Mortgage brokers still crucial for homebuyers — study

by Gerv Tacadena on 18 Dec 2019

Despite the home-buying process becoming increasingly digital, Canadians still value in-person connections with their lenders and brokers, according to the latest study by the Canada Mortgage and Housing Corporation (CMHC).

Around three in four homebuyers said it is essential to discuss the homebuying process face-to-face with their mortgage professionals.

However, around half said they would be comfortable using more technology to arrange their next mortgage transactions.

The study also found that buyers do not want to manage the homebuying process alone.

"There is a significant decrease in the comfort level of managing the entire home buying process and mortgage transaction without having to meet with a mortgage professional," CMHC said.

Furthermore, buyers used mortgage brokers to get better interest rates and to save time.

In fact, 77% of buyers said their mortgage brokers gave them advice on rates and terms, while 75% said they were offered advice on choosing a mortgage they could afford.

"Overall, most homebuyers were generally satisfied with their experience with their lender or mortgage broker," CMHC said.

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