Posted by: Nick Ametrano
Interesting comparisons about typical customers – – which one are you?
Recent consumer survey conducted by Maritz Research Canada found some interesting comparisons between the typical mortgage broker customer vs. the banks – which one are you?
• The average broker customer plans to pay their mortgage off five years early, compared with three years earlier amongst bank customers
• Mortgage broker customers are younger – the median age of customers using a broker is 36 vs. 42 years old of those using a bank to get a mortgage.
• Just 35% of bank customers seeking a mortgage are 36 years old or less.
• 53% of broker customers live with kids under 18. 43% deal with banks.
• Customers of mortgage brokers appear to have a higher overall sense of financial prudence, both during the mortgage process and afterwards.
Of the Top 10 Factors consumers consider when getting their mortgage, mortgage rate accounts for one-third of a customer’s consideration for using a broker vs. a bank. Meaning two-thirds of a consumer’s choice is for using a broker is driven by other priorities…take a look at the TOP 10 reasons are: