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Step 1: Gathering the Raw Material Before the Test

The process of gathering the raw material for this study consisted of three steps:

  1. We selected three different banks (Chase, HSBC, and Citibank) that are active in mortgage marketing, although to varying degrees.
  2. We identified four different rates that each bank could offer (out of many more, but we had to start somewhere):
    • 30-year fixed rate of 6%
    • 30-year fixed rate of 6.25%
    • 15-year fixed rate of 5.75%
    • 5-year adjustable rate of 5.5%
  3. Finally, we examined four messages that each bank was currently using. Each bank used its own specific messages—those that the bank or its ad agency thought would work well. Here are the four messages from Chase, as an example:
    • Get the mortgage solution that works best for your needs.
    • Our expert loan consultants will be with you every step of the way and give you the information you need to make a smart choice.
    • We have mortgage and home equity solutions for a range of credit types.
    • We’ll close your mortgage on time...or you’ll get $300.
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