How to Set Up Facebook Lead Ads Campaign for Mortgage Brokers

Facebook Lead Ads eliminates the drawbacks of a complex sales sequence. You can generate high-quality leads with just a few clicks.

There’s no need to drive clicks to another page, build landing pages, or set up retargeting. Just do everything right on the Facebook.

As a mortgage broker, you want to generate more leads, target more people in your locality, and get your message across to people who are interested in getting a mortgage.

It’s now a lot easier to promote your special offers using Facebook ads without sending users to an external page. Sounds simple? Well here’s why this is also important:

According to Kentico,39% of Facebook users follow Facebook Business Pages because they want to receive special offers.”

Since you’re targeting both male and female mortgage borrowers, Facebook Lead Ads will work for you because the platform is evenly distributed among key demographics.


You may have carried out many Facebook campaigns and possibly sent people back to your Facebook page or website. Facebook Lead Ads is a different option that you can utilize for better results, especially on mobile devices.

What are some common benefits of Facebook Lead Ads over the traditional Facebook ad that sends traffic to a landing page?

  • Facebook populates the form based on the users information (name, number, email).
  • It’s easier for a Facebook user as they don’t have to leave the platform
  • It’s more suitable for mobile devices and mobile users.

Facebook lead ads is a win-win for every party involved. You’re able to get the mortgage leads you want, Facebook is able to make money, and users’ experiences are sustained on the platform. It’s just as easy as making a comment on a post, if not easier!

But the big question remains: How do you set up Facebook lead ads to get the best leads possible for your mortgage brokerage?

That’s what you’ll learn in this guide as we go through the important details you need to know.

Know Your Audience & Targeting

Before we go into the steps you’ll take to create your ads, you need to know who your ideal leads are. Facebook has 2.27 billion monthly active users and this is a big pool. Not everyone is qualified, not everyone is in your target demographic either. So you’ll have to really work to develop that customer person, in other words your “ideal customer”.

Of course, you aren’t targeting this large number of people because most of them have no interest in your services. Having a deep knowledge of your audience will help you to select the best targeting options for your ad.

Some details you need about your ideal buyer are:

  • Location
  • Age
  • Marital status
  • Gender
  • Special events
  • Challenges/Painpoints
  • Brand they follow
  • Where they get information from

These are just some of the details you’ll need to know to target the right people with your ads.

How to Create Facebook Lead ads

After having a clear view of your targets, the next step is to create your Facebook lead ads. First, go to the Facebook Business Manager.

On this page, click the 3 bars at your top left corner and select “Ads manager.”

From the ads manager page, you’ll be abloe to create your Facebook ads, including the lead ads. To begin, click on the “+ Create” button.

This will lead you to your campaign page where you can specify details about your campaign like the campaign name, buying type, campaign objective, create new ad set, create a new ad, and other functions.

  • After specifying your campaign name, you can choose between “Auction” or “Reach and Frequency” for your buying type.
  • The difference between the two is that you’ll bid to reach your audience at the lowest price possible when you select “Auction.” Whereas for “Reach and Frequency,” you pay a fixed amount to reach your audience.
  • If you want to create a Facebook lead ad, you make that choice with your campaign objective. While specifying your campaign objective, go to the “Consideration” stage and select “Lead generation.”

After doing this, you’ll be prompted to select an already existing lead generation form or create a new one. You’ll select the option of creating a new one.

After this, you can name your lead generation form and start building it.

When you’re through with this, you can save your lead generation form. After these, name your ad set and your ad and save your draft.

Another step you can take is to set a limit for spending for your campaign. This will ensure that you do not spend above your budget for this campaign.

You can also activate budget optimization. Budget optimization helps you to allocate your campaign budget according to your bid strategy and delivery optimization choices. We recommend allocating at least $15-$20/day, especially if your cost per lead in your industry is relatively high. You’ll also want to have a high lifetime budget if you decide to go with that option instead.

This will also ensure that more funds go to the best-performing ads to get you the best results for your campaign. After your settings at the campaign level, you can then edit your ad set and ads.

Click on the “Ad set” tab. You can then select the Facebook page you want to use for your ads. The next step is either to set a daily or lifetime budget for your ad.

You can also set the start and end date through which your ads will run.


After doing this, the next step is to define your audience. Remember when we talked about a buyer persona? This is where it all translates. Try to get your targeting as close as possible, but also not too narrow. In our experience, we’ve seen ads perform best when the audience size is at least 500,000 people.

