Richmond, British Columbia, Canada - This is the second part of the article I've written in my last post: "First Step to Owning a Home in BC, Get Pre-Approved!"
Dominion Lending Centres in Canada had released through DLC News, an interesting article on mortgage which tackles about how mortgage industry in the US and Canada are doing and what the US mortgage brokerage business success meant to the Canadian public.
The United States mortgage industry and public in general, can take pride in knowing that about eighty five percent (85%) of all mortgages are processed through a mortgage broker. This indicates that majority of the homeowners and buyers are educated enough about the convenience of going through their brokers. They understand the process and benefits that go by consulting a broker.
Canada mortgage industry, however, is currently enjoying a brokers' market share of only about twenty four percent (24%). Not too bad, but quite behind the US.
The reason for being could be the impression that only borrowers with poor credit need to go through the broker's services and also the cost that goes with using a broker.
Hence, in Canada, every mortgage broker's endeavour today is to educate and inform the public about the integral advantages of using broker's services. Not to mention the savings from being able to get the best rate, which is usually lower than the posted bank rates. Finally, most of new mortgages processed through a broker is absolutely of no cost.
We hope that one day, we all get to the point when everyone is already confident and positive about what mortgage broker can do to make a difference in every borrower's need.
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