RateSupermarket.ca

RateSupermarket.ca

August 12, 2008 07:01 ET

Loyalty to Banks Over Canadian Mortgage Brokers Continues

Mortgage rate comparison website’s latest survey reveals that Canadians continue to secure mortgages through their own banks over other lending channels

Attention: Business/Financial Editor, City Editor, Lifestyle Editor, Media Editor, News Editor TORONTO--(Marketwire - Aug. 12, 2008) - Today, RateSupermarket.ca, (www.RateSupermarket.ca), announced the results of its latest survey which shows that mortgage shoppers remain loyal to their own banks when searching for home loans, versus other funding options such as Canadian mortgage brokers, specialty lenders and credit unions.

The website asked visitors: where did you obtain your last mortgage from? Almost half of respondents said their own bank, while 26% used a mortgage broker. Only 7% went to a competing bank, which further confirms Canadian's loyalty to their own financial institution.

These results show that the 'Big Six' are doing a fantastic job to gain this level of trust, however, does this mean their customers are getting the best mortgage deal?

Discounted rates offered by specialty lenders and mortgage brokers can be up to 1.5% - 2.0% lower than the big bank's posted rates, which can result in thousands of dollars of savings over the life of a mortgage.

RateSupermarket.ca founder, Kelvin Mangaroo, comments,"Canadians have traditionally used their existing banks for most of their financial transactions due to good relationships with their local manager and the simplicity of dealing with one organization. However, with the average Canadian receiving less than 2 quotes on their mortgage, many first-time buyers and current home owners are spending more than they need to."

"RateSupermarket.ca offers a single place to easily compare mortgage rates, helping Canadians to make informed decisions and save money on their mortgages."

Notes:

Where did you get your last mortgage from?
Your own bank: 43%
Mortgage broker: 26%
Credit union or trust company: 15%
Other: 9%
Another bank: 7%

*145 votes
* CAAMP survey Feb '07: Canadians received 1.94 mortgage quotes on average /For further information: About RateSupermarket.ca
http://www.RateSupermarket.ca is Canada’s mortgage rate comparison website enabling visitors to compare over 500 mortgage rates with one quick search.

Contact:
Kelvin Mangaroo
Kelvin@RateSupermarket.ca
1-888-434-2143
www.RateSupermarket.ca/ IN: ECONOMY, FINANCE, MEDIA, TECHNOLOGY, OTHER

Contact Information

  • Kelvin Mangaroo, Founder, RateSupermarket.ca
    Primary Phone: 888-434-2143
    Toll-Free: 888-434-2143
    E-mail: kelvin@ratesupermarket.ca