24% are Gen X (35-44 years old) and 35% are Baby Boomers (55 + years old).
54% are married.
61% are employed full-time, 7% are self-employed, and 17% are retired.
Refinancers, along with repeat buyers, represent the highest proportion of self-employed mortgage consumers.
72% owned a single-detached home.
23% have a household income of $60k – $90k.
The main reason for refinancing is to consolidate debt, followed by to fund home improvements.
Researching mortgage-related information
Of all mortgage consumer segments, Refinancers are most likely to conduct offline research only.
Most use a computer to access online mortgage-related information.
The top actions conducted online include using an online mortgage calculator and comparing interest rates.
About half indicated they would feel comfortable using more technology to arrange their next mortgage transaction; however, face-to-face interaction is still rated as important.
On average, Refinancers contact 2.2 brokers and 2.6 lenders.
Broker experience
Broker share decreased slightly amongst Refinancers between March 2017 and March 2018.
Most found their broker as a result of a recommendation or broker website.
The main reason for using a broker was to get the best rate or deal.
Refinancers would have liked more info on mortgage or purchase fees, types of mortgages and closing costs.
68% of Refinancers were satisfied with their broker.
Lender experience
Lender loyalty has decreased slightly amongst Refinancers between March 2017 and March 2018.
When asked how they found their lender, almost half of Refinancers indicated that it was their primary lending institution.
Besides a better interest rate, a top reason for staying with their lender is: trust in the existing relationship, while a top reason for switching is: better product terms/conditions.
Refinancers using a lender would have wanted more information on types of mortgages and interest rates.
79% of Refinancers were satisfied with their mortgage lender.
Mortgage features and related costs
Most Refinancers obtained a mortgage loan only, fixed interest rate, a 5-year renewal term and 25-year amortization period.
Almost 1/3 of Refinancers indicated their current level of debt, including their mortgage, is higher than expected.
More than 1/4 of Refinancers do not have a monthly budget.
More than 3/4 are renovating or plan to renovate in the next 5 years.
27% of Refinancers did not know their renovation costs could be incorporated into their mortgage.
Confidence and understanding of mortgage process and mortgage management behaviours
73% believe the value of their house will increase in the next twelve months.
69% felt they were generally comfortable with their current level of mortgage debt.
63% indicated that, if they were to run into some financial trouble, they would have other sufficient assets (investments, other property, etc.) which could be used to supplement their needs.
80% believe that homeownership is a good long term financial investment.
74% felt emotionally attached to their home.
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