You raise your kids the best you can, driving them to soccer practice, teaching them to value money, and giving them lots of praise and support. Eventually they grow up and go off to live in their own downtown Toronto condos. However, as experienced parents know, the job of parenting is never really over. Your kids will still return to you now and again for advice, such as when they're applying for their first mortgage. Here are some ways you can help them with this all important task.

If you own your own house, you can help your child on the road to owning her own by hooking her up with the mortgage broker in Burlington you used to get your own mortgage. With a pre-existing relationship in place, your daughter is more likely to get a deal on her own mortgage. In lieu of a broker, you can also direct her to the offices of your bank loan officer or simply provide advice on how to shop around to different mortgage specialists.

For situations where interviewing multiple people to find the right loan officer or mortgage broker in Toronto is necessary, it's probably not a good idea to go in with your son. This will undermine his credibility. Therefore if you want to help him make a good decision, help him create a list of questions to ask the broker and discuss which responses would be acceptable. You might also help him understand the importance of such things as interest rates, terms, collateral, and payment schedules and evaluate the mortgages offered to him and find one that he can afford.

Even if your daughter knows all about mortgage rates in Toronto and doesn't need any help getting introductions in the world of finance, you can still be available to provide moral support. Getting a first mortgage is a stressful time and if she gets too wound up with worry over it she may need you to ground her.

In these tough economic times, banks and lenders may not approve your son's mortgage application right away, even if he's got a great job, because his credit history isn't long enough to paint an accurate picture of his ability to manage money. If you trust him to make his payments on time, you can co-sign his mortgage with him and help him take his dream home off the list of Newmarket houses for sale. Be cautious in granting this type of assistance, though. If he defaults, you will be on the hook for his payments.