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Mortgage Brokers Today

brokersJoe Tomkins recently did a story in the Nanaimo News Bulletin on mortgage brokers.  Here’s some highlights:

  • Mortgage brokers have doubled their market share in Canada over the past five years.  People clearly value the advice and one-stop shopping that only a good mortgage planner can provide.
  • While brokers handle roughly 1/3 of all Canadian mortgages, in the U.S. Tomkins says the number is close to 85%.  (That may be high. The figure commonly quoted is 70%.)
  • Canada’s mortgage industry is being inundated with newcomers.  Be careful who you work with.  In most cases, experience matters, and it cannot be taught.
  • Brokers are increasingly “trying to develop an advice-based relationship” with clients instead of focusing strictly on finding the lowest interest rate.
  • Clients should ask what advice a mortgage planner can provide. If it’s all about the rate, Tomkins says, “look elsewhere.”