Joe 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.”
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Last modified: April 25, 2014
