CALGARY – The percentage of Canadians using mortgage brokers to buy their homes has increased significantly, according to a report released today.
The Deloitte report, Winning Strategies in the Brokered Mortgage Marketplace, said that in the 1990s mortgage brokers numbered in the hundreds and were a last resort for borrowers unable to obtain a mortgage directly from a bank or credit union.
“Over the last decade, an increasing number of viable options for borrowers have surfaced,” said the report. “In addition to branch-based lenders, borrowers can now consult with the banks’ own mobile mortgage specialists as well as independent brokers – while also conducting their own research online.
While most Canadians spend a lot of time, and expend a lot of effort, shopping for an initial mortgage, the same is generally not the case when looking at mortgage term renewals. Omitting proper consideration at the time of renewal costs Canadians thousands of extra dollars every year. Homeowners should never accept the first rate offer from their existing lender. Without any negotiation, simply signing up for the market rate on a renewal is unnecessarily costing the homeowner a lot of money on their mortgage.
It would be my pleasure to have the lenders compete for your mortgage business at renewal time to ensure you receive the best mortgage options and rate catered to your specific needs.