CMHC’s latest trends show that 48% of first time home buyers are looking to mortgage brokers for their mortgages. This reflects I believe the changing of the guard if you will, of how today’s generation believes that on line is the way to start your search. This is a change that is happening as their parents and grandparents exit the mortgage scene.

Today’s first time mortgage client is savvier when it comes to searching what their best options are for mortgages and who they should be talking to about that mortgage. It doesn’t take a lot of research to figure out that the banks rates are not as competitive as the broker channels and that if they are there may be a catch.

First Time buyer appreciate the service mortgage brokers can provide and in many cases they appreciate the speed at which we can provide answers. Our personal online business it seems that we need to be back to the client in a matter of minutes to have a chance at answering their questions or gathering an opportunity to serve them.

First time buyers are also aware of the different features that are offered in mortgages, many of our clients have done their homework when it comes to knowing what the terms of a mortgage mean before they ever start to look at rates. They see that being able to pay larger lump sums, while maybe not important today, may be an advantage should they decide to port their mortgages or in the exiting of a mortgage it will help with penalties.

First Time buyers also appreciate the flexibility of the mortgage brokers schedule. If you are an up and coming employee taking time off work is not always an option. Mortgage brokers will come to meet you or you meet them at hours that are workable for your schedule.

Over all it’s a new time and a new client that is seeing the value of not being tied to a bank or falling into the mistake of having all of your eggs in one basket. It’s better to be running and controlling your own hen house and taking control of your mortgage.