Philip Sofianos SHBA | Mortgage Agent | Vine Group | T:416.473.4273 | F:647.692.4240 | |
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Philip Sofianos is the son of a Toronto Custom Home Builder. He studied Global Political Economy at YorkU and Law and Business Administration at Seneca College throughout his early career as an Investigator and Project Manager. Passionate about Real Estate Development, Finance and Building Relationships, Mortgage Origination was a natural fit, merging Philip’s strategic communication skill set and intelligence to best service his residential and commercial clients achieve their real estate goals.

Philip is also an Extreme Challenge Enthusiast, dedicated to supporting various charities raise awareness and funds for special needs internationally. As a Spartist and engaged Father, Philip advocates for sustainable artist development though various community organizations, and holistic fitness for overall health and wellbeing.

Languages: English, Greek
Markets Served: Toronto
Office: 416.473.4273

Contact Philip


Residential Real Estate and Commercial Finance

I know for most people, their homes are the most significant aspect of their lives, unless you are a proud NOMAD in an parallel universe where real estate is but a concept. In our world, a well structured mortgage centered financial strategy will protect your financial interests, save you money, build wealth and balance your lifestyle and dreams. There is a solution to every challenge and with a multitude of lending sources and partners across Canada, the United States, and Europe, with a vast network of professionals, I serve beyond expectation. With a diverse perspective on brokering commercial transactions, your business is my business and I intend to apply my knowledge to capture a lender’s focus on your development and growth potential identifying WIN-WIN situations for all parties involved including your realtor, your bank, your accountant, and your insurer, serving all your VIP needs.

Construction Finance and Special Programs

As the dedicated son of an ambitious father and Building Contractor, I know how difficult it can be to facilitate the development of site plan approvals and rezoning requests for residential and commercial development. There are special programs and strategies available for developers, builders, and renovators, to utilize when diversifying risks and effectively funding your real estate creation.

Below is a list of common points of interest when understanding the mortgage process. I am always available to address any concerns and answer any questions – contact me direct anytime.

Equifax compiles credit reporting data from many sources and creates a personalized credit file reflecting your personal credit history including your FICO score. Visit to view your credit report online and begin to understand what impacts you greatly when initiating your mortgage application. You can monitor your score and protect yourself from identity theft and view what information is available to potential lenders.

Genworth Financial assists families with mortgages, protects families through insurance and helps customers secure their financial future. Special programs are also available for borrowers who qualify allowing more access to funding projects.

Canada Mortgage and Housing Corporation is backed by 60 years of experience, we work with community organizations, the private sector, non-profit agencies and all levels of government to help create innovative solutions to today’s housing challenges, anticipate tomorrow’s needs, and improve the quality of life for all Canadians.

Each year, the Municipal Property Assessment Corporation (MPAC) prepares an assessment roll for every Ontario municipality. The roll provides the assessed value of all the properties in a municipality or in the jurisdiction of a school board with taxing authority.

MPAC also prepares supplementary assessment lists, which municipalities use to add in-year tax revenue from new construction or major alterations to properties.

The Canada Revenue Agency (CRA) administers tax laws for the Government of Canada and for most provinces and territories; and various social and economic benefit and incentive programs delivered through the tax system.

Trans Union Canada is another consumer credit reporting agency providing credit reporting services to Canadian consumers. Trans Union Canada is also a great source of credit-related information.

The Bank of Canada is the nation’s central bank. It is responsible for Canada’s monetary policy, bank notes, financial system and funds management.

Appraisal Institute of Canada is the premier real estate appraisal association in Canada. The institute is a self-regulating body whose mission is to protect the public interest by ensuring highest standards, practices and professional conduct in real estate appraisals.

Real Estate Investment Network is Canada’s first and leading go-to-source for all things real estate investment and management. REIN meetings cover everything you need to be successful in the ever-changing real estate world, from current trends impacting the market place to proven systems for successfully investing in real estate.

Agreement of Purchase and Sales
The legal contract a purchaser and a seller go into.

Amortization Period
The number of years it takes to repay the entire amount of the financing based on a set of fixed payments.

The process of determining the market value of a property.

Items owned by a person or company, regarded as having value. Often used in determining net worth or in securing financing.

Assumption Agreement
A legal document signed by a buyer that requires the buyer to assume responsibility for the obligations of an existing mortgage.

Blended Payments
Equal payments consisting of both an interest and a principal component. Typically, while the payment amount does not change, the principal portion increases, while the interest portion decreases.

Canada Mortgage and Housing Corporation (CMHC)
CMHC is a federal Crown corporation that administers the National Housing Act (NHA). Among other services, they also issue mortgage loan insurance for high ratio mortgages.

Closed Mortgage
A mortgage that cannot be prepaid or renegotiated for a set period of time without penalties.

Closing Date
The date on which the new owner takes possession of the property and the sale becomes final.

An asset that you offer as security for a loan.

