Mortgage brokers don't make the top three…
Mortgage brokers placed low on the list of Canadians’ trusted sources of information or advice regarding mortgages, and were even surpassed by actor Ryan Reynolds, a survey by the Real Estate and Mortgage Institute of Canada (REMIC) found, as reported by Pique News Magazine.
According to the survey, the top three most trusted sources were parents, banks, and financial advisors while Ryan Reynolds took the fourth spot. Politicians, bitcoin millionaires, financial influencers, and real estate agents followed suit while mortgage brokers served as the final choice.
“While Ryan Reynolds may be an awesome person to discuss gin, Wolverine or football with, it’s disappointing to see him place five spots higher for trusted advice than mortgage brokers,” said Joe White, president and CEO of REMIC.
A lack of awareness about the role of mortgage brokers
The REMIC survey also found that Canadians may not be aware of the fees, services, and qualifications that mortgage brokers have. About 54.9% of Canadians believed that they were paid by a homeowner or a real estate agent, while 22% of the respondents also believed that they needed to pay $2,000 to $5,000 in order to work with a mortgage broker.
REMIC noted that brokers were paid by banks or lenders through commissions without costing anything to the homeowner. The survey also pointed out that licensed mortgage brokers in Canada needed to complete certification courses.
The survey found that while 61% of the respondents were likely to recommend a bank to either a friend or family member who was in need of a new mortgage, only 38% would recommend a mortgage broker.
White noted that mortgage brokers need to work harder in educating Canadians about how they engage in their work.
In order to gather the data, REMIC conducted its online survey to 1,000 random Canadians.
