Equity Refinance Mortgage Loans Canada - Equity Mortgage Loans Canada - Second Mortgage Loans Canada
Mortgage Loans Canada, Mortgage Refinance Canada, Equity Mortgage Loans CanadaOnline Mortgage Application Form Instant Mortgage Approval 1-866-573-3122 24 HOUR CUSTOMER SERVICEEQUITY REFINANCE MORTGAGE LOANS CANADA BLOGMortgage Canada Buying and selling a home cheat sheetMortgage Canada Words To Know When Buying A HomeImportant Mortgage Websites linksMortgage Canada Basics - Mortgage Canada GuideMortgage Canada CMHC Newcomers to Canada Buying your First HomeMortgage Canada CMHC Home Buying Step By StepMortgage Canada CMHC Condominium Buyers GuideMortgage Canada Compare all Canadian Credit CardsHow Credit Effects Your Canadian MortgageMortgage Canada CMHC Housing Market Outlook Canada Edition Page 1Mortgage Calculator - Mortgage calculators allow you to make informed mortgage decisions
Equity Refinance Mortgage Loans Canada, Home Equity Unlocking, 1st & 2nd Mortgages, Your Mortgage Experts. My right Mortgage, INSTANT APPROVAL 24/7 CUSTOMER SERVICE FAST MORTGAGE PAYOUTS IN CANADA HIGHEST MORTGAGE APPROVAL RATE IN CANADA 1-866-573-3122

HOME BUYING, BUYING YOUR FIRST HOME & INFORMATION FOR SEASONED HOMEBUYERS
FINANCIAL CONSUMER AGENCY OF CANADA
CANADIAN ECONOMY NEWS
MORTGAGE BROKER NEWS
October, 2015
November, 2015
December, 2015
January, 2016

A New Mortgage Opinion Poll

At last week’s Mortgage Forum, Kyle Davies from Bond Brand Loyalty let us peek into the minds of mortgage consumers.

Mortgage Professionals Canada (formerly CAAMP) surveyed 2,000 homeowners from across the country. They were asked about their mortgage experiences and choices. Here were 10 of the top findings:
November 21, 2015  Mortgage Broker News   2k 




   New Mortgage Opinion Poll

A New Mortgage Opinion Poll


At last week’s Mortgage Forum, Kyle Davies from Bond Brand Loyalty let us peek into the minds of mortgage consumers.

Mortgage Professionals Canada (formerly CAAMP) surveyed 2,000 homeowners from across the country. They were asked about their mortgage experiences and choices. Here were 10 of the top findings:

  • Debt on debt: 9% have borrowed from another debt source to make a mortgage payment
    • Mind you, up to 7% of Canadian mortgages may be considered sub-prime, so this number is far from startling. Even prime borrowers undergo unexpected life events (income loss, divorce, etc.) that lead to desperation.
  • Size isn’t everything, but: The vast majority of Canadians are comfortable with their mortgage amount. Just 4% of borrowers “definitely regret” taking on the size of mortgage they did. Similarly, only 3% were “very uncomfortable” with their loan-to-value ratio.
  • Down payment assistance: 45% say they would not have been able to make the down payment they did without outside help.
  • Potential shut outs: If Ottawa raised the minimum equity to 10%, 7 in 10 said they could afford a down payment that big.
    • That of course leaves a material minority who could not — which suggests a 10% down payment could knock a leg out from under the market, at least temporarily.
  • Retire someday: 1 in 5 plan to defer their retirement because they will still be in mortgage debt.
  • Application tales: 6% of mortgage-holders admit to “stretching the truth” on their mortgage application.
    • This number is the same in the bank and broker channels. Of course, some people won’t admit to wrongdoing on a survey.
  • Shop till their rate drops: 65% of broker customers got more than one quote. That compares to 47% of bank customers.
    • The average broker client got 2.5 quotes, versus 1.8 for bank customers.
  • An interest in lowering interest: People were asked the main reasons for using a mortgage broker:
    • 63% say it’s to “get the best rate.”
    • 35% say it’s to “get multiple quotes.”
    • 35% say it’s to “help me understand the process.”
    • 27% say it’s to “do the research for me.”
  • Getting some satisfaction: 45% of broker clients said they were “very satisfied” with their mortgage experience, versus 39% of bank clients.
  • Don’t forget me: 75% said they want their mortgage provider to contact them after closing.
    • A simple “Thank you for the business” is all that many expect. Others find value in periodic rate updates, info about refinance options and so on..

We’ll cover Mortgage Professionals Canada’s full consumer insights report later this year.

 

Related Posts

Leave a Comment

Your email address will not be published. Required fields are marked *

14 + twenty =

 

Polls

Are you happy with CAAMP's name change to Mortgage Professionals Canada?


 
<< Back Add New Comment
0 items total
Add New Comment
Name*
Subject*
Comment*
Please type the confirmation code you see on the image*
Reload image

Powered by 4GoodHosting