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Dear
Nitesh,
Here are some housing stats and mortgage information published by CMHC
and other housing agencies in Canada. In this month's edition CMHC
surveyed mortgage consumers on how they rated thier mortgage broker,
lender and the whole process.
So how did you rate us? Read on to find out more...
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2006 Mortgage Consumer Survey
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Since 1999, CMHC has been surveying asking
consumers about thier attitudes and behaviours towards getting a
mortgage. Survey respondents have been catogerized into 4 groups:
1) First-time buyer ....20%
2) Repeat buyer.........27%
3) Renewer................37%
4) Refinancer.............15%
Are mortgage consumers satisfied?
54% - Totally satisfied
30% - Rather satisfied
6 % - Neither
3 % - Rather unsatisfied
6 % - Totally unsatisfied
Main source of information for consumers:
69% - Current loan officer
41% - Family & friends
33% - Internet
30% - Mortgage broker
28% - Real estate agents
23% - Financial Institution leaflets
20% - Different lenders
What do consumers look for in a lender?
48% - Prefer a large national lender
38% - Prefer a regional lender
14% - Indicated no preference
Also, more than half the consumers indicated that it was important that
the mortgage lender was well known to the respondent. While almost
two-thirds of the respondents indicated that the lender was a Canadian
institution.
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Housing Now
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Do mortgage consumers shop around?
First-time buyers
Engaged in shopping activities - 69%
Saw or was offered a better rate - 30%
Offered current lender to match - 17%
Lender matched - 9%
Renewers
Engaged in shopping activities - 74%
Saw or was offered a better rate - 27%
Offered current lender to match - 22%
Lender matched - 10%
Repeat buyers
Engaged in shopping activities - 72%
Saw or was offered a better rate - 24%
Offered current lender to match - 15%
Lender matched - 11%
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Hope you found
this month's edition of Housing Stats & Mortgage Market Information
usefull and informative. I look forward to providing you with more
insider's knowledge next month.
Nitesh Kumar, AMP
Mortgage Consultant
T 416.419.2566
F 905.671.9753
E info@niteshkumar.com
W www.NiteshKumar.com
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