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Apr 30 Your Local Mortgage Broker vs. The Bank

Posted by: Nick Ametrano

BANKS VS. MORTGAGE BROKER

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.

Here are some more interesting facts that came out from the survey:

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:

  1. Lender credibility
  2. Allowance for accelerated payments
  3. Customer service
  4. Lender already used
  5. Mortgage professional’s credibility
  6. Speedy approval
  7. Portability of mortgage
  8. Shorter amortization
  9. Obtain approval that I cannot get elsewhere

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