Written by  Omid Jalili

It might seem like a bit of an overstatement but there’s more conclusive proof of what many of us have known for quite some time, that Canadians are financially aware and educated when it comes to their mortgages.

The most recent report from The Canadian Association of Accredited Mortgage Professionals (CAAMP) also  attests to our good relative fortunes with several noteworthy highlights. For example, Canadians are generally in good shape when it comes to their mortgages and they can even withstand the ill effects of another economic downturn if there’s one on the horizon.  Now that might not seem to be such an interesting note until you read that the latest numbers are saying 84% of Canadians could actually withstand a jump in their mortgage of $200 per month.

Remember here that the kind of fiscal prudence that we’re showing now as a nation has a historical precedence that leaves us in such good standing. According to more stats from “Mortgage Insights” that deals with CAAMP’s fall research, many Canadians pay their homes off sooner than the amortization period calls for. The average mortgage here in Canada is in fact paid off seven years sooner than the end of the amortization period calls for. Those trends are continuing in these hard economic times with 36% more mortgage holders making accelerated payments than withdrawing money from their mortgage.

It’s clear by these numbers that Canadians are cautious in these economic times and they are turning to mortgage brokers for trusted advice on how to proceed even with low interest rates. Remember that 38% of people with a mortgage have considered refinancing in the last year to take advantage of these rates.

Written by  Morteza (Morty) Sadeghi

Buying that first home or even looking for a second can be a daunting process unless you’ve got the right mortgage broker on your side. With one of these experts working with you, the best rates and outstanding terms are part of the package. It can be hard to get the right mortgage on your own. Here’s a few things to look for so you can be sure you’re getting the mortgage broker that will meet your needs.

Remember that you’ll be working closely with this expert so you need to be sure they are compatible with your home ownership goals. You can ask for and expect to get a list of past satisfied clients that have used their services or see client testimonials on the company website. Word of mouth travels quickly on the Internet as it’s still one of the best ways to gauge the reputation of the firm you’re considering.

They need to have the numbers at their disposal from a variety of different lenders as well and be working for your interests by using the rates they acquire to get you the best deal. Their industry connections should be explored to make sure they can do a great job.

You also need to talk about any fees or charges up front. Transparency is the key here and you need to be sure everything is above board so that you can look forward to a mutually beneficial relationship with the mortgage broker of your choice. Finally, make sure that any prospects you’re considering are up to date on all the latest online resources.  Researching out the technological IQ of the mortgage broker that you’re considering is a great idea to make sure that you’re getting the most up to date terms possible.

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.

Written by  Omid Jalili

In a continued show of positive news for the Canadian real estate market, The Canadian Real Estate Association(CREA) has reported that real estate activity across much of the country was in line with expectations, although there were several factors that would have otherwise pointed to some manner of slow down.

In fact there was even some growth in areas facing challenging times. Ontario, a province that has lost a portion of it’s manufacturing base, had an especially strong third quarter when it came to sales. It’s thought that the numbers here were held aloft by the statistics from Toronto in particular.

Even the national home price forecast by CREA appears to be bucking some of the economic slowdown news and settling in at a national average of $362,700. That represents a rise of 7 percent. Gregory Klump, CREA’s Chief Economist, points to several factors responsible  for the positive trends in the national real estate market.

He says that although there have been indicators that the global economic situation might have some affect on the generally positive Canadian outlook in the long run, the federal government and the Bank of Canada  has made it clear they stand at the ready to get involved with the right responses where needed.

Klump says this backing is encouraging news for both the Canadian economy and the real estate markets. Recent statistics show that housing sales were up in October after decent numbers were put up in September. The numbers that were recently released by CREA actually show that overall sales were on pace with the ten year average.

The best gains for monthly sales were in the bigger urban centers of Montreal, Toronto and Vancouver. Overall, all these statistics point to consumer confidence in the Canadian economy and a general feeling that Canada won’t be too adversely affected by global conditions.