05 Nov Mortgage brokers making inroads with first-time buyers

The percentage of Canadians using mortgage brokers to buy their homes has increased significantly, according to a Deloitte report. In the 1990s, mortgage brokers numbered in the hundreds and were “lenders of last resort” for borrowers unable to obtain a mortgage directly from a bank or credit union. “Over the last decade, an increasing number of viable options for borrowers have surfaced,” the report says. “In addition to branch-based lenders, borrowers can consult with the banks’ own mobile mortgage specialists as well as independent brokers–while also conducting their own research online. “In this changing and information-abundant environment, the mortgage brokerage channel has emerged as a legitimate competitor.” The report said share of origination transactions increased from 26% in 2003 to 38% in 2009 as mortgage brokers made particular inroads with first-time homebuyers and young Canadians.
Read more: http://www.nationalpost.com/Deloitte+report+Mortgage+brokers+making+inroads+with+first+time+buyers/3751444/story.html#ixzz13sJ64CC6

Pam Martin, Invis, Mortgage Broker, Mortgage Rates, Kelowna,Vernon, Penticton, Okanagan, British Columbia, Canada