Help clients through the mortgage process

Many Canadians feel going through the mortgage process is complicated (31%), confusing (20%) or hard to figure out (16%), finds an ING DIRECT survey.

Further, 38% of current or former mortgage holders say getting a mortgage is time consuming while 25% describe the process as annoying. By comparison, a mere 7% feel it’s stress-free.

Read: BMO reignites mortgage war What’s the worst part? Negotiating a rate, say 59%; deciding on the right term and payment schedule (55%); and getting customer service help from the lender (35%).

Read: Fewer mortgages in arrears: CMHC

Additional survey stats:

• Simplified language in mortgage contracts (41%) and the ability to obtain a mortgage from the comfort of their homes (16%) would make the process easier;
• 20% of those aged 35 to 54 feel the ability to obtain a mortgage from home would be easier;
• 16% say it’d be easier if they had access to more education about mortgages;
• Current and former mortgage holders feel lenders (34%), brokers (20%) and family/friends (13%) provided the most help during the process.

Here are some articles to help make the mortgage process stress-free for clients.

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Cdns want to be mortgage-free faster