Canadians' trust in mortgage brokers is so low they would rather turn to actor Ryan Reynolds when looking for advice on buying a house, a new survey has found.
The poll, carried out by The Real Estate and Mortgage Institute of Canada, shows people would rather turn to seven other people before going to a mortgage broker. Parents, banks and financial advisors were the top three most trusted sources of information on buying a house.
Fan-favourite Ryan Reynolds came in fourth, while politicians, bitcoin millionaires, financial influencers and real estate agents all topped mortgage brokers — Canadians last choice for mortgage advice, according to the poll.
Joe White, President and CEO of REMIC says mortgage brokers clearly have a lot of work to do to educate Canadians on how they work.
"While Ryan Reynolds may be an awesome person to discuss gin, Wolverine or football with, it's disappointing to see him place five spots higher for trusted advice than mortgage brokers,” says White.
The new survey suggests Canadians might not be aware of the fees, services and qualifications mortgage brokers have.
From the study, 54.9 per cent of Canadians believe that mortgage brokers are paid by a homeowner or real estate agent. In fact, brokers are paid by banks via commission at no cost to the homeowner, according to The Real Estate and Mortgage Institute of Canada.
Of the people surveyed, 22 per cent of them believe they would have to pay $2,000 to $5,000 out of their own pocket to work with a mortgage broker.
The survey also points out that all licensed mortgage brokers in Canada must successfully complete certification courses and do not "bank” on people’s interests.
Of the people surveyed, 61 per cent would recommend a bank to a friend or family member who needed a new mortgage but only 38 per cent would recommend a mortgage broker.
The Real Estate and Mortgage Institute of Canada conducted an online survey of 1,000 ‘random’ Canadians to get the results. The goal of the institute is to help mortgage broker students develop ethics-based training and offer courses for new agents.
