Earlier this year, CMHC conducted an online survey of over 2,500 recent mortgage consumers and the results were surprising.
Earlier this year, CMHC conducted an online survey of over 2,500 recent mortgage consumers and the results were surprising.
It found that internet usage is a vital tool for mortgage shoppers, with 9 out of 10 first-time buyers relying on the internet to research mortgages.
Below are other key findings of the report:
Lender Loyalty
* 88 per cent of renewers stayed with their current lender when renewing. (Many of them simply signed their renewal letter without shopping around-the cardinal sin of mortgages.)
* 70 per cent of refinancers stayed with their current lender when refinancing.
* 58 per cent of repeat buyers stayed with the same lender when obtaining their new mortgage.
* 46 per cent of first-time buyers got their mortgage with a financial institution they already did business with.
Mortgage Broker Market Share
* 45 per cent of first-time buyers used a mortgage broker.
* 33 per cent of repeat buyers used a mortgage broker.
* 23 per cent of refinancers used a mortgage broker.
* 13 per centof renewers used a mortgage broker.
Miscellaneous
* 77 per cent agree that now is a good time to purchase a home.
* 70 per cent of recent homebuyers spent at least six months planning their home purchase.
* 81 per cent of homebuyers are comfortable with their current level of mortgage debt.
* 71 per cent of first-time buyers used their own resources for their down payment.
* 27 per cent of recent homebuyers have made a lump-sum pre-payment or increased their regular payment since taking out their mortgage.
* 4 out of 5 mortgage holders have 25-year amortization or less.
