Mortgage Basics Archives - Edison Financial ULC

Paying Property Taxes With Your Mortgage

Mortgage Basics - 3-Minute Read

Edison Financial

You can pay property taxes directly or through your mortgage, but which is the best option?

Mortgage Rate Lock

Mortgage Basics - 3-Minute Read

Edison Financial

Secure your rate with a mortgage rate lock. Locking your mortgage rate brings more certainty to your monthly payment as you approach closing.

Home Equity Loan

Mortgage Basics - 2-Minute Read

Edison Financial

If you’re a homeowner, accessing your home’s equity can be a smart way to borrow money if you’re in need of extra cash. Take some time to learn more about how home equity loans work and if they might be a good fit for your personal financial situation.

Millennials And Housing

Mortgage Basics - 3-Minute Read

Edison Financial

The current housing market is creating challenges for millennials to become homeowners.

Mortgage Life Insurance

Mortgage Basics - 3-Minute Read

Edison Financial

A mortgage life insurance policy can help lessen financial strain if anything ever happens to you.

Mortgage Amortization Calculator

Mortgage Basics - 3-Minute Read

Edison Financial

View your monthly payment breakdown with our mortgage amortization calculator.

How To Get A Name Off A Mortgage

Mortgage Basics - 3-Minute Read

Edison Financial

Whether you’re selling a rental home to a tenant, or selling to a family member, read our latest guide to learn about the process involved in how to get a name off a mortgage.

How To Pay Off Your Mortgage Faster In Canada

Mortgage Basics - 3-Minute Read

Edison Financial

Wondering if it’s possible to pay off your mortgage early? Read our latest article to learn how to pay it off faster and everything you should know before doing so.

What Is The Mortgage Stress Test In Canada?

Mortgage Basics - 3-Minute Read

Edison Financial

If you’re getting a mortgage, you may be impacted by Canada’s mortgage stress test. Read our latest article to learn what it is, how it works, and why it was created.

Shopping For The Best Mortgage Rate: What To Consider

Mortgage Basics - 4-Minute Read

Edison Financial

While it’s enticing to look for the lowest possible mortgage rate, there are other factors to consider before choosing your lender. Read our latest article to learn more.

Everything You Need To Know About Closing Costs: A Complete Guide

Mortgage Basics - 4-Minute Read

Edison Financial

Closing costs are always included when purchasing a house. Read our complete guide to learn about common closing costs, what they are, and other things to consider during the home sale.

What Is Mortgage Amortization?

Mortgage Basics - 3-Minute Read

Edison Financial

Learn more about mortgage amortization, what it is, and how it works in Canada.

What Does A Real Estate Agent Do?

Mortgage Basics - 3-Minute Read

Edison Financial

Real estate agents play a vital role when buying or selling a home. Read our latest article to learn more about what they do and why you should use one.

How To Get A Mortgage After Starting Your New Job

Mortgage Basics - 3-Minute Read

Edison Financial

You may be wondering how to get a mortgage after starting your new job or career. Read our latest article on what you need to know before applying.

Borrowing Against Home Equity In Canada: How It Works

Mortgage Basics - 3-Minute Read

Edison Financial

Wondering if you can borrow against your home equity? Read our latest article to learn how it works and what you need to know about home equity.

How To Get A Second Mortgage In Canada

Mortgage Basics - 3-Minute Read

Edison Financial

Looking to get a second mortgage in Canada? Read our latest guide to learn more about the process and requirements.

What Does Mortgage Foreclosure Mean In Canada?

Mortgage Basics - 3-Minute Read

Edison Financial

Wondering what foreclosure means for your home in Canada? Read our latest article to learn more.

What Is A Reverse Mortgage?

Mortgage Basics - 3-Minute Read

Edison Financial

Learn more about reverse mortgages in Canada, how they work, and if they’re the right fit for you.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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?

What Credit Score Do I Need To Qualify For A Mortgage In Canada?

Mortgage Basics - 3-Minute Read

Edison Financial

Wondering what credit score you need to qualify for a mortgage in Canada? Read our latest article to learn about credit requirements in 2022 and getting the right home loan for you.

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.

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.

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.

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.

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!

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.

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.

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.

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!

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.

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!

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.

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.

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?

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?

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.

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.

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.

Ready to get started and find out your rate?