Toronto Mortgage Agent

How our Mortgage Process works

The Process

Our expert team members will evaluate your affordability based on your financial income, insurer criteria, and lender criteria. The professional will explain long and short term mortgage plans to you, along with prominent programs available, most adept mortgage products and added costs of purchasing a home.

The best part is we lock in appropriate interest rates for up to 120 days, allowing you to secure a good mortgage rate while you shop for a better one. If the rates drop during 120 days your locked-in interest rate will also decrease, however it will remain the same if the rates increase. The method ensures that you will receive excellent rates throughout your pre-approval process.

Mortgage Types

Buyers remain conflicted between the choice of variable rate and fixed rate. The verdict relies on your tolerance of risk and financial capability of enduring increases in your mortgage payments. Additionally, the condition of market plays a significant role in your decision making.

Variable rate mortgages permit buyers to benefit from lower rates that are calculated regularly on the basis of lender’s prime rate minus or plus a fixed percentage. Buyers who opt for variable mortgage rate can save money, depending on the condition of current economy.

The option of fixed rate mortgage is suitable for people who prefer managing consistent monthly budgets and desire stability in their loan deposits.

Credit Report

Your credit reports play a significant role in informing your potential lenders and employers about your financial habits. Each time you borrow money or make a payment, your lender sends a report about your transaction, judgements, and liens to Canada’s main reporting agencies, the Transunion and Equifax. The data on your credit reports vary based on the reportage of your creditors.

Your credit score is a number that ranges from 300 to 900 and determines your eligibility to qualify for mortgage products and interest rates. High credit scores broaden your access to better plans. Retaining a sound credit rating is the first step to obtaining your dream home, qualifying for the perfect job, and opening up a bank account.

Some people remain unaware of the fact that their credit report is a developing document that can be improved and repaired over time. Reliable mortgage specialists at Dominion Lending can assist you in legally accessing a copy of your credit report and verify the validity of the information presented.

Term Length

A term length mortgage may be perfect for you if you fall under a few specific categories. One of
them is that if your mortgage is pushing your financial comfort zone, you will want a longer-term
mortgage so that you can continue to live without a financial burden if mortgage rates increase.

You may also want to consider a long-term mortgage if you are buying an investment property
because it allows you to make steady payments while gaining a profit from your property.

Tony Agelopoulos is able to guide you and go over everything to determine the best mortgage
for you. With the help from a professional mortgage broker, you can gain the knowledge you
need to save you money while you pay off your mortgage.

You can pay off your mortgage sooner by planning ahead.

Payment Frequency

Canadian mortgages will usually be between 25 to 35 years long. With that said, there are a few options that you can pursue to help save you money, pay off your mortgage a lot quicker, and paying less interest if you are willing to make some sacrifices. You can make payments on your mortgage on a bi-monthly or weekly basis. If you choose this option, the interest you pay will be lower and the length of your mortgage will decrease by many years.

If you come into new money, whether from getting a new job or raise, you can increase the amount of money you pay to your mortgage. You will be able to pay off the mortgage more quickly, but you will have to continue living the same lifestyle as you were before until your mortgage is fully paid off.

Are You Self-Employed?

If you are looking to buy a home and you are self-employed, you may find it difficult to get personal financing like a mortgage. This is because it can be hard to prove that you will be gaining a long-term income, even if your current income is stable.

Tony Agelopoulos can help you get a mortgage plan that is suited for your primary residence and to help you succeed in your business endeavours!

Get a mortgage plan that helps you succeed.

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    The Tony Agelopoulos
    Mortgage Group1935 Leslie Street
    Toronto, ON
    M3B 2M3, Canada
    (416) 525-2130

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