experience are among them. Let’s explain to you the example of UI/UX designer hourly rate. In the USA, a UI/UX designer might charge $36 per hour, while the Indian specialist charges $14 per hour.
5. The cost of maintenance services
Maintenance services for websites contain domain management, web hosting, content management, and SEO. The cost varies from $5 to $1,500 per month because it depends on a website type, platform, and number of features. To develop an online mortgage service, it costs between $35 and $300 per month. If you decide to create it on the e-commerce platform, it will charge you nearly $100-$400 per month. Thus, you should consider these prices for mortgage service development as they define your budget.
In summary, mortgage service development is a lengthy process, but it’s possible to complete it with satisfactory results. Discovery stage, team size, type of platforms, the number of features and maintenance services are the key factors that influence budget and product development. It’s up to you how much money you want to spend on your project and what professional to hire. But you should bear in mind that quality is the main thing that makes your project successful.