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Many Canadians think getting a mortgage is complicated
A new survey commissioned by ING DIRECT found that 67% of Canadians who have had or currently have a mortgage felt the process was either complicated, confusing , or hard to figure out. Thirty-eight per cent of current or former mortgage holders say getting a mortgage is time consuming while one in five describes the process as annoying.
By comparison, a mere 7% of respondents feel the process is stress-free.
The most stressful aspects of the mortgage process was negotiating for a rate, deciding on the right term and payment schedule and getting customer service help from the lender. Haggling for a rate was one of the more stressful parts of the process. Interestingly, over half of the respondents agreed that researching and comparing offers made the process more difficult.
There is no question the mortgage process can be complex and daunting but is doesn’t need to be stressful. A mortgage broker can help by researching and filtering through numerous loans and a variety of products with a number of mortgage lenders. Brokers will review the best options with you, assist you with key decisions, answer all your questions at your convenience and in the comfort of your own home, if you prefer, and support you through the application and closing process.
According to the survey 20% of mortgage consumers feel the ability to get a mortgage from home would make the process easier. Mortgage brokers like to make it as easy as possible for you.
Here are some other findings of the study:
- Simplified language in mortgage contracts would make the process easier
- 16% of respondents felt that getting a mortgage would be easier if they had access to more education about mortgages
Let a mortgage broker sweat the details for you so that all you have to worry about is moving in.