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.