Survey Says 44% of First Time Buyers Use Mortgage Brokers

60% who used a Bank said they wish they would have!

It’s not quite the message TD intended to convey with its new survey of first-time buyers, but that research is helping make the case for mortgage brokers.

Last year CMHC’s survey showed that 44% of first time home buyers are now using Mortgage so the results of TD’s survey is not a surprise.

More than 60 per cent of the 1,000 Canadians surveyed for TD’s 2012 First Time Home Buyers Report listed their failure to come up with a larger down payment and to budget for closing and other related costs as their biggest regrets.

“The survey results reveal that people generally want the best of both worlds, to be able to buy a home sooner and to have a bigger down payment,” said Brett Currah, a district VP for TD Canada Trust. “What it means at the end of the day, though, is that planning becomes critical.”

That may be more of a plug for mortgage professionals than the banks, which have been slower to adopt the advisory role of their broker competitors. Brokers have long taken a stance of being the trusted advisor, the person to guide a client to the right mortgage option.

Banks on the other hand only sell from their 6 or 7 mortgage options no matter what the client needs. Rate is not the only thing first time buyers want. They want guidance and choice and they get it with Mortgage Brokers.

The high level of buyer remorse – at least in terms of getting their finances in order – suggests there’s a growing need for the expert advice brokers specialize in providing.

Contact us for a preapproval or apply on-line at your convenience.

CMHC

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