Mortgage Broker is the magazine of the Canadian Mortgage Brokers Association and showcases the multi-billion dollar mortgage-broking industry to all levels of government, associated organizations and other interested individuals.
Issue link: http://digital.canadawide.com/i/859213
cmhc.ca/surveys 2017 Mortgage Consumer Survey BROKER EXPERIENCE LENDER EXPERIENCE MORTGAGE INFORMATION GATHERING LEVERAGING TECHNOLOGY THE MORTGAGE PROCESS THE HOME BUYING PROCESS Increased their down payment 11 % Purchased in a different location 5 % Purchased a smaller home 6 % Delayed their purchase 3 % First-Time Buyers (vs 51% in 2016) Refinancers (vs 38% in 2016) Repeat Buyers (vs 42% in 2016) Renewers (vs 26% in 2016) 76 % of Mortgage Consumers and accessed the following websites... Research Online Both Lender & Broker Sites Broker Sites Interest Rate Comparison Sites Mortgage Industry Association Sites Lender Sites 50 % 15 % 25 % 42 % 23 % 15% 17% 27% 31% 2015 2014 2016 2017 Mobile device usage steadily increasing Mortgage Qualification RULE CHANGES Broker Share Broker Lender Loyalty Lender Channels Qualification Changes Concerns Renovations Down Payment Desired Advice Follow-up (2017 trends in Broker market) Key reasons for using a (2017 trends in Lender market) (Usage among Lender channels) 55 % 40 % were contacted by their Mortgage Professional after the mortgage transaction & ...arrange next mortgage transaction ...manage mortgage using secure online tools/apps ...access banking tools to prepare for home purchase/ renewal/refinance ...negotiating a mortgage ...access secure online tools which help eliminate bank visits ...finalizing a mortgage Mortgage Consumers comfortable using technology to... Mortgage Consumers agree it is important to meet face to face with their Mortgage Professional when... 48% 56% 69% 52% 49% 70% 34% 57% 29% YouTube Facebook Blogs MOST WIDELY USED PLATFORMS 20% 22% 29% 35% 2016 2015 2014 2 017 SOCIAL MEDIA USAGE First-Time Buyers (vs 57% in 2016) Refinancers (vs 68% in 2016) 44 % WERE SATISFIED Broker clients Lender clients with their Mortgage Professionals 72 % 79 % 35 % Repeat Buyers (vs 73% in 2016) Renewers (vs 81% in 2016) 79 % 62 % 66 % 57 % 71 % 18 % of those using a Lender 31 % of those using a Broker 54 % DOWN PAYMENT 53 % 19 % Interactions Down Payment of Buyers were aware of the latest mortgage qualification rule changes noted it impacted their purchase decision in the following ways... Used their savings Received a gift from a family member 72 % Real Estate Agent 57 % Lender 41 % Broker 57 % Family 40% of Buyers feel concerns or uncertainty Unforeseen costs (57%) Paying too much for my home (51%) Living with post home buying costs (51%) Sources of down payment for First-Time Buyers Interest rates Types of mortgages Financial difficulty strategies Tools to manage my mortgage 53% 24% 46% 25% 45% 26% 46% 27% Broker clients desired more advice than Lender clients in general First-Time Buyers who received a down payment gift from family were... 38 % Branch 58 % Get best rate or deal 52 % Receive valuable advice and recommendations 33 % Mortgage Specialist 21 % Financial Planner Within 2 years Within a year Within 3 years 31% 29% 14% in the next 5 years. noted they are likely to make repairs/ improvements costing over $5,000 58% of Buyers less comfortable with current level of debt less confident they knew where to go if facing financial difficulty less likely to find the mortgage process easy and straightforward of of CmB magazine cmba-achc.ca summer 2017 | 21