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Jun 14 Does This Sound Like You? CMHC Releases Mortgage Survey

Posted by: AdminS

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CMHC, the Canada Mortgage and Housing Corporation, recently released its annual Mortgage Consumer Survey…

Unsurprisingly, the CMHC Mortgage Consumer Survey found that Canadians are continually increasing their use of the internet to find information about mortgages and mortgage services. Another encouraging statistic was the survey’s find that 72% of Canadian home-owners or prospective home-owners are using the internet to research the features and options behind mortgage products. Enforcing a long-held truth; your mortgage is far more than just a rate.

Of the 72% of Canadians using the internet to do their due diligence on mortgages, 27% of consumers are using their mobile devices to do so. Just over half of Canadians using the internet visited lenders’ websites, while 25% of browsers, like you, visited mortgage broker websites.

In its report, the CMHC unsurprisingly found that approximately 75% of mortgage consumers using the internet were using a search engine to find the lender and broker websites they were looking for.

The survey also found that Canadians who were receiving help and advice on long-term mortgage strategies were twice as likely to totally agree that they will recommend their mortgage advisor to friends and family. Here are a few more interesting facts from the CMHC Mortgage Consumer Survey:

First-time buyers

First-time home buyers claimed that Family members (39 percent) held the most influence in their housing purchase, this was followed by real-estate agents (21 percent), lenders(12 percent) and brokers(10 percent).
These same buyers indicated that they also consult an array of different resources before deciding on a mortgage – this list includes real estate agents (64 percent), family members (64 percent), lawyers (58 percent), lenders (56 percent), and brokers (43 percent).

First-time home buyers also indicated the value of referrals in their decision making process, as 42% of first-time home buyers received a recommendation to use a specific lender and 43% of first-timers say they were referred to use a specific mortgage broker.

Social media is also most prevalent among first-time home buyers to gather information regarding their mortgage decision. Social media research is also most common among Canadians selecting the services of a mortgage broker to provide their mortgage services.

If you’re a first-time home buyer and have just visited our site for the first time, welcome! And check out these four facts that you have to know before buying your first home…

Best Rate vs. Best Customer Service

When it comes to the choice between great customer service and a great mortgage rate…customers chose both! Quality service and quality rates both ranked highly as factors sought-after by mortgage consumers in Canada. 59% of respondents indicated that the best rate was a major reason for using a mortgage broker, while 52% of consumers pointed to excellent customer service as the reason for using a mortgage broker.

“When asked to select among several reasons for remaining loyal or for switching lenders, the main reason given was for wanting a better interest rate (46% for consumers switching lenders, and 37% for those staying with their existing lender)… Other reasons most commonly given for switching [lenders] include better product terms and conditions or better service from new lender.” – CMHC Mortgage Consumer Survey 2016.

If you have any questions about the CMHC Mortgage Consumer Survey or if you’re one of the Canadians looking for a great rate and excellent customer service, fill out the form above and speak to a MonsterMortgage.ca Mortgage Expert today!

To read the report in its entirety, click here.

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