Mortgage, Money and Dream – Our thoughts on Canadian Mortgage Market
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If you are reading this article then it is very likely that you have access to Internet. A lot of us do our research on-line before buying something. Before buying a perfume or a computer we try to find out what should be a reasonable price and who may have the item in stock. Many of us even go one step further and do a price matching to get some added discount.

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Mortgage is not a conventional consumer product that you can buy but the mortgage rate is something similar to off-the-shelf items as there are many assortments to it.

Obviously we do on-line research for mortgage terms and rates and along with it we educate ourselves about mortgage.

 Mortgage brokers account for about half (49%) of all mortgage originations among first time buyers and 34% among repeat buyers.

Canadian mortgage shoppers not only do their research on-line but they also look for information via friends and family members. They ask their Realtor and banks about rates. Shoppers also talk to mortgage brokers about trends and rates.

There is one interesting observation – number of people did their research on line contracted in 2013 from 2012.mortgage-method-of-communication meeting-preparation-for-mortgage mortgage-brokers-market-share

Next interesting part is the use of mortgage calculator. This is the part we are still lacking as there are many great plans which are not being executed on time.

The survey reveals that the consumers love post transactions follow ups and they prefer their existing lender.

Mortgage calculator is the third most popular on-line search term. People used it for calculating mortgage payment and affordability they also used it to compare different rates and products.

Social media remains a popular destination for mortgage shoppers. Young generations uses it more than older folks. Facebook beats other social outlets by miles.

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Home buyers are using all the resources available for them to their fullest extent. More informed decisions are being made than pre-internet era.

 Only one-in-five recent buyers reported contacting at least one lender and at least one broker during the process of arranging their mortgage.

Online mortgage research provides homebuyers with knowledge and confidence. Persons who are engaged in extensive research are more likely to be satisfied with the end results or the mortgage product they choose.

People tend to ask more questions to their mortgage brokers than their banks counterparts. This trend shows that overall consumers think that brokers are more knowledgeable than the others. This may also show that their trust on banks is higher so they do not bother to ask too many questions.

Being a part of the process and that we are able to help our clients and on-line researchers – makes us proud and happy. Although we do not come close to many other on-line mortgage resources in terms of volume and quality but we are able to provide an alternative choice to the consumers. That is what we believe we have achieved in last four years.


Source – CMHC

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