28 april 2010
Loyalty to Lenders
• 88% of mortgage renewers didn’t change their current lender when renewing. Moreover, the majority of them simply signed their renewal letter without shopping around. It is one of the cardinal mistakes).
• 70% of refinancers didn’t change their current lender when refinancing.
• 58% of repeat buyers didn’t change their lender when obtaining their new mortgage.
• 46% of first-time buyers got their mortgage with a financial institution they’ve already worked with.
Mortgage Broker Services
• 45% of first-time buyers worked with a mortgage broker.
• 33% of repeat buyers worked with a mortgage broker.
• 23% of refinancers worked with a mortgage broker.
• 13% of renewers worked with a mortgage broker.
• 77% believe that now is a good time to buy a house.
• 70% of recent homebuyers spent at least half a year to plan their home purchase.
• 81% of homebuyers are satisfied with their current level of mortgage debt.
• 71% of first-time buyers used their own resources for their down payment.
• 27% of recent homebuyers made a lump-sum pre-payment or increased their standard payment since taking out their mortgage.
• 4 out of 5 mortgage holders have 25-year amortization (or even less).
Survey details: The above information comes from a CMHC survey. It was performed from February 11th to 28th, 2010. The survey was conducted online with 2,503 recent mortgage consumers.