{"id":2250,"date":"2016-06-07T09:25:06","date_gmt":"2016-06-07T16:25:06","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=2250"},"modified":"2016-06-07T09:25:16","modified_gmt":"2016-06-07T16:25:16","slug":"cmhc-releases-mortgage-insight-report","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/06\/cmhc-releases-mortgage-insight-report\/","title":{"rendered":"CMHC Releases Mortgage Insight Report"},"content":{"rendered":"<p style=\"text-align: justify;\">The Canada Mortgage and Housing Corporation released its annual Mortgage Consumer Survey Tuesday.<\/p>\n<p style=\"text-align: justify;\">\u201cUnderstanding the way active Canadian mortgage consumers behave and what they are looking for allows mortgage professionals to provide better service and improve the overall customer experience\u201d Nathalie Fredette, VP, client relationship management, said.<\/p>\n<p style=\"text-align: justify;\">The survey found that an increasing amount of Canadians are searching online for mortgage information. 72% of consumers use the internet to research mortgage options and features.<\/p>\n<p style=\"text-align: justify;\">Of those consumers, 27% use mobile technology for research purposes. Among those going online, 55% searched lenders websites; 25% used broker websites; 15% accessed both.<\/p>\n<p style=\"text-align: justify;\">\u201cWhen looking for lender and broker websites, about three-quarters of mortgage consumers used an Internet search engine, such as Google (77% for lender sites and 74% for broker sites),\u201d CMHC said in its report. \u201cA large majority also simply visited their current lender website (68%) or broker website (42%).\u201d<\/p>\n<p style=\"text-align: justify;\">First-time buyers<br \/>\nFirst-time buyers consult a number of sources prior to getting a mortgage; including real estate agents (64%), family members (64%), lawyers (58%), lenders (56%), and brokers (43%).<\/p>\n<p style=\"text-align: justify;\">Referrals are increasingly important, with 43% of first-time buyers saying they received a recommendation to use a specific broker. 42% received recommendations to use a specific lender.<\/p>\n<p style=\"text-align: justify;\">Service vs. rate<br \/>\nBoth service and rate ranked highly among mortgage consumers, with 59% saying the best rate or deal and 52% said excellent service were major reasons for using a mortgage broker.<\/p>\n<p style=\"text-align: justify;\">\u201cWhen asked to select among several reasons for remaining loyal or for switching lenders, the main reason given was for wanting a better interest rate (46% for consumers switching lenders, and 37% for those staying with their existing lender),\u201d CMHC said. \u201cOther reasons most commonly given for switching include better product terms and conditions or better service from new lender.\u201d<\/p>\n<p style=\"text-align: justify;\">The Crown Corporation claims the survey is the most comprehensive of its kind, and offers a glimpse into the behaviours, attitudes and expectations of Canadian mortgage consumers.<\/p>\n<p><a href=\"https:\/\/www.cmhc-schl.gc.ca\/en\/hoficlincl\/moloin\/sure\/mocosu\/upload\/mortgage-consumer-survey-2016.pdf\" target=\"_blank\">Click here<\/a> to read the report.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/cmhc-releases-mortgage-insight-report-208492.aspx\" target=\"_blank\">CMHC Releases Mortgage Insight Report<\/a> by Justin da Rosa | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Canada Mortgage and Housing Corporation released its annual Mortgage Consumer Survey Tuesday. \u201cUnderstanding the way active Canadian mortgage consumers behave and what they are looking for allows mortgage professionals &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/06\/cmhc-releases-mortgage-insight-report\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-2250","post","type-post","status-publish","format-standard","hentry","category-mortgage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CMHC Releases Mortgage Insight Report &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/06\/cmhc-releases-mortgage-insight-report\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"CMHC Releases Mortgage Insight Report &#8226; 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