Qualifying for a mortgage is an exciting time for a family. A house
purchase is often a family’s single largest purchase and the mortgage
payment is the most important expenditure. The wrong choice can be
Working with a Mortgage Agent is very beneficial to the mortgage
consumer. Unbiased mortgage advice from an independent Mortgage
Agent helps your family or your business, understand the best
combination of available features, options and mortgage rates. A
Mortgage Agent also makes the whole process of searching for a
mortgage loan very easy and reduces the amount of research required
to get the best deal in the market.
As a licensed Mortgage Agent at the Sherwood Mortgage Group, Eric
Iankelevic has brought his unique blend of passion for finance, industry
knowledge, and caring personal service to his clients for more than ten
years. “One hundred per cent of my business comes from client referrals,”
Eric has been recognized as a leader in the Mortgage Industry. Mostrecently he has received the:
• Mortgage Architects Lifetime Achievement Award (November 2016),
• Thornhill Liberal Reader’s Choice award (Mortgage Broker Category,
• Canadian Mortgage Brokerage of the Year (2014), and
• Sherwood Mortgage Group Elite Sales Award for Top Mortgage Producer
All of these awards and achievements provide a compelling testimonial to
the veracity of Eric’s approach and experience.
Eric can help you to understand if refinancing is a viable option, to figure
out if an adjustable rate mortgage is appropriate for your specific situation,
to secure a mortgage even if you are self employed, and to finance an investment property.
Sherwood Mortgage Group is licensed by the Financial Services Commission of Ontario (FSCO). Mortgage brokers and agents are governed by the Mortgage Brokerages, Lenders and Administration Act (MBLAA). Mortgage Agents like Eric must be licensed through FSCO before they are authorized to practice as a Mortgage Agent.
How does a Mortgage Agent like Eric differ from a traditional bank mortgage officer? “As an independent adviser, I am not affiliated with any single bank or mortgage lender. Rather, I offer my clients a variety of mortgage products from multiple lenders that best suit their unique mortgage financing requirements.
"Whether you are self-employed,retired, or new to Canada, a Mortgage Agent like myself can help,” Eric Iankelevic says.
As well, there is no requirement for the bank to give customers a detailed disclosure document. Mortgage Agents like Eric are required to disclose all of the terms and conditions of the mortgage, including all of the costs of borrowing, the ‘effective’ interest rate, and any ‘cooling off’period. Independent agents are also required to carry errors and omissions and liability insurance.
According to Eric, mortgage lending has evolved quite significantly over the last few years. “When I first go into the industry, zero down payment mortgage and forty year amortization periods were the norm.Today, borrowers that qualified for these mortgages would have a more difficult time securing the funds they need. As recently as last November 2016, the federal government requires every home buyer seeking an insured mortgage to undergo an income stress test to ensure -term mortgage affordability. Given the more onerous qualification requirements and the rule changes, working with a Mortgage professional such as myself is more important than ever before,”Iankelevic says.
A stress test measures whether the buyer could still afford to make the mortgage payment if interest rates rose to the Bank of Canada’s posted five-year fixed mortgage rate (usually much higher than the bank rate). The new rules also impose a ceiling on the amount of allowable carrying costs –all carrying costs (mortgage, taxes, and utilities) have to be less than 39 percent of the total household income.
Purchasing or refinancing a home can be complicated. Given the changing landscape of mortgage financing, it is in the best interest of the clients to seek the advice and assistance of a Mortgage professional to help ensure you have the best change of getting a product and an approved rate that is acceptable.
Before he entered the Mortgage business, Eric Iankelevic was a Senior Economist with the Ministry of Finance and an Assistant Director in the Strategic Asset Management Unit. During his tenure he advised the Minister of Finance on budgetary and financial issues.
Prior to joining Sherwood Mortgage Group, Eric also worked as a Mortgage loan specialist at CIBC Home Loans Canada. “Working as an independent Mortgage Agent was the next logical career step because it blended my passion for finance with my desire to help families and businesses realize their property ownership dreams,” says Iankelevic.
Eric has a B.A. in Public Administration from York University and attended the Norman Paterson School of International Relations at Carleton University. When he and his wife Nadine are not playing with their four active children, Eric is coaching his son’s Vaughan ‘JCC Beasts’ Select Hockey Team.
Suzen Fromstein is the author of Suits and Ladders, Ten Proven Ways to Keep Your Job Safe - with a few jokes thrown in. Suits and Ladders was an Amazon Best Selling Book in the Career Guides Category
P (905) 597-7229 C (416) 451-5704
1206 Centre St, Thornhill, ON,L4J 3M9
Thornhill, Toronto, Aurora
Corporate office address
5675 Whittle Road, Mississauga, Ontario L4Z 3P8