Mortgage Basics
37 articles
Home Equity Line Of Credit (HELOC) Guide: What You Need To Know
Mortgage Basics - 3-Minute Read
Edison Financial
Read our latest guide to learn more about home equity lines of credit, how they work, and requirements.
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Buying A House Without My Spouse: Your Questions Answered
Mortgage Basics - 2-Minute Read
Edison Financial
Wondering if it’s possible to buy a house without your spouse? Read our latest guide to learn what this process looks like in Canada.
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Fixed Vs. Variable Mortgage Rates – What’s The Difference?
Mortgage Basics - 4-Minute Read
Edison Financial
Wondering what the difference is between fixed vs. variable mortgage rates? Read our latest guide to learn more.
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Self-Employed Mortgage In Canada: Qualifications And Requirements
Mortgage Basics - 5-Minute Read
Edison Financial
Looking to get qualified for a mortgage, but you’re self-employed? Read our latest guide to learn more about what qualifications lenders look for in Canada.
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APR Vs. Interest Rate: What’s The Difference?
Mortgage Basics - 3-Minute Read
Edison Financial
The differences between APR vs. Interest Rates can be confusing. Read our latest guide to learn about these two different types of rates.
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9 Tips To Get A High Value Home Appraisal
Mortgage Basics - 3-Minute Read
Edison Financial
Read our latest guide for 9 tips on increasing the value of your home appraisal.
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Mortgage Financing Options For Seniors
Mortgage Basics - 3-Minute Read
Edison Financial
If you’re a homeowner over the age of 55, there are different mortgage financing options available to you that we explore in our latest article.
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What Is Debt-To-Income Ratio?
Mortgage Basics - 4-Minute Read
Edison Financial
Debt-to-income ratio is important when it comes to the borrowing process, whether you’re buying a new car or home. Learn more about what it is in our latest article.
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Mortgage Default Insurance: What Is It And How It Works
Mortgage Basics - 3-Minute Read
Edison Financial
Are you buying a home with less than a 20% down payment? You’ll need to pay for mortgage default insurance. Read our latest article to learn more.
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How To Get The Best Mortgage Rate In Canada
Mortgage Basics - 4-Minute Read
Edison Financial
Looking to get the best mortgage rate when buying a home? Read our latest guide on how to get the best mortgage rate.
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Intro To Home Loans: Different Types Of Mortgages In Canada
Mortgage Basics - 5-Minute Read
Edison Financial
Looking to purchase a home, but aren’t sure what type of mortgage to get? Read our guide to learn about which home loan is the best option for you.
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Preapproval Vs. Prequalification: What’s The Difference?
Mortgage Basics - 3-Minute Read
Edison Financial
How familiar are you with these two steps in the mortgage process and the roles they each play in the bigger picture?
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The Millennial Mortgage Perspective
Mortgage Basics - 3-Minute Read
Edison Financial
Millennials have faced historically different challenges when it comes to building wealth than previous generations have.
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What NOT To Do When Applying For A Mortgage
Mortgage Basics - 3-Minute Read
Edison Financial
When you’re applying for a mortgage, avoid doing these three things which could put your application and your ability to acquire your future dream home at risk.
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Bank vs. Mortgage Broker: Which One Is Right For Me?
Mortgage Basics - 3-Minute Read
Edison Financial
When it comes to making decisions about your mortgage, you’ll find you have more options than you think. There are a lot of questions you’ll have to ask yourself as you move through the process of buying a home and qualifying for a mortgage.
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What Is A Monoline (Or Wholesale) Lender?
Mortgage Basics - 4-Minute Read
Edison Financial
There are plenty of vendors available that will help finance your home, each with unique terms and conditions. what the bank gives you.
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Collateral Vs Standard Charge Mortgages
Mortgage Basics - 4-Minute Read
Edison Financial
Curious about what a collateral charge mortgage is and why it’s different from a standard charge mortgage? You’re not alone!
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Benefits Of Making Biweekly Payments
Mortgage Basics - 4-Minute Read
Edison Financial
Buying a home brings with it paperwork and processes that can sometimes be stressful to navigate, and mortgages are often a major source of that stress.
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Why Are Mortgage Rates Different For Someone Else?