After this, you can set other details like location, age gender, extra languages, and other details. You can also see the number of people you can reach with your ad as you customize your settings.

Generally, the number of people you can reach will reduce as you make your targeting more focused, so don’t get too picky.

You’ll be able to target people based on their demographics, interests, or behaviors. Which groups of people are more interested in a mortgage? Do they exhibit some behaviors? Plug in that persona’s details here.

With this knowledge, you can now target more of your ideal audience with your ads. While editing your settings, you’ll see the estimated daily reach and number of leads you can gain.

After setting up your targeting options, click on “Save this audience.” The next setting is to select the placement of your ad. You can either select “Automatic placements” or “Edit placements.” You can make as much audiences as possible, and save them. This comes in handy when you have different audiences you can test. You can segment audiences by gender or even geographical location. Just make sure they don’t overlap.

Automatic placements show your ads to your audience at places where they can perform best. However, you should only click on “Edit placements” when you know places that have been proven to perform best. In this case, we would really leave the placements alone, as lead ads only show up on the newsfeed, Instagram, and a few other places. Other kinds of ads with different objectives will have more placements to choose from.

You can also set your optimization and delivery options. This includes selecting between the lowest cost and target cost for your bid strategy, standard or accelerated for your delivery type, and others. With the lowest cost as your bid strategy, you can also select a bid cap as your lowest cost can still be high. This is extremely helpful if you know your industry average cost per lead. If you do know it, make sure to bid a few dollars above it. This doesn’t mean that each lead will cost this much, but it lets Facebook know that you’re comfortable paying that much for it. This will allow the Facebook algorithm to optimize for that cost.

After setting up your ad set, you can now set up your ad. Scroll up and click on “Ad” at your sidebar.


The next step is to select which creative you’ll want to use. We recommend using a free tool like Canva to design your Facebook Ads. Remember not make the text on the image over 20% of it. Facebook probably won’t approve it, and if it does, they won’t like it. You’ll be able to tell by the performance. You can either use an image or video or multiple images or videos in a carousel. If you’ve selected an image or video, you can upload the file from your computer.

You have to note that this is vital to your ad as your image or video occupies the largest space on your ad. So make it count! Facebook also has a stock library that you can use for free as well.

For your mortgage business, we could recommend you can show images of a sample property that your audience would be interested in. This way, you can attract them to click on your ad to open the lead form.

After that, you can now write your ad copy, headline, and the link description that appear below the headline. This is just as important as the creative part.

You also have to select the call to action for your ad! Be sure it makes sense to what you’re trying to give them. Whether it’s a download, a list of homes, a free consultation, or workshop.

The next step is to choose a lead generation form or create a new one.

Select “New form” and click on “Next” to continue.

On the next page, you can select your form type as either “More Volume” or “Higher Intent.”

The “More Volume” option is optimized to get you as many leads as possible without people having to confirm their information before signing up. Going for higher intent means you’ll have higher quality leads as users will have to confirm their information before they sign up.

This will also mean a higher chance a lot of the leads may not be qualified. If you want leads for your mortgage brokerage, we advise going for the more quality leads, even if the cost per lead is a little higher. Remember, these leads are still cheaper than a landing page lead! As you already know, paying for a mortgage is a serious commitment and you don’t want to waste your time on low-quality leads. If you select “Higher Intent,” a review screen will be added to your settings where your potential leads can confirm their information.

After this, you can then write an introduction to your lead form. This includes a headline, image, and a layout. It’s also optional and you can switch it off.

The next step is to select the information you want your leads to fill in the form. You have an email address and full name selected by default. You can add other questions you want to ask.

You can pick more options and also add your custom questions. For instance, you can ask about a lead’s preference for a property in their area. This could give you an insight into what type of property a lead is looking for.

Having said that, you should try to minimize the number of form fields as a higher number of form fields could result in a lower number of leads acquired.

You should have the fewest number of form fields possible to help you get the most qualified leads possible. As you add your questions, you’ll see the changes in your form preview.

Another option you have with your lead ad is the context card. This is a page that your audience sees when they click on your ad.

This page explains your offer more and can be used to convince your potential lead before they release their personal information on the form.

The context card consists of the headline text, the benefit text, the button texts, and image pulled from your ad. If you have a specific mortgage deal you want to advertise, you can put it here.

However, this is optional and you can remove it if you feel it would affect your conversion rate negatively. If you don’t want to use the context card, you can select “skip this step.”

You have to link to your privacy policy page under your form. Privacy is a big issue for Facebook and you have to do this before you can display your ad.

