Survey finds rate shoppers highly value personalized mortgage broker support
Toronto, Ontario: October 28, 2014 - Canadian homebuyers are becoming increasingly independent when looking for their mortgages - but a recent RATESDOTCA survey finds mortgage brokers remain a highly valued part of the process, even among online comparison shoppers.
While 58% of respondents said they would turn to online resources to find their mortgage, the majority aren’t willing to forgo face-to-face service - 73% also stated it is important to work with a mortgage broker during the rate shopping process.
The survey also found the misconception persists that shoppers must sacrifice professional guidance for online transparency, with 59% saying the main reason they avoid online mortgage shopping is the need to connect with a pro.
“Finding the perfect mortgage is a team effort,” says RATESDOTCA Editor Penelope Graham. “While consumers are increasingly willing to explore their options beyond their home bank, it’s clear that brokers play a vital role in turning that research into real value.”
To further service this need, RATESDOTCA has unveiled a more personalized, regional rate shopping experience. Mortgage comparison shoppers now have the option of entering their postal code to view the best rates and mortgage professionals in their area.
“By further customizing our rate results, RATESDOTCA can provide mortgage seekers with both a transparent and supportive experience,” says Graham. “As the best mortgage fit goes beyond the lowest rate, we feel strongly that providing a personalized connection to brokers will better service the needs of today’s online-savvy mortgage shopper.”
The new feature can be viewed within RATESDOTCA’s Mortgages comparison engine. Shoppers can also request information about a specific rate via callback or email from a broker.
Mortgage Shopping Findings
The survey, which polled 453 respondents on their mortgage shopping sentiments and preferences, also found the following:
- 62% of respondents feel they need help when shopping for a mortgage.
- 56% said they would not go to a bank for mortgage advice.
- Sorry, Uncle Joe - 79% would not turn to family and friends for guidance.
- 47% said they would rely on a mortgage broker to walk them through the process of acquiring a rate.
- 46% stated using a mortgage broker to find the lowest rate was most important.
- 58% of shoppers go online to find mortgage shopping advice.
- Among those who would not shop online for a mortgage, 59% said they felt they needed to connect with a pro. Another 22% stated they don’t trust online resources, while 19% stated they would prefer to use their home bank’s services.