What are the A. B, C's ?

  

What are the A. B, C's ?

The major 6 Canadian Banks are the "A" Banks.....TD, BNS, BMO,CIBC, ROYAL, and National Bank. These banks have a presence at every corner.

The "B" Side are still banks, but there don't have a presence in the corner. They are available over the phone. Sometimes, the A banks talk bad about these banks and yet they tell you not to deal with them just in case if they shut down just like in the United States.

But the public needs to understand that these smaller banks, most often at times, are affiliated with the bigger banks. It is like Father and son. For example, President's choice is owned by CIBC. But banks tell you not to deal with them because it will shut down? It does not make any sense.

The B banks don't have buildings to pay rent and as a result their rates are cheaper than the bigger banks. Also their rules are not as tight as the A banks.

But if a client is not approved on the A nor B then there is the C side. The C side is private money from people like Mr. Manuel and Ms. Maria who will invest a mortgage with the client for 1 yr until the client gets their credit or income better.

We do most businesses with the banks because we understand that most people like construction workers don't have time to be on the telephone. They prefer to walk into a branch.

So it is important to understand, that we as mortgage brokers have access to all sides. A, B and C and we are here to help you at good times and bad.

For more information contact us at 

416-920-9931 or mortgages@eddiemac.ca

Visit us online at www.eddiemac.ca

Your Toronto Mortgage Broker

637 College Street, Suite 201, Toronto ON, M6G 1B5