You’ll add a link text and a link URL for your privacy policy. On your privacy policy page, you have to explain how you’ll use the information you collect on Facebook.

If you’ve selected higher intent, you can now check your review screen to see that it’s intact. After that, check and customize your “Thank You Screen.” This is the page a user will see after filling your form.

You can add a link through which they can visit your website if they want to get more information about your properties. You can add a UTM parameter to your website link if you want to be able to track people who visit your website through your Facebook ad.

After setting up your ad, you can then click on the “Finish” button.

After that, you can click on the “Publish” button and your ad will go live.

Through the use of Facebook ads, Trilogy Funding, mortgage brokers, were able to gain 1,429 subscribers after spending $17,358. This equated to $12.15 spent per subscriber.

Trilogy Funding was able to achieve this by having a defined target customer. They targeted existing property investors, people who had multiple properties, over $1.5 million in borrowings, and are interested in better investment strategies.

They also gave the right offers to their potential leads. This included a lead magnet titled “The Advanced Property Investor’s Guide To Managing Debt For Success.”

The company also used an attractive copy in its ads to convince potential leads to sign up.

Lead magnets

Often, people want leads to drop their personal information without an immediate benefit. This is a mistake.

Giving your potential leads an incentive to sign up will attract more sign-ups and consequently, better conversions. This incentive is called a lead magnet.

A lead magnet, as the name suggests, is used to magnetize people to sign up to your list. Some content pieces you can use for your lead magnet are:

  • Discount
  • Checklist
  • Infographics
  • eBooks
  • Industry report
  • Video
  • Webinar

See this example of a “List of homes” as a lead magnet.


To get the best results from your lead magnet, you should ensure that it’s related to mortgage and can be of benefit to your potential lead now. Another point to note is that you must deliver your lead magnet as soon as possible.

Most leads want to hear from you within an hour of signing up. However, most companies fail to reach out this fast.

Meanwhile, a study by Harvard Business Review reveals that prospects are 7X more likely to be qualified if they were contacted within an hour of submitting their information. This is why having a good follow up system is incredibly important.

You should connect your Facebook lead ads to your CRM so that leads can get their lead magnets automatically, a few minutes after they sign up. Facebook has a list of their integrations. You can also use Zapier to send them directly to your email inbox.

Using retargeting ads to put ads in front of your website visitors

There are many stages a lead needs to go through. And capturing a fresh lead is only the beginning of the process. Of course, you have to nurture your lead if you want to convert them to customers.

But before that Facebook user decides to buy a property, you need to turn them from a cold lead to a warm lead. This involves turning them to a marketing qualified lead to sales qualified leads.

To do this, you need to retarget people who signed up to your list. Plus, you need to retarget people who have visited your website.

If a Facebook user has once visited your website to view properties, then a report about how to pick the right property and make the best deal would be attractive.

Before you can retarget people who visit your website, you have to install Facebook pixel on your website.

Go to “Tools” in your ads manager and click on “Facebook Pixel.” You’ll get all the instructions you need to install pixel on your website.

One way to retarget is to go to your ads manager and click on “Audiences.” Click on “Create Audience” and select a custom audience. Among the options, you can select website traffic.

After that, you can select the activity the user has performed on your website which could range from viewing content to completing registration.

Another way to retarget is to select “Engagement on Facebook” instead of “Website Traffic.” On the next page, you can now select “Lead Ad.” This will allow you to target people who have opened or completed your form on Facebook.

Lookalike audience

To scale your advertisements, you can create a lookalike audience similar to people who signed up to your lead ads. You can then target them with more ads that pull them further into your sales funnel.

To create a lookalike audience, go to your ads manager and click on “Audiences” and then “Create Audience.”

In the drop-down, click on “Lookalike Audience.”

After this, you can then select the source audience for your lookalike audience. You can select other details like location and audience size.

If you select a location of more than a country, you have to note that more of your audience will be from the bigger country.


There you’ve it, the actionable guide to setting up Facebook Lead Ads campaign to attract mortgage borrowers. Make no mistakes about it, there are enough leads on Facebook for your mortgage firm and you can capture those leads right on Facebook. Isn’t that amazing?

You only need to know how to set it up the right way. When you follow the tips in this guide, you can get more leads from Facebook and transform them into loyal customers.

One of our clients, a real estate broker in this case study, was able to get 193 leads the first month by working with us! Need help with any of this? Feel free to reach out! We’d love to take a look at your ads, and show you why we’re one of the top ranking Atlanta Social Media agencies.