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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.