48% of Canadians use Mortgage Brokers

CMHC released their 2011 Consumer Survey recently …. the big stat that pops out is how many First time home buyers use Mortgage Brokers….. 48% of Canadians use mortgage brokers. 

Canadians are paying their mortgages off sooner… 39% have their payment set higher than the minimum required…. 20% have made a lump sum payment since obtaining their mortgage.

But here’s one stat that tells me Mortgage Brokers need to do a better job when it comes to keeping in touch with their clients and keeping them informed…. 89% of renewers and 68% of refinancers did not change lenders.. they stayed with their current lender. And probably renewed or refinanced at higher rates than they could have obtained through a Mortgage Broker.

Most Banks don’t offer their best rate to existing clients… and that’s a fact… read this article about Borrowers being too complacent and how Mortgage Brokers create competition….

Some more Key Findings from the survey can be viewed here.

Bottom line is that you can lose $$thousands by not seeking professional advice…