Here’s a great report that was put out by Deloitte. The report shows that Canadians rely on Mortgage Brokers more than ever… but not as a last resort.
Unlike the U.S., where mortgage brokers used to account for 65% of all mortgages arranged prior to the October 2008 mortgage crisis, U.S. broker now account for less than 20% of mortgage business.
Here in Canada, 38% of all mortgage originations went through a mortgage broker…. including 44% of First Time home buyers.
With national and provincial organizations like CAAMP (Canadian Association of Accredited Mortgage Professionals) and IMBA (Independent Mortgage Brokers Association), Mortgage Brokers play a vital role in informing and educating borrowers. Mortgage Brokers aren’t just a last resort, they are now viewed as a first choice for getting unbiased and professional advice.
Dare we say it, a mortgage broker helps to create competition….and isn’t competition good for the consumer?