Mortgage Basics - 4-Minute Read
Edison Financial
One lender could have as many as seven different 5-year fixed mortgage rates each for a specific situation. This new complex system is why additional information is required before your lender can give you YOUR lowest-rate mortgage based on your unique situation.
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What Happens If I Miss A Mortgage Payment?
Mortgage Basics - 4-Minute Read
Edison Financial
Missing a payment is one mistake that can have serious consequences on your financial health.
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How Your Credit Score Affects Your Mortgage Rate
Mortgage Basics - 4-Minute Read
Edison Financial
Buying a home is most likely the largest purchase you’ll ever make and as a result, one of the most important decisions you’ll make too!
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Mortgage Pricing 101
Mortgage Basics - 4-Minute Read
Edison Financial
Understanding mortgage pricing can seem a bit daunting when you’re unfamiliar with important industry terms and can’t quite grasp how rates are created.
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How To Pay Off Your Mortgage Faster And Own Your Home Sooner
Mortgage Basics - 3-Minute Read
Edison Financial
A home is one of the most expensive things you’ll ever buy so the price tag can be a bit of a shock initially. It’s no secret that homeowners daydream about making their final payment!
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Understanding Payment Deferrals And How They Can Help During COVID-19
Mortgage Basics - 4-Minute Read
Edison Financial
While we’re all doing the best we can with the resources we have, defaulting or missing an important due date can cause serious problems down the road.
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Everything You Need To Know About Closing Costs
Mortgage Basics - 5-Minute Read
Tom Drake
They say purchasing a home is one of the more stressful experiences in life. To make things easier, it’s important to understand the steps involved in buying a home.
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What Is Loan-To-Value?
Mortgage Basics - 4-Minute Read
Tom Drake
You may have considered your credit history and your ability to repay a loan but have you considered the loan to value?
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Debt-To-Income Ratio: What You Need To Know And How To Calculate It
Mortgage Basics - 5-Minute Read
Tom Drake
Is your income sufficient to manage the monthly mortgage payment as well as your other financial obligations?
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Avoiding Barriers To Your Mortgage Closing
Mortgage Basics - 3-Minute Read
Tom Drake
Let’s take a look at a few reasons you may not be approved for a mortgage as well as some common barriers that can result in a purchase falling apart prior to closing.
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Credit Scores And Mortgage Qualification
Mortgage Basics - 5-Minute Read
Tom Drake
There are so many things to consider when purchasing a home, not the least of which is how to go about obtaining a mortgage.
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Escrow Accounts And Your Mortgage
Mortgage Basics - 3-Minute Read
Tom Drake
Let’s take a closer look at how these escrow accounts are administered and when you can expect to have one opened on your behalf.
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Mortgage Loan Documents Checklist
Mortgage Basics - 5-Minute Read
Tom Drake
There are so many details – choosing the perfect location, finding a home that meets your needs, negotiating the purchase, dealing with the entire moving process, and last, but not least, getting approved for mortgage financing.
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Open Vs. Closed Mortgages: What’s The Difference?
Mortgage Basics - 6-Minute Read
Tom Drake
When shopping for a mortgage, it’s easy to become overwhelmed by the terminology. Insured or conventional, fixed or variable, open or closed; all are terms you should have an understanding of to make the right decision.
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Requirements For A Mortgage Approval
Mortgage Basics - 6-Minute Read
Tom Drake
Buying a home can be an exciting, yet stressful time for many Canadians. Thankfully, some advanced planning can make life a lot easier. This includes an understanding of what’s required to get your mortgage approved.
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The Difference Between Fixed And Variable Rate Mortgages
Mortgage Basics - 4-Minute Read
Tom Drake
When shopping for a mortgage, one of the big decisions you’ll need to make is whether to go with a fixed or variable rate. The truth is, each one has its advantages and its drawbacks.
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What’s A Preapproval?
Mortgage Basics - 6-Minute Read
Tom Drake
They say that buying a home can be one of life’s more stressful events. It’s no time for surprises. That’s why a mortgage preapproval is so important. Not only is it the first step in the home buying process, it eliminates a lot of financial uncertainties and puts you in control of your home purchase.
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What Is Mortgage Default Insurance?
Mortgage Basics - 5-Minute Read
Tom Drake
Mortgage default insurance protects the lender from losses if the borrower stops making payments. Without this protection, the big mortgage lenders would be less willing to lend money to a large segment of the Canadian population.
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