Patrick Burns
133 Pedersen Drive L4G 3E3 Aurora, ON, Canada

Always a good idea to put a little $$ away for the future!!

Clients are constantly asking me what is difference between A, B, and Private Lenders. Banks are "A Lenders" b/c they offer the best interest rates. Companies like Home Trust are considered "B Lenders" b/c their rates are typically 2% higher than the banks(OUCH!!). And lastly a "Private Lender" could be anyone that has a secured line of credit that they lend upon and i've heard the interest rates can range from 10% - 15%(yes highway robbery but some people have no choice b/c they are self employed or have horrible credit)

Clients keep asking me what impact the STRESS TEST will have on their mortgage pre-approval. My response is simple, that I have to qualify your mortgage at a rate of 5.34% which will have a dramatic impact on how much you qualify for to purchase!!