Mortgage Basics
21 articles
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.
Read More
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!
Read More
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.
Read More
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.
Read More
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.
Read More
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!
Read More
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.
Read More
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!
Read More
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.
Read More
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.
Read More
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?
Read More
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?
Read More
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.
Read More
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.
Read More
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.
Read More
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.
Read More
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.
Read More
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.
Read More
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.
Read More
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.
Read More
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.
Read More