Broker market share strongest in Western CanadaIn today’s changing marketplace the use of a mortgage broker is more important than ever. In the prairies 41% of buyers used a broker to arrange their mortgage in 2009.
With new rules for mortgage qualifications, changing interest rates and media attention on today’s housing market more and more buyers and looking to their mortgage broker for expert advice.
“Today’s consumer is definitely informed and has the use of the internet for a wealth of information. That being said, there is a growing need to work with a trained professional to assist in drilling down all the information and assisting the consumer make the right choice for their needs,” says Sheldon Deering.
According to the 2010 CMHC consumer survey – first time buyers consult a great deal with various third parties and mortgage professionals prior to obtaining their mortgage. The advice of mortgage brokers is more influential in making their mortgage decision then several other third parties.
“When purchasing a home you need to feel as though a good decision is being made and that means having someone assist in interpreting those choices. 90% of first time buyers report they made their mortgage decision with a good understanding of the mortgage options available,” says Sheldon Deering.
2010 is a year of changes whether it be HST in B.C., new federal government guidelines and decisions from the Bank of Canada. We will see more Canadians rely on their mortgage broker to understand how the changes impact them and to find opportunities.
Source: MyMortgage.ca News letter