Consumers Regards Mortgage Professionals To Be Imperative

Although technology is advancing every day and the use of it is on the rise when it comes to setting up mortgages, most consumer still prefer a face-to-face meetings with mortgage professionals. The yearly survey done by CMHC’s Mortgage Consumer for this year showed that nearly fifty percent would be comfortable with using more technology to have their home loan processed, while 40 per cent would prefer to arrange their whole mortgage online with the use of confidential tools, without having to meet face-to-face with a mortgage worker.

On the other hand, majority of the consumers said it is vital to meet with their mortgage professional when agreeing to a deal while and having their loan settled. The report highlighted the essence of a user-friendly and strong virtual presence for mortgage professionals since most of  the consumer’s look up their home loan online, while half go through lender websites and a quarter via brokers’ sites.

Nathalie Fredette, Vice-President and Client Relationship Management of CMHC said; “Relationships and referrals are a very important part of the mortgage lending industry. The Survey findings can be used by mortgage professionals to manage their businesses by improving the overall customer experience.”

Since last year’s survey, the use of brokers has remained constant among recent buyers and refinancers. The percentage of renewers via mortgage brokers (35 per cent) went up by 9 per cent point. 55 per cent of first-time home buyers will probably use a mortgage broker. When you use a broker, you get a better deal and satisfied with their services, which is why brokers remain at 72 per cent high.