Seven Emerging Mortgage Trends

1.  Canadians will have a wider range of options when selecting a mortgage. With increased competition brokers with the cooperation of the lenders will be able to provide more user friendly options, competitive rates and product offerings

2.An increase in self serve options such as telephone, online applications. Canadians no longer need to go into the local banks to apply for a mortgage.

3.  Mortgage Brokers will evolve from "Rate Shoppers" to "Advisors"  Canadians are so well educated on current rates that they don't need a mortgage broker to tell them the current rates but rather advise them on what is in their best interest.

4.  Major banks will continue to compete for broker business but in order to compete they will be increasing their mobile mortgage specialists. In the past this was one of the biggest advantages a mortgage broker had over the banks. What that means for a mortgage broker is that they are going to have to "step up" to the challenge of providing better service, convenenience and better products.

5.  Investments in technology will speed up convenience in obtaining a mortgage. Turnaround times will be hours not days.

6.  The Mortgage Broker industry will see a consolidation so that there will only be a few major mortgage companies in Canada.  These "Super Brokers" will increase and find technological improvements, higher training standards, greated negotiating power,

7.  Lenders will offer more specialized products aimed at consumers who previously had very few options such as "New To Canada Immigrants", "Self Employed" and Individuals with bad credit.