Mortgage Refinancing
Work with a private lender in BC to get access to the lowest refinance rates.
Work with a private lender in BC to get access to the lowest refinance rates.
You can get pre-approved in as little as 24 hours.
Loans ranging from $50,000 to $2,000,000
Great rates and outstanding customer service.
Getting a low refinance rate is a science that not everyone knows how to approach right. Certain strategies work, others don’t, and without the step-by-step guidance from an experienced mortgage broker, refinancing your mortgage might not always be a good idea. As each borrower’s situation is different, and the stakes are high, before you begin the refinance process, you need to have a clear idea of why you want a refinance in the first place. Most common reasons include:
Reducing Monthly Payments – Refinancing your home loan can help you reduce your monthly payment if you can qualify for a lower interest rate, or go without mortgage insurance.
Paying Off The Loan Faster – While opting for a shorter term loan may increase your monthly payment, it will also allow you to pay the debt faster, and help you save money on interest.
Switching To A Fixed Rate Loan – When refinancing, certain mortgage lenders will offer borrowers the option of switching from an adjustable loan, to a fixed-rate one.
Tapping Into Equity – A cash out refinance offers you access to equity cash. This involves of course that you need to take on a larger mortgage.
There are many advantages to getting a mortgage refinance. But what about the downsides? Are there any disadvantages borrowers that are ready to refinance should know about?
To get the best interest rates from most traditional lenders in BC, you need to have a good credit score and a low debt-to-income ratio. And although having a less than ideal credit score or above-average DTI doesn’t necessarily mean that you can’t refinance your mortgage, it usually means that you won’t be able to get the best loan options, and maximize your savings.
Other than that, when mortgage rates are falling, many borrowers tend to chase after lower rates. But each time you pay a new round of closing costs, that costs will be cut into, or even exceed the savings made from refinancing. Saving money is the number one reason people think of refinancing. But keep in mind, you won’t save much unless you get a lower rate or if you can save that full percent (or more) that makes refinancing worthwhile. Even with costs in your favour, you will still have to deal with mortgage refinance lenders that are less willing to take on risk mostly because of the future market uncertainty caused by the coronavirus pandemic.
If you choose to work with a private lender, the process of refinancing your current mortgage will be much easier. While banks focus primarily on the applicant’s credit history and income, private lenders in Vancouver are more interested in the cash-to-value ratio of the loan, versus the tangible asset. And where traditional lenders require endless financial documents and cumbersome procedures, alternative mortgage lenders will usually finish the process in a matter of days.
For most borrowers in BC, there are three main mortgage options when they plan to refinance their loan:
Traditional Refinancing – Traditional refinance is designed to reduce your interest rate, lower your monthly payment, and/or reduce your loan term.
Cash-out Refinancing – A cash-out refinance takes advantage of the equity you’ve built over time and gives you cash in exchange for taking on a larger mortgage.
Cash-in Refinancing – Unlike cash-out refinancing, with a cash-in refinancing, the borrower uses cash for a new mortgage with a lower loan balance than the initial loan. Cash-in mortgages may result in a lower mortgage loan rate, a shorter term, or both.
The only person who can decide whether a mortgage refinance, either with traditional or private lenders is a good idea, is you. And no matter how low mortgage rates might be, your situation (not the market) should be the main factor in whether or not you refinance.
To be sure that you are making the right choice for you and your family, it’s wise to discuss with a professional mortgage broker who can advise you on your decision. Choose someone who you can trust and from whom you can be sure that you are getting an unbiased answer.
Instead of refinancing your mortgage, if your income got impacted by COVID-19 and you own a property, a private lender can help you consolidate debt and increase cash flow by simply accessing the equity you have saved up in your house. The amount you can borrow is based solely on the amount of equity you have in your home, and doesn’t take into account your income or credit score as in the case of banks.
Our lenders have no restrictions on how you might use your mortgage, so whether you want to pay off a loan, your credit card debt or even make home renovations, that’s up to you! One more thing you should consider in favour of taking a home equity loan instead of refinancing your mortgage is the IRD penalty. Interest Rate Differential or IRD Penalty is a penalty you would need to pay for breaking your obligations with the bank. When working with A-Lenders, a fixed mortgage term will not allow you to make any changes like paying out or refinancing during your term. Penalties can be quite large in these types of situations, which makes working with B-lenders more desirable.
