n Canada – has provided insight on consumer behaviours, attitudes and expectations when acquiring, renewing or refinancing a mortgage. Some key findings are presented below. For additional results of the 2012 Mortgage Consumer Survey, click here.
http://www.cmhc.ca/en/hoficlincl/moloin/cosu/index.cfm
Broker share
•In terms of overall Canadian mortgage market share, 27% of mortgage consumers used a mortgage broker to arrange their mortgage in 2012 (23% in 2010 and 2011.)
•By consumer segment, 48% of first-time buyers used a mortgage broker, compared to 32% of repeat buyers.
•Broker share among mortgage renewers reached 21% in 2012, up from 15% in 2011.
Why choose a broker?
•For almost 60% of broker clients, the decision to use a broker was greatly influenced by wanting to get the best mortgage rate or deal.
•More than half (55%) were greatly influenced by past excellent service, while for 52% convenience and wanting to save time greatly influenced their decision.
Satisfaction levels
•Overall satisfaction levels were very similar among mortgage consumers who used a lender and those who used a broker (83% and 77% respectively).
•More than half of broker users (51%) were totally satisfied with their mortgage experience, and another 26% were somewhat satisfied.
Post-transaction follow-up
•Slightly more than half (55%) of broker clients reported that their broker contacted them following the mortgage transaction. In the majority of cases, the purpose was to say thank you (66%), while a third indicated it was to confirm the closing (33%). Only about one in 10 reported that the post transaction contact was to offer advice on how to manage financial difficulty (12%), or to offer mortgage life insurance (11%).
•Of those mortgage consumers who had been contacted by their broker after their transaction, 61% totally agreed that they would likely use the same broker again to arrange their next mortgage transaction.
Degree of influence
•Of recent buyers who used a broker, 45% indicated that the broker was the single most influential person in their mortgage decision.
•A quarter of all buyers, and 29% of first-time buyers, received a recommendation to use a specific broker for their current mortgage. The most common referral sources were real estate agents (35%) followed by friends of the borrower (22%).
Consumer Internet usage
•Overall, 71% of mortgage consumers reported using online sources, up slightly from 65% in 2011.
•About one in three (31%, up from 22% last year) relied solely on the Internet to gather mortgage-related information.
•The incidence of social media use among first-time buyers nearly doubled from 11% in 2011 to 20% in 2012.
For more info on this story or to ask a question regarding a mortgage please contact
Michael Distefano Mortgage Agent
Dominion Lending Centres BTB Mortgage Solutions
Phone: 905-357-5366
Cell: 905-246-5363
Fax: 905-357-6654
Toll free: 877-357-5366
E-mail miked@beatthebankmortgage.ca
Website http://www.beatthebankmortgage.ca
http://www.cmhc.ca/en/hoficlincl/moloin/cosu/index.cfm
Broker share
•In terms of overall Canadian mortgage market share, 27% of mortgage consumers used a mortgage broker to arrange their mortgage in 2012 (23% in 2010 and 2011.)
•By consumer segment, 48% of first-time buyers used a mortgage broker, compared to 32% of repeat buyers.
•Broker share among mortgage renewers reached 21% in 2012, up from 15% in 2011.
Why choose a broker?
•For almost 60% of broker clients, the decision to use a broker was greatly influenced by wanting to get the best mortgage rate or deal.
•More than half (55%) were greatly influenced by past excellent service, while for 52% convenience and wanting to save time greatly influenced their decision.
Satisfaction levels
•Overall satisfaction levels were very similar among mortgage consumers who used a lender and those who used a broker (83% and 77% respectively).
•More than half of broker users (51%) were totally satisfied with their mortgage experience, and another 26% were somewhat satisfied.
Post-transaction follow-up
•Slightly more than half (55%) of broker clients reported that their broker contacted them following the mortgage transaction. In the majority of cases, the purpose was to say thank you (66%), while a third indicated it was to confirm the closing (33%). Only about one in 10 reported that the post transaction contact was to offer advice on how to manage financial difficulty (12%), or to offer mortgage life insurance (11%).
•Of those mortgage consumers who had been contacted by their broker after their transaction, 61% totally agreed that they would likely use the same broker again to arrange their next mortgage transaction.
Degree of influence
•Of recent buyers who used a broker, 45% indicated that the broker was the single most influential person in their mortgage decision.
•A quarter of all buyers, and 29% of first-time buyers, received a recommendation to use a specific broker for their current mortgage. The most common referral sources were real estate agents (35%) followed by friends of the borrower (22%).
Consumer Internet usage
•Overall, 71% of mortgage consumers reported using online sources, up slightly from 65% in 2011.
•About one in three (31%, up from 22% last year) relied solely on the Internet to gather mortgage-related information.
•The incidence of social media use among first-time buyers nearly doubled from 11% in 2011 to 20% in 2012.
For more info on this story or to ask a question regarding a mortgage please contact
Michael Distefano Mortgage Agent
Dominion Lending Centres BTB Mortgage Solutions
Phone: 905-357-5366
Cell: 905-246-5363
Fax: 905-357-6654
Toll free: 877-357-5366
E-mail miked@beatthebankmortgage.ca
Website http://www.beatthebankmortgage.ca
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