Mortgage Brokers Add Value

A new CIMBL survey quantifies the value that mortgage brokers add with several interesting statistics.  (see CIMBL Survey) 

Among the more interesting points:

• Mortgage brokers, in part, have helped Canadians negotiate roughly 1.38% off typical posted bank rates in the last year.
• The number of Canadians using mortgage brokers has jumped 24% since 2005.
• Among those who renewed or refinanced over the past 12 months, 84% remain with the same lender, most likely a mistake given the intense competition out there.
• 88% of Canadians say they are happy with their mortgage terms. 
• The average Canadian interest rate in October was 5.05%, versus 4.62% in September 2005.

Comments

[va mortgage]

Way to go! It is about time that someone starting talking about how much value mortgage brokers add. Thanks for sharing the truth rather than just sensationalizing like all the other media out there.

[Mortgage specialist]

It's good sign for Mortgage Brokers, most of my clients are very happy with their brokers, rates too

[Matt]

I renewed with the same lender, but used a brokers quote to get the bank to match them. Willing to bet I am not the only one.

[Dennis]

Matt. Nothing personal but that is a pretty slimy way to negotiate.