When working with the best lenders in Canada, second mortgages are just as easy to get as the first one, and they are a great alternative to a mortgage refinance. A second mortgage is a new loan you can take, based solely on the same home ownership title, which allows you to refinance up to 70% of your home’s value. As in the case of home equity loans, a second mortgage can free up money for your working capital, can give you more cash flow during the coronavirus crisis, or can assist you with payments over the term of your mortgage. It is a great tool too for repairing your credit.
A bridge financing loan allows you to access the equity in your current home for buying a new property. Banks do offer bridge financing, but your primary home must be sold and closing generally must take place 30 to 45 days after completing. When you apply for bridge financing through us, you can take all the time you need. Moving out from your old house before taking possession of your new one will not need to be a reason to stress anymore, and you can even have money leftover for renovations and buying furniture.
Looking to consolidate debt into one low payment? With the equity you own in your home it’s easy to do that too. As the debt is secured against your ownership in the property, our lenders can offer you attractive low interest rates that you can choose to pay at your own pace.
Getting a refinance on your mortgage won’t have any negative impact on your credit. It’s true that taking on a new loan will typically cause your credit score to dip. But since refinancing replaces an existing mortgage with another one of roughly the same amount, the impact on the borrower’s credit score is usually minimal. When the refinance is finalized, your new loan amount will appear on your credit report, and your payments toward it will be tracked. Your original mortgage will remain on your credit report as well, marked as “closed in good standing”.
Whether you are looking to tap into your home’s equity, cut monthly costs, or reduce interest rate, by choosing to refinance your mortgage you can do all of that — and more. But how difficult is it to replace the previous mortgage you have with a new one? And how can you make sure that lenders in BC will give you the best possible deal?
If you want to find out whether you are eligible for a mortgage refinance, and if you are ready to get the best possible rate in British Columbia, the following recommendations will prove valuable.
Lenders offer the best rates to borrowers who have good credit scores, a low debt-to-income ratio and a track record of paying their bills on time.
Mortgages can take up a large chunk of your monthly outgoings if you don’t get the best deal. That’s why mortgage brokers are well worth talking to when you want to refinance your mortgage. When shopping for refinancing deals, an experienced and competent mortgage broker can help you find the best terms and rates. Thanks to the special relation they have with both traditional and b-lenders, created mostly by the volume of business they generate, brokers may also be able to get special rates that might be lower than you can get on your own.
Your broker may also save you legwork from the hours and days it would take you to apply for different loans. There is also the back and forth communication involved in these applications ensuring the process is on track. However, mortgage broker advice saves the hassle of dealing with these details, by communicating with the lenders on your behalf.
Home loans vary from lender to lender, and no lender will offer low rates to everyone who wants to refinance their mortgage. Your mortgage broker can help you find the most beneficial refinance for your situation by narrowing down the lenders list and getting quotes from them for the same type of loan. It should also advise you on working with lenders that other than a low interest rate can also offer you low closing costs, a strong track record and delivering on any promises, and great customer service.
The first stop on your way to refinance a mortgage is generally the current bank you are with. This may become difficult depending on what institution you use in Canada. Banks are required to underwrite mortgages on B20 risk guidelines. These guidelines require credit & debt servicing ratios along with a qualifying rate which can disqualify borrowers that may have qualified a year ago.
If you are close to renewal of your 1st mortgage and have bad credit a B-Lender has products enabling home owners to consolidate debts with lower credit scores and income types. Rates are higher than conventional mortgage lenders like banks but where banks fall short B-Lenders fill a gap. Generally, B-Lenders are used for shorter terms like 2 or 3 years.
Home equity lenders allow homeowners with enough home equity to refinance their mortgage with bad credit. Equity lenders provide 1st, 2nd & 3rd mortgages to homeowners in BC regardless of their credit rating. Home equity loans in some cases can be a cheaper alternative than refinancing your entire mortgage.
Home equity lenders offer Second Mortgages, and, in most circumstances, this is a far cheaper alternative than refinancing a bad credit mortgage as a 1st Mortgage.
