Shawn Stillman<\/a>, this cohort is overwhelmingly comprised of millennials who are tech-savvy and not averse to doing research for the purpose of shopping around.<\/p>\n\u201cFirst-time homebuyers are a lot more likely to shop around and do their research. They do their research online and they usually go to one bank and one broker, \u201c said Stillman, principal broker at Mortgage Outlet. \u201cIf you\u2019re going to have heart surgery, you\u2019re probably going to do as much research as possible so that you can ask your surgeon all the right questions.\u201d<\/p>\n
Stillman added that first-time buyers are a lot more aloof towards financial institutions than their parents are.<\/p>\n
\u201cA lot of first-time buyers don\u2019t have the same attachment to their bank that older people have. Banks don\u2019t have relationships with people.\u201d<\/p>\n
Mortgage specialists who work for big banks are also far less likely to be forthright about borrowers\u2019 options as their singular goal is to get the latter to sign on the dotted line. Stillman says mortgage brokers spend time educating borrowers in addition to securing them the best rate possible.<\/p>\n
Moreover, he says that although alternative lenders charge higher rates, borrowers typically still come out ahead after at least a year.<\/p>\n
\u201cWhen you look back over the last 15 years, it makes sense to go with B channel mortgage because housing prices always go up by a minimum of 4% a year,\u201d he said, \u201cso it doesn\u2019t hurt to go with B mortgage because you always come out ahead.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
A new survey of Canadians across the country revealed that over half don\u2019t shop their mortgages around for more competitive rates, indicating that they\u2019re likely paying more than they have to. The HOMEWISE poll showed that only 49.1% of the 750 respondents aged 25 to 44 sought out better rates, while 37.9% remained with their […]<\/p>\n","protected":false},"author":6,"featured_media":27372,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/9091"}],"collection":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/comments?post=9091"}],"version-history":[{"count":3,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/9091\/revisions"}],"predecessor-version":[{"id":23464,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/9091\/revisions\/23464"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media\/27372"}],"wp:attachment":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media?parent=9091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/categories?post=9091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/tags?post=9091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}