The key findings for the survey show that:
The Internet is an important tool for mortgage consumers
A significant proportion of consumers seek information on mortgage options prior to making a
purchase decision and the Internet is becoming a prevalent source of information, according to the
survey. This is particularly true of first-time buyers, with almost nine out of ten using the Internet to
search for information on mortgage options.
Among the various on-line tools and other resources consumers use to collect information about
mortgages, on-line calculation tools are particularly popular: 69% of first-time buyers use them to
compare different options. As well, more than half of first-time buyers visited the web site of a specific
mortgage lender when seeking information on mortgages. A large majority of first-time buyers (89%)
found these tools useful.
First-time buyers get informed on mortgage options
Survey results show that first-time buyers are educating themselves on various mortgage options prior
to obtaining a mortgage. A large proportion research terms and conditions (84%), compare the costs of
different interest rate scenarios (71%), and check for competitive interest rates (65%).
In addition to seeking out information themselves, first-time buyers consult a great deal with various
third parties and mortgage professionals prior to obtaining their mortgage. More than three-quarters of
first-time buyers noted they received advice on mortgage terms and conditions, as well as whether to
take a variable or fixed interest rate. First-time buyers also report that mortgage brokers and mortgage
lenders are more influential to their mortgage decision than several other third parties.
Mortgage consumers are confident with homeownership
Despite the challenging economy, in 2010 there have been strong overall results when it comes to
mortgage consumer attitudes towards homeownership and real estate. A large majority of recent
homebuyers (92%) agree that homeownership is a good long-term investment and 77% agree that
now is a good time to purchase a home. These sentiments were generally shared by respondents
across Canada.
Dave Dry
Realtor
Re/Max Real Estate
#102 12650 151 Ave
Edmonton, Alberta, T5X 0A1
Tel: 780 457 3777
Cell: 780 446 3727
info@davedryhomes.com
www.davedryhomes.com