When holding a 1st mortgage you have qualified for this mortgage at a great rate. In a market where rates are going up it is usually better to hold most of the mortgage at the best rate possible and obtain a 2nd mortgage to consolidate all the bad credit & other debts.
The use of a blended rate calculator can help you determine savings.
Our Mortgage Products
Our private lenders will offer you the best loan deals. Get approved based on your home equity, not your income, capital or credit score.
Read MoreFor the self employed, mortgage funding may be hard to come by. Browse our stated income mortgages and get approved fast.
Read MoreB-Lenders are mortgage funds with rates between banks & private lenders. Get approved for a B-Lender loan today.
Read MoreBuying a new home before selling your current one? A bridge mortgage loan may be right for you.
Read MoreIf you are looking to get a mortgage with bad credit, you are in luck. Apply for a mortgage today.
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jeff was a great help to us finding cash equity financing. would highly recommend him . thank you jeff
I couldn't be more impressed with the service provided by Jeff. From the get-go, he was incredibly responsive to all my emails, often replying within minutes. His ability to understand... read more my situation and making things work was nothing short of amazing. He managed to get everything done in such a short time. If you're looking for a mortgage broker who delivers with unmatched speed and professionalism, look no further. Highly recommended! Thanks for your help, Jeff!
I am very grateful for Jeff’s help. He has a very kind approach, he was incredibly organized and professional, and worked very fast. I would definitely recommend Jeff to anyone... read more seeking a mortgage.
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Among highly admirable qualities, what I like best about Jeff is his honesty / transparency. He was able to guide, inform, encourage and gave me insights that lead to... read more a decision I made with confidence and comfort. No financial decision should leave you feeling abused… and Jeff is the antidote to the stress this type of decision can create. I have no Earthly idea why anyone would go elsewhere. Thank you so sincerely, Jeff!
Jeff worked hard at helping me out when it seemed like nobody else could help. He was personable knew exactly what I needed at the time. I look forward to... read more working with Jeff again in the future
It was a truly professional experience and thank-you Jeff Di Lorenzo for processing our Mortgage. We will recommend you to friends & family so you can help others processing... read more their mortgage renewals "like you did for us" and they can gain insight and trust in your online platform.
Wonderful experience working with Jeff! Jeff offered great insight into the different types of mortgage products available and provided me with an excellent recommendation on a suitable solution. ... read more Highly recommended to all!
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You can only give 5 stars or I would have given more!! Found Jeff while searching for someone that could help Michelle and I get some much needed repairs done... read more on our home, while not having great credit. Jeff was able to help us refinance so we can do the necessary repairs and get us back on the right track financially, a bonus I might add. Jeff has gone above and beyond to make this process comfortable, less stressful while working tirelessly it felt. You can feel the passion Jeff has in helping people like ourselves. We cant thank him enough. Much appreciation Chad and Michelle
My experience with Jeff Di Lorenzo was one characterized as professional, personable and results oriented. Jeff worked diligently with all parties to ensure a timely, satisfactory outcome.
Beyond amazing! Helped me land a lender in a very difficult spot. Very professional and presented me with all the options and which was best for me. Will be working... read more with him again.
We have refinanced and renewed multiple properties with Jeff. He is professional, diligent and on top of everything. He has accumulated a wealth of knowledge through all avenues of mortgages... read more and lending and it shows. He is your go to guy for all aspects of lending.
It was obvious from the get go that Jeff had a ton of knowledge and experience just from the answers he gave to all my questions but more importantly Jeff... read more gives it to you straight so I knew where I stood each step of the way. He tells you what to expect and communication is quick. You're not waiting days to find out how things are progressing. Negotiating and securing a loan is stressful but dealing with Jeff allowed me to make informed decisions and finally get through the process. Everything worked out basically the way he said it would.
Jeff and Penny are wonderful professionals to deal with. They are efficient, reply your inquiries promptly and very knowledgeable as well transparent. They are very professional and follow up with... read more the customers. Thank you Jeff and we are very pleased to have you as our advisor to help us out when we really need. I definitely recommend you to my families and friends. Big 5 stars service.
Jeff was the most professional and helpful broker I have worked with. He explained everything in detail and updated me every step of the way. If you are looking... read more for private lender because conventional lenders won’t approve your mortgage, Jeff is the person that will make it happen.
