Why am I paying a lender fee?
When Edison brokers a deal on your behalf, part of the rate being earned by the lender is the coupon rate (ie. the percentage of interest being paid by you on the balance) plus an upfront lender fee. That upfront lender fee is part of how the lender makes its money, particularly if you decide to pay out your mortgage before the end of the term.
Why am I paying a broker fee?
Edison will work with you to help you find a private mortgage. A broker fee is charged for the work that Edison does in placing your mortgage. Put simply, the broker fee is how Edison makes its money.
What other fees can I expect to pay?
At Edison we strive to be as honest and transparent as possible. There are no hidden fees.
Typically you will see a lender fee, a broker fee and an appraisal fee. However, all transactions are unique and fees can vary from loan to loan. But don’t worry – you will see exactly what fees will apply to your loan and you can decide at that time whether you want to proceed with an Edison home equity loan or not.