24% have a household income of $60k – $90k; 17% have a household income over $125k.
Researching mortgage-related information
Online research is most popular but 1/4 of Renewers conducted research offline only.
Most use a computer to access online mortgage-related information.
The top actions conducted online include using an online mortgage calculator and comparing interest rates.
The primary website used to gather mortgage information is by far lender websites.
About half indicated they would feel comfortable using more technology to arrange their next mortgage transaction; however, face-to-face interaction is still rated as important.
On average, Renewers contact 2.1 brokers and 2.5 lenders.
Broker experience
Broker share remained steady amongst Renewers.
Most find their broker as a result of the broker’s website or a recommendation.
The main reason for using a broker is to get the best rate or deal.
Renewers would have liked more information on interest rates, mortgage or purchase fees and types of mortgages.
69% of Renewers were satisfied with their broker.
Lender experience
Lender loyalty increased slightly amongst Renewers between March 2017 and March 2018.
When asked how they found their lender, almost half of Renewers indicated that it was their primary lending institution.
Besides a better interest rate, a top reason for staying with their lender: convenience/saves time and trust in the existing relationship.
Top reason for switching lenders is: better product terms/conditions, and trust in existing relationship.
Renewers using a lender would have liked more information on interest rates and types of mortgages.
81% were satisfied with their mortgage lender.
Mortgage features and related costs
Most Renewers obtained a fixed interest rate, a 5-year renewal term and 11 to 20-year amortization period.
Nearly 1/4 indicated their current level of debt, including their mortgage, is higher than expected.
Only 68% have a monthly budget.
Seventy percent are renovating or plan to renovate in the next 5 years.
30% did not know their renovation costs could be incorporated into their mortgage.
Confidence and understanding of mortgage process and mortgage management behaviors
70% believe the value of their house will increase in the next twelve months.
73% felt they were generally comfortable with their current level of mortgage debt.
66% indicated that, if they were to run into some financial trouble, they would have other sufficient assets (investments, other property, etc.) which could be used to supplement their needs.
80% believe that homeownership is a good long term financial investment.
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