Conventional Mortgage
A mortgage where the borrower places a down payment of at least 20% of the purchase price.

Credit Scoring
A system that assesses a borrower on a number of items, assigning points that are used to determine the borrower’s credit worthiness.

Demand Loan
A loan where the balance must be repaid upon request.

A sum of money deposited in trust by the purchaser on making an offer to purchase.

The difference between the market value of the property and any outstanding mortgages registered against the property. This difference belongs to the owner of that property.

First Mortgage
A debt registered against a property that has first call on that property.

Fixed-Rate Mortgage
A mortgage for which the interest is set for the term of the mortgage.

Gross Debt Service Ratio (GDS)
It is one of the mathematical calculations used by lenders to determine a borrower’s capacity to repay a mortgage. It takes into account the mortgage payments, property taxes, approximate heating costs, and 50% of any maintenance fees, and this sum is then divided by the gross income of the applicants. Ratios up to 32% are acceptable.

A person with an established credit rating and sufficient earnings who guarantees to repay the loan for the borrower if the borrower does not.

High-Ratio Mortgage
A mortgage where the borrower places a down payment of less than 20% of the purchase price. This type of mortgage must be insured.

Home Equity Line of Credit
A secured form of credit that uses the borrower’s property as collateral.

Interest Adjustment Date (IAD)
The date on which the mortgage term will begin. This date is usually the first day of the month following the closing. The interest cost for those days from the closing date to the first of the month are usually paid at closing.

Interest-Only Mortgage
A mortgage on which only the monthly interest cost is paid each month. The full principal remains outstanding.

A mortgage is a loan that uses a piece of real estate as a security. Once that loan is paid-off, the lender provides a discharge for that mortgage.

The financial institution or person (lender) who is lending the money using a mortgage.

The person who borrows the money using a mortgage.

Open Mortgage
A mortgage that can be repaid at any time during the term without any penalty. For this convenience, the interest rate is between 0.75-1.00% higher than a closed mortgage.

Principal, interest, and property tax due on a mortgage. If your down payment is greater than 25% of the purchase price or appraised value, the lender will allow you to make your own property tax payments.

Portable Mortgage
An existing mortgage that can be transferred to a new property. One would want to port their mortgage in order to avoid any penalties, or if the interest rate is much lower than the current rates.

Prepayment Penalty
A fee charged to a borrower by the lender when the borrower prepays all or part of a mortgage over and above the amount agreed upon.

The lowest rate a financial institution charges its best customers.

The original amount of a loan, before interest.

Rate Commitment
The number of days the lender will guarantee the mortgage rate on a mortgage approval. This can vary from lender to lender anywhere from 30 to 120 days.

Refers to the replacement of an existing debt obligation with a debt obligation under different terms. The most common consumer refinancing is for a home mortgage. If the replacement of debt occurs under financial distress, it is also referred to as debt restructuring.

A loan (debt) can be refinanced for various reasons:

  • to take advantage of a better interest rate (which will result in either a reduced monthly payment or a reduced term)
  • to consolidate other debt(s) into one loan(this will result in a longer term)
  • to reduce the monthly repayment amount (this will result in a longer term)
  • to reduce or alter risk (e.g. changing from a variable-rate to a fixed-rate loan)
  • to free up cash (this will result in a longer term)

When the mortgage term has concluded, your mortgage is up for renewal. It is open at this time for prepayment in part or in full, then renew with same lender or transfer to another lender at no cost.

Second Mortgage
A debt registered against a property that is secured by a second charge on the property.

To transfer an existing mortgage from one financial institution to another.

The period of time the financing agreement covers. The terms available are: 6 month, 1, 2, 3, 4, 5, 6, 7, 10 year terms, and the interest rates will be fixed for whatever term once chooses.

Total Debt Service (TDS) Ratio
It is the other mathematical calculations used by lenders to determine a borrower’s capacity to repay a mortgage. It takes into account the mortgage payments, property taxes, approximate heating costs, and 50% of any maintenance fees, and any other monthly obligations (i.e. personal loans, car payments, lines of credit, credit card debts, other mortgages, etc.), and this sum is then divided by the gross income of the applicants. Ratios up to 42% are acceptable.

Variable Rate Mortgage
A mortgage for which the interest rate fluctuates based on changes in prime.

Vendor Take Back (VTB) Mortgage
A mortgage provided by the vendor (seller) to the buyer.

Please follow this link to my Vine Group page to get to the resources.

A true Spartan of the Mortgage Finance profession, I am committed to your finance approval against all odds. With millions of dollars in funded mortgages, over 10 years of personal and real estate finance experience to draw upon, I know there is always a customized financing solution that will fit your needs. Get me working for you today by selecting the most applicable options below, or contact me direct for more information on how I can assist you make your dreams come true.


Let’s Work Together!

Philip Sofianos SHBA | Mortgage Agent | Vine Group
T: 416.473.4273 | F: 647.692.4240 |