I submitted my online application Feb 23, and I got response right that day. Jeff has done a great, fast and efficient job in helping my family with our home... read more equity loan. He gives details and clear instructions and answer all your questions quickly and the process is straight forward. We are happy we got the check on March 28, the little delays in between and along the process were on our side as we were a bit slow in providing the necessary documents otherwise Jeff is very quick all the way. And what I love with this guy is he is very professional in dealing with his clients. I highly recommend to anyone seeking for excellent service like his. Thank you very much Jeff. All the best for your family and your business.
3 words Honest, experienced and professional! Jeff was able to present a great lending option to me, further educating me about Mortgages !
I recently had the pleasure of finding Jeff Di Lorenzo on a simple internet search. I was seeking a private lender for a equity loan on my home. I found... read more Jeff to be very personable and he Instantly understood my wants and acted immediately. Jeff was super prompt answering any questions or concerns I had. He made the process swift and pleasant! I would highly recommend Jeff to anyone seeking a loan or mortgage. Tanilia Robertson
Cold emailed Jeff with a question and was impressed with his answer and will reach out to him if we need support with our mortgage. Wow! Great service.
Our experience with Jeff was solid - he worked with us to get the financing we needed on an investment property and put us on the path we needed to... read more be to make our dreams happen. He was professional and understanding. Highly recommend.
Excellent professional service. Quick results. Secured a first mortgage for us in record time., would highly recommend.
Had just an amazing experience with Jeff. Very professional, informative, helpful and promt, Even responded to my emails while on vacation. The process was very quick smooth and easy. I... read more would definitely look to Jeff for future loans again and would highly recommend him to all my family and friends! Thanks again Jeff!
Jeff is a great guy! Always professional and responds quickly with all the information that I need. I very highly recommend for any mortgage needs you might have. ... read more Thanks again Jeff!
I found Jeff through Google while researching home equity loans and he replied to my inquiry that was sent on Sunday night by calling me first thing Monday morning and... read more discussed various options and whether they are suitable for my needs. From that point onwards, he was prompt, responsive, and was available to answer any questions I have. He gave me all the details I need to ensure my application was completed as soon as possible, and made sure I get all the necessary documents and appraisals completed before they were needed, which made the application process quick and smooth. I am very pleased with his service and would not hesitate using him again in the future, and I will definitely be recommending him to my friends and family. Thank you very much for all your help, Jeff! 🙂
Jeff went above and beyond to help me get out of my current situation . I found him by chance and I sure am lucky I did! Thank you... read more Jeff for everything you've done for me! I would recommend you to anyone ! Thanks again and keep up the great work!
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Jeff was very supportive, and knowledgeable about helping me get a mortgage. Jeff communicated clearly and professionally, and was very easy to talk to. He responded promptly to... read more all communication and made sure I clearly understood every step of the process. I highly recommend Jeff as a mortgage broker.
Jeff is highly personable and informative. He tells you the facts, what your options are, and helps you make the best decision for your circumstances. He has given me honest... read more advice, and been helpful even when I chose not to use his service. He was not biased either way. I know it's there if I need it in the future. I trust his advice.
Jeff is highly personable and informative. He tells you the facts, what your options are, and helps you make the best decision for your circumstances. He has given me honest... read more advice, and been helpful even when I chose not to use his service. He was not biased either way. I know it's there if I need it in the future. I trust his advice.
Jeff was great to deal with! I was needing better options asap, and Jeff was able to help me out very quickly and effectively. He's also very personable and knowledgeable,... read more and a delight to work with. Thanks Jeff!
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Speaking as a fellow mortgage broker, I cannot speak more highly of Jeff Di Lorenzo's expertise in the field. Knowledgeable, fast, friendly and efficient, Jeff goes to bat for clients... read more in even the most difficult financial circumstances. You and your family would be doing yourself a great favour to bring Jeff on board to get the job done quickly and to your utmost satisfaction.
