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Most People Need Mortgage Help

Despite the abundance of Internet mortgage resources, more than 6 in 10 Canadians say they still need help when shopping for a mortgage, according to a poll.

Most folks also value meeting their mortgage advisor in person. The survey found that only 27% didn’t think a face-to-face talk with a mortgage professional was important.

Then again, well over 90% of investors felt it was necessary to meet with a stock broker prior to the 1980s. Now 45.5% of the 10.8 million retail brokerage accounts in Canada are self-directed, as per Investor Economics data. It’s the trend that matters here, not the absolute value.

Other stats from the survey:

  • 25% say they need no help when selecting a mortgage.
  • 13% “didn’t know” if they need help.
  • 56% said they would not go to a bank for mortgage advice.
    (This stat seems suspect since 72% of mortgagors have contacted a bank rep, according to CAAMP data.) polled 453 Canadians via their newsletter and social media, so the survey cannot be deemed representative of the population. But it nonetheless supports the fact that personalized mortgage advice is still essential to the majority.

Rob McLister, CMT