Brokers Are First-Timer Magnets
More first-time buyers use brokers than any other mortgage channel, 55% of them to be exact.
It’s hard to overstate the importance of that. It makes brokers extremely important conduits for lenders who want clients that represent long-term revenue—and what lender doesn’t?
That fact was established once again with the release of CMHC’s 2015 First-Time Homebuyers Survey. Here are five other stats brokers need to know from that report:
73% who went online did so to compare other mortgage products.
30% of first-time buyers found their lender or broker site through online ads.
98% of first-time buyers (FTBs) who received a recommendation to use a specific lender ended up using the lender channel.
43% of FTBs arranging their mortgage directly with a lender dealt with someone who exclusively specialized in mortgages.
Providing advice on long-term mortgage strategies can increase a first-time buyer’s satisfaction with their mortgage professional by up to 85%.