Can Edison provide me with a mortgage to buy my home?
Yes, Edison can help you get the financing you need to buy your new home.
What is a Home Equity Loan?
Very simply, your home is an asset and to the extent that asset has a value beyond your current mortgage then you have equity in your home. A home equity loan allows you to access that equity without having to sell your home, and is secured by a mortgage.
How do I calculate the equity in my home?
You can calculate the equity in your home by subtracting any outstanding mortgage amount from the value of your home. If you don’t know the value of your home you could start with your latest tax assessment or speak with one of our agents.
Where can I get my credit score?
Edison uses Equifax to retrieve your credit score. You can check your own credit score by going to this link.
What can a home equity loan be used for?
Whatever you like! Most people use home equity loans to consolidate more expensive debt, buy a second property, renovate their kitchen or make other investments.
What is a second mortgage?
A second mortgage is a mortgage that ranks behind another mortgage. For example, you might have a bank mortgage on your home and wish to take out a home equity loan but you do not qualify for that home equity loan with your bank. In that scenario, the first mortgage is the bank mortgage and the second mortgage is the home equity loan. Edison is a provider of both first and second mortgages.
Why is it harder for a self-employed person to get a bank loan?
Banks like to give mortgages to borrowers with a steady job, a boss and a regular pay cheque. Not everyone has that though, and people who are self-employed fall into that category. Rather than look at the self-employed person’s situation to see that they actually have a good income, banks would rather just say no. Edison takes the time to review a self-employed persons income sources in order to give a loan when a bank won’t.
What if I have a high debt load?
Edison doesn’t stick to hard and fast rules about debt ratios. Instead, our agents are empowered to evaluate each borrower’s unique situation in order to come up with a funding solution.