Deloitte report: Mortgage brokers making inroads with first-time buyers

Posted: November 9, 2010 in Buyers, Mortgages
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   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.

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