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.
Interesting Facts:
•    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.