Mortgages in Nova Scotia
made simple

Get the lowest rate in minutes

Best Mortgages in Nova Scotia

11 Results

Advertiser disclosure

Offers shown here are from third-party advertisers. We are not an agent, representative, or broker of any advertiser, and we don’t endorse or recommend any particular offer. Information is provided by the advertiser and is shown without any representation or warranty from us as to its accuracy or applicability. Each offer is subject to the advertiser’s review, approval, and terms. We receive compensation from companies whose offers are shown here, and that may impact how and where offers appear (and in what order). We don’t include all products or offers out there, but we hope what you see will give you some great options.

#1 Choice
$125,000+
Loan Amount
4.39%
Rates Starting At
  • Get low rates from get-go
  • Commission-free advisors
  • Get your mortgage fast
Pros & Cons
Extra Details
Popular
Get Rates

Smarter Loans

$50,000+
Loan Amount
4.39%
Rates Starting At
  • Bad credit welcome
  • Find the perfect mortgage
  • Fast approval
Pros & Cons
Extra Details
Best Value
$50,000+
Loan Amount
4.39%
Rates Starting At
  • Pre-approved in 5 minutes
  • For residents of Canada
  • 6 – 60 month terms
Pros & Cons
Extra Details
Get a Quote

National Bank

$50,000+
Loan Amount
5.39%
Rates Starting At
  • Get up to $3k cashback
  • Accelerated payments
  • Personalized service
Pros & Cons
Extra Details
Get Rates

Coast Capital

$50,000+
Loan Amount
5.35%
Rates Starting At
  • Get up to $1,500 when you switch
  • Get a $500 bonus toward fees
  • Advice available 24/7
Pros & Cons
Extra Details
Get Rates

Breezeful

$50,000+
Loan Amount
Varies
Rates Starting At
  • Get pre-approved
  • Online process
  • Quick application
Pros & Cons
Extra Details
Get Rates

EQ Bank

$50,000+
Loan Amount
4.55%
Rates Starting At
  • Explore the mortgage marketplace
  • Easy online process
  • Get a personalized rate
Pros & Cons
Extra Details
Get Rates

Tangerine

$50,000+
Loan Amount
5.45%
Rates Starting At
  • Great rate up front
  • Dedicated Account Manager
  • Flexible prepayment options
Pros & Cons
Extra Details
Get Rates

Homewise

$50,000+
Loan Amount
Varies
Rates Starting At
  • Shop 30+ banks & lenders
  • Save an average of $10k
  • Online application in 5 mins
Pros & Cons
Extra Details
Get Rates

Meridian

$50,000+
Loan Amount
5.95%
Rates Starting At
  • Get up to $5k cashback
  • Pay off up to 20% more each year
  • Flexible payment options
Pros & Cons
Extra Details
$50,000+
Loan Amount
4.44%
Rates Starting At
  • A simple and smart mortgage experience
  • Earn bitcoin cashback
  • Apply quick and stress-free online
Pros & Cons
Extra Details

Mortgage In Nova Scotia

You shouldn’t have any problem finding a mortgage rate that meets your needs if you do business in Nova Scotia with a mortgage lender or broker that has a solid reputation in the industry. Home mortgages may be obtained from any of the main financial institutions in Canada, including those in Nova Scotia.

Working with one of the province’s many private or monoline mortgage lenders may also provide you with the opportunity to find a mortgage solution that is better tailored to your specific requirements. It is essential to perform some rate comparison shopping for mortgages before settling on a strategy for financing a house purchase before making a decision.

If you shop around and do your homework, you may be able to get a better deal on your mortgage rate by finding a better lender.

Mortgage rates can vary greatly from one lender to the next. If the notion of shopping around and negotiating for a mortgage rate makes you uneasy, you always have the option to get in contact with a licensed mortgage broker who can handle all of the comparison shopping and negotiation on your behalf. You should get in touch with the lenders who offer mortgages that are the best fit for your particular requirements in Nova Scotia.

Nova Scotia Mortgage - Comparewise

Mortgage In Nova Scotia: Fixed Rate vs Variable

In Nova Scotia, 74% of the total number of mortgages are considered to be fixed-rate loans. This makes up the majority of mortgages in the province. The increased predictability that comes with having a fixed-rate mortgage is beneficial to homeowners.

Since the interest rate does not vary over the life of a fixed-rate mortgage loan, the monthly mortgage payments do not fluctuate over the length of the loan’s entire tenure. Your monthly payments won’t change no matter what the interest rate does since they are locked in at this level.

On the other hand, there is the possibility of obtaining a mortgage with a variable rate, which accounts for twenty percent of the total number of mortgages in Nova Scotia.

Mortgages with adjustable rates have the potential to have interest rates that are lower than loans with fixed rates; however, this is only the case given that the prime interest rate supplied by the mortgage lender stays at a low level. In the event that the prime lending rate is increased, the interest that is charged on mortgages that have variable rates will also be increased.

Open-term Mortgage vs Closed-term Mortgage in Nova Scotia

The overwhelming majority of borrowers ought to have no issue meeting the regularly scheduled dates for their mortgage payments when those days come around. On the other side, there are some people who would want to pay off their mortgage more quickly by making extra payments toward the principle of the loan.

These additional payments are referred to as prepayments on the mortgage, and the kind of mortgage term selected will determine the maximum amount of money that may be placed toward prepayments.

The maximum amount of principal that may be paid off early on a closed-term mortgage in a given year is limited to a predetermined amount. The amount that may be paid toward the principal of a mortgage each year is normally capped by the lender at somewhere between 10 and 20 percent of the total amount still owed on the loan, though the exact number might vary.

In addition, closed-term mortgages have limits on the amount of money that may be added to the monthly payment of the mortgage. A prepayment penalty will be levied to the account if any of these prepayment limits are exceeded.

Open mortgages have no prepayment constraints. You will not be subject to any penalties if, over the course of the term of your mortgage, you make extra payments toward paying off your mortgage whenever you feel it is appropriate to do so.

Mortgages with closed terms make up the vast bulk of the market in Nova Scotia. Mortgages with closed terms often have interest rates that are lower than those offered by lenders offering open terms.

Types-Of-Mortgages-In-Canada-Loweest-Rate-Comparewise

Taxes Associated with a Mortgage in Nova Scotia

There is a tax in the province of Nova Scotia that is known as the Deed Transfer Tax, and it applies to the purchase of any piece of real land. In the province of Nova Scotia, the various municipalities