The Canada Mortgage and Housing Corporation's (CMHC) 2013 Mortgage Consumer Survey reveals that, when it comes to mortgages, Canadians are typically a very savvy bunch. How do you measure up? Take this quiz to find out:
1. Did you research your mortgage options before making a final decision?
According to CMHC, 71% of recent buyers researched terms and conditions, 60% discussed pros and cons of various mortgage products and 59% compared interest rates before signing on the dotted line.
2. Did you interview more than one mortgage professional?
According to CMCH, 56% of recent buyers reported contacting at least one lender or broker to learn about mortgage options. On average, 2.9 lenders and 2.1 brokers were contacted. While we don't advocate rate shopping, we do believe in finding a mortgage professional that you mesh with.
3. Did you prepare before meeting with your mortgage professional?
Individuals who are prepared get a lot more out of their mortgage experience. CMHC reports that 73% of consumers did at least one of the following before meeting with their broker: organized personal information and documentation; prepared a list of questions; or prepared a list of detailed assets and debts.
If you answered yes to the questions above, congratulations! You're a savvy mortgage shopper!