What is a private lender?
Private lenders is a term used for lenders that, generally, are not banks or credit unions. Private lenders fill a need in the market by providing loans to people that fall short of a strict bank or credit union guidelines.
What are the main differences between private lenders and traditional lenders?
Traditional lenders must follow strict lending criteria set by regulators, whereas private lenders can lend according to their own investment criteria. Rates with private lenders are generally higher than with traditional lenders.
Is it true that a private mortgage is riskier than a bank mortgage?
For a borrower, the risk is no different between a private lender like Edison and a traditional lender like a bank. Edison’s mortgage terms are generally in line with what you will see with a traditional lender, just at a higher rate.
Why should I trust Edison?
Edison’s goal as a lender is to be up front and honest with its borrowers, which is why we chose the slogan “Trusted”. We strive to be transparent with our borrowers, so what you see if what you get. No hidden fees. No surprises.
I keep reading news about new mortgage rules. Will those new rules affect my mortgage?
The new mortgage rules do not apply to Edison, so if you have or are thinking about an Edison mortgage then you will not be affected.