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.

Post a Comment

Most Trending News

RELNKS expands platform for realtors

This new platform helps first-time homebuyers connect with local realtors who can help them navigate the market. It will be a great platform to help realtors find quality leads.

Read More
KBCC continues to relentlessly rise up against violence

Relentless to Rise is an initiative that empowers women and their families.

Read More
How to get listings in this super hot market

Craig Proctor, top Canadian real estate agent and coach, offers advice on how to dominate during these crazy times.

Read More