Are you looking for a mortgage broker to help you refinance your home loan in Ontario or British Columbia? In 2020, there were 551,392 housing units sold throughout Canada – an increase of 12.6 percent over the previous year!
Buying a home or choosing to refinance an existing loan is a major life decision. It is important to find the best mortgage broker for your big choice. A mortgage broker will help you with paperwork and find the most competitive rates.
Check out this Edison Financial Review to decide if Edison Financial is the best broker for you!
Edison Financial was established in 2017 with one goal in mind. Founder Hash Aboulhosn aspired to transform the mortgage broker industry in Canada to make life better for clients and brokers!
Based in Windsor, Ontario, Edison’s employees have lots of experience in the mortgage industry in Canada. They work alongside Lendesk Technologies to give customers a range of financing options.
Rock Holdings is the parent company of Lendesk Technologies and Rocket. If you aren’t familiar with Quicken Loans, it is the largest mortgage lender in the United States!
The industry knowledge and Lendesk Technologies’ programs help set Edison apart from the competition.
The Pros and Cons
Edison Financial Canada has built its reputation on meeting customer needs. They also provide efficient service to close deals faster. Here’s a closer look at some of the pros and cons of picking a mortgage broker like Edison Financial:
Pro: Access to Wide Range of Options
Don’t overlook the importance of a broker’s use of technology when trying to pick the one for you. Edison’s partnership with Lendesk gives it access to the largest home loan database in Canada. This allows Edison Financial to cast a large net to find the best rate for your loan.
Pro: The Depth of Industry Knowledge
Aboulhosn founded Edison in 2017 and developed his business around knowledge and experience. He worked with Lendesk to establish a relationship to help Edison’s customers later.
Today, Edison’s clients receive the benefit of working with Edison’s team of professionals. This group has decades of experience in the Canadian housing market. They also have access to Lendesk’s systems to give you lots of financing options.
Pro: Ease of Shopping for a Mortgage
Edison has direct access to over 50 lenders with no hidden fees and low rates. With this type of access, they can pass on savings to their clients with rate buydowns and cash rebates. Further, unlike a traditional bank, Edison works with alternative lenders who may have a solution for each consumer.
Pro: Technology First Approach
Edison is backed by Rocket Mortgage, the largest lender in the US. This gives Edison the ability to offer a completely digital mortgage experience.
Pro: Excellent Customer Service
Edison boasts a 4.9 star service rating and pride themselves on putting people first from initial call to close. Edison provides each client with a dedicated agent and closing specialist to help every step of the way.
Review of Edison Financial: Mortgage Broker
Con: Limited Geographic Scope
Edison Financial’s limited geographic scope means they don’t serve all the provinces across Canada. If you are looking to refinance your mortgage outside of Ontario or British Columbia, you’ll need to look elsewhere for these services.
Although Edison Financial is limited to serving two provinces at this time, they may expand across Canada in the future.
Is Edison Financial Right For You?
Your decision to pick Edison Financial comes down to whether they are the right ones for your needs. One of the things setting Edison apart from others is they work with clients that don’t check all the boxes on paper.
Are you concerned about some of your credit history? You may not get approval for your loan through traditional banks. The representatives at Edison Financial look for ways to say “yes” to working with you!
Edison Financial is best for homeowners and buyers in Ontario and British Columbia. Especially those that may not have the best track record with creditors.
Edison Financial Review: Choosing Edison Financial for Your Lending Needs
An Edison Financial review is not complete unless it tells you why Edison Financial may be right or wrong for you.
There are other mortgage brokers that have been in business longer than Edison. Don’t let that steer you away from taking a serious look at them for your business.
Are you looking for other great ways to lower your costs for owning a home in Canada? Check out our blog section for tips and tricks to use during the home buying process!