Written by  Morteza (Morty) Sadeghi

If you’re watching the numbers, then you’ll know that the Toronto real estate market is far from cooling off. In fact, double digit year over year price increases in Toronto are expected to boost the national averages. The point is simple and clear. This is the right time to get involved with home ownership and low interest rates make it even more so.

However, there’s a lot to understand when you’re buying a home for the first time and a lot of different  mortgage products to sort through. Unless you’re skilled in such things, you can find the whole process daunting and that’s where getting the right mortgage broker on your side comes in handy.

First off, you need to remember these professionals have been in the business of finding you the right mortgage package for years now. In fact, mortgage brokers were responsible for about one quarter of all the deals that were processed here in Canada last year. Getting the right interest rate is only the beginning. There’s a few other questions your Toronto mortgage brokers should be able to help you with.

The amortization is one of the most important aspects that you and the mortgage broker of your choice can look at. Remember that although you’ll get a lower payment the longer you stretch this out for, the longer a 25 or 30 year mortgage takes to pay off.

The prepayment allowance is another option that you’ll need to look at together. Most mortgages will allow you to put some money down on the principle every year without a penalty. How much and how often is another one of the variables.

Getting help finding the right mortgage is something you won’t regret. The right Toronto mortgage broker works on your behalf and has access to many different lending institutions and their rates and other features.