Jeff, thank you so very much for working with my wife Nadia and I in securing financing in an epic purchase situation, an opportunity of a lifetime that would have... read more otherwise slipped through our fingers. I hope anyone reading our review will seriously consider seeking the professional assistance of Jeff Di Lorenzo for all your equity and loan needs. We could praise Jeff repeatedly but it wouldn’t be enough. Jeff has twice assisted us in pursuing our dreams. Even in the 11th hour, Jeff pulled out all the stops to get our deal done - something that was far and above anything I would have hoped for or expected. When an unexpected complication arose, Jeff did what he needed to do with ease and grace which made everything get back on track to completion. I will always appreciate Jeff’s professionalism, expertise, knowledge and resourcefulness. I know that the banks would have happily let our dreams die on the vine but Jeff was our first stop this time around for options - based on positive experience of his helping us previously. I implicitly trust Jeff, and although we have only known Jeff on a professional basis, I can say with confidence that he is simply the best. If what you’re needing financially can be done, Jeff will be able to help you do it! Thanks again Jeff!!!
Jeff is a great guy! Always professional and responds quickly with all the information that I need. I very highly recommend for any mortgage needs you might have. ... read more Thanks again Jeff!
I have been a client of Jeff's for several years now and highly recommend using him for your mortgage needs. He is knowledgeable, efficient, friendly, and professional. Jeff has... read more helped me find the mortgage that is best suited to me. Give him a call, and find out how he can help you.
Jeff is very fast and efficient. There are many products that banks won't offer you for not much more. Just make sure you include all parties: lawyers, accountants and... read more Jeff I'm all conversations so you're all the same page because it's the government that may slow you down.
Working with Jeff was a very positive experience. He is professional, courteous and super fast at responding to any questions or concerns. I would definitely recommend his services to... read more anyone looking for a mortgage broker they can trust.
Jeff is wonderful to work with. He is always responsive and possess great ability to secure the best deal for your situation.
He was efficient. He was friendly - actually he's quite a cool guy. It all happened the way he said it would go down - integrity and know-how.... read more It's a YES from me. Update: Taking equity out of my home not once, but twice, after a lifestyle of living frugally, doubling down on mortgage payments and paying credit cards off in full every month was quite a blow to my self esteem and ego. With Jeff being so professional, quick, thorough, and somewhat funny, it was easy to let anxiety and shame give way to gratitude for the relief that has allowed me the time and resources I needed to focus in on and adequately address what life was trying to show me. If you resonate with integrity, honesty and easy going vibes with professional results, Jeff's the one you want. Thank you Jeff!
Jeff was fantastic to work with, and we highly recommend him.
Just a note of thanks for the exceptional service you provided to us on our recent mortgage refinancing. We have worked with Jeff for many years, and we are extremely... read more impressed with the fast, efficient, and professional way he handles our requests. We certainly do recommend contacting Jeff to anyone who might be shopping around for mortgage financing. It’s very reassuring to know that we can contact Jeff because he always makes mortgage financing simple and easy. Thank you, Jeff. Ken & Gaye
I have worked with Jeff for many years with my mortgage. We went from having to use alternate lenders to getting approved at a major bank with his help.... read more He's very professional and easy to work with
I have had the pleasure of working with Jeff Di Lorenzo as my mortgage broker and have found him to be very capable and knowledgeable, a professional in every way... read more Not only is Jeff an excellent broker, he is personable and sincere, qualities I think make all the difference in business. If you are looking for a really great broker who's easy to work with, I would gladly recommend Jeff Di Lorenzo!
Thanks very much Jeff. You helped us through a challenging process to get the best possible equity offer - which saved us costs and put us in a stronger... read more position to complete the loan on better terms that uniquely benefited our family. I hope everything will work out with finalizing our loan but even if something comes up that prevents completion, I feel you did your utmost to help represent our best interests. I look forward to working with you again when our mortgage is up for renewal next year. Thank you! Jonathan
Jeff helped me out a few years ago when we were in a little financial difficulty and he gave us a way out and still own our home. He was... read more fast and efficient. My husband and I came back after rebuilding our credit and he has now proven how he can get you back to a "A" Lender in the least stressful, fast and efficient way. He was available to answer any questions and help us along this process even after 5pm and I really appreciate everything he did for my husband and myself. Thanks for everything!!!
Jeff not only solved all my equity loan issues, he was able to do so quickly, as well as at great terms & rate. Throughout the entire process he... read more was a pleasure to work with, taking the time to be kind and to make sure he understood all details so he could find the solution that best fit my circumstances. Once he had several options, he felt the least expensive would be the best fit and, upon review, I agreed. This is someone you can trust to fight for your best interests and never try to upsell to his own advantage. Jeff did more for me than my bank could. Reny Auger
Thanks for making this very easy and helpful Jeff is very good at what he does keep up the good work 5 star sevice 10 star guy thanks jeff
My parents needed fast financing to close on a very profitable business opportunity. Jeff put together a private 1st & 2nd home equity loan in just a few days. He... read more was very knowledgeable and kept us up to date throughout the process. I would recommend his services to anyone that needs quality home equity loan at a great rate.
We have worked with Jeff on all our mortgage requirements, he always does the best for us and we have ultimate faith in his ability and knowledge. Would... read more highly recommend him
I have had the pleasure of working with Jeff Di Lorenzo as my mortgage broker and have found him to be very capable and knowledgeable, a professional in every way... read more Not only is Jeff an excellent broker, he is personable and sincere, qualities I think make all the difference in business. If you are looking for a really great broker who's easy to work with, I would gladly recommend Jeff Di Lorenzo!
Jeff is extremely helpful, responsive and transparent in his approach to assisting you with your financial needs. He was always willing to answer question and would present concepts and situations... read more in varied ways until I fully understood. I would have no hesitation recommending Jeff to my friends and family.
I had done the typical thing and approached Alpine Credits and Capital Direct. Both provided approval relatively quickly and I thought the fees associated with the product was "normal". Thank... read more god I checked in with Jeff at The Mortgage Group. He not only saved me thousands of dollars right off the bat, I've got a plan to refinance in 12 months and will continue to benefit financially from Jeff's guidance. I used to believe that some things were to good to be true. How could a single broker, Jeff Di Lorenzo, save me more than the big business? Well he did, and I'm a believer. Thanks Jeff, I look forward to working with you for all of our future mortgage needs.
Worked with Steve Nipius now on my mortgage application, and boy did he ever go many extra miles for me. As a small business owner myself, I really appreciate... read more when another business takes a couple hours out of their busy day to answer all my questions. I sent him like 30 questions, not your usual 5 or 6, and he responded within 24 hours thoroughly and understandably Highly suggested. Had a MUCH better feel with this business than the chartered banks, who kind of seem too big to care about you
Excellent service and excellent advice
With Jeff's professionalism, we got the loan we needed in no time. He was prompt, informative and helpful. I would recommend him to my friends who would be needing... read more help with loans.
I have had the pleasure of working with Jeff twice now and my experience has been nothing short of exceptional. Unlike other brokers/banks, Jeff took a genuine interest in... read more my financial situation and provided unbiased advise even when the best option was potentially with someone else. Jeff has come through when I have needed his help the most and I highly recommend him. Please feel free to contact me with any questions.
I have had the pleasure of working with Jeff Di Lorenzo as my mortgage broker and have found him to be very capable and knowledgeable, a professional in every way... read more Not only is Jeff an excellent broker, he is personable and sincere, qualities I think make all the difference in business. If you are looking for a really great broker who's easy to work with, I would gladly recommend Jeff Di Lorenzo!
Jeff is extremely helpful, responsive and transparent in his approach to assisting you with your financial needs. He was always willing to answer question and would present concepts and situations... read more in varied ways until I fully understood. I would have no hesitation recommending Jeff to my friends and family.
I had done the typical thing and approached Alpine Credits and Capital Direct. Both provided approval relatively quickly and I thought the fees associated with the product was "normal". Thank... read more god I checked in with Jeff at The Mortgage Group. He not only saved me thousands of dollars right off the bat, I've got a plan to refinance in 12 months and will continue to benefit financially from Jeff's guidance. I used to believe that some things were to good to be true. How could a single broker, Jeff Di Lorenzo, save me more than the big business? Well he did, and I'm a believer. Thanks Jeff, I look forward to working with you for all of our future mortgage needs.
Worked with Steve Nipius now on my mortgage application, and boy did he ever go many extra miles for me. As a small business owner myself, I really appreciate... read more when another business takes a couple hours out of their busy day to answer all my questions. I sent him like 30 questions, not your usual 5 or 6, and he responded within 24 hours thoroughly and understandably Highly suggested. Had a MUCH better feel with this business than the chartered banks, who kind of seem too big to care about you
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