What's the biggest perk of using mortgage brokers?

Shopping for mortgage loans is one of the most crucial steps in achieving homeownership and Canadians need all the help they can get to make sure they get the best deal.

A recent study by the Canadian Mortgage and Housing Corporation (CMHC) said homebuyers had good experiences with real estate professionals over the past year, including mortgage brokers.

In fact, the proportion of homebuyers who recognized the value of using mortgage professionals rose from 28% in 2018 to 35% this year.

For many homebuyers, the biggest advantage of using a broker is getting better interest rates.

Roughly three in four buyers said their mortgage broker gave them advice on rates and terms.  Around the same said they were offered advice on choosing a mortgage they could afford.

Also read: Four steps to find the best mortgage broker

The majority of the buyers surveyed said there were satisfied with their brokers and would likely recommend them to their friends and family members.

And despite the home-buying process becoming increasingly digital, Canadians still value in-person connections with their lenders and brokers.

According to the study, around 75% of homebuyers said it is still crucial to discuss the home-buying process face-to-face with their mortgage professionals.

The study also found that there is a substantial decrease in the comfort level of managing the entire home-buying process and mortgage transaction without having to meet with a mortgage professional.

Which Mortgage has an online tool that can help connect you with mortgage brokers near your area. Try it by clicking here.

More Mortgage Guide