Trends About Mortgage Consumers in 2014
This week, CMHC released the results from their 2014 Mortgage Consumer Survey, and they showed some interesting trends. For instance, the Internet and social media’s role in mortgage shopping is at an all-time high. I’ve compiled some of the most interesting trends from the report, but you can view the full results at the link above.
- 78% of mortgage consumers researched their options online
- 22% of mortgage consumers used social media to gather mortgage information
- Mortgages completed via a broker took an average 4 weeks to finalize from start to finish
- 58% of mortgage consumers stayed with their lender due to interest rates
- 59% of mortgage consumers renewed their mortgages before the scheduled time
- 51% of mortgage consumers were contacted by their broker post-transaction. This is a big one for me, as I believe it’s important to maintain a strong relationship with your client at all times, not just during the mortgage approval process.
Another interesting trend from the survey found that most consumers didn’t find the information they received from ther broker on mortgage strategies and long-term financial strategies very useful. I’m looking for some feedback, what kind of information would be more useful to you? Contact me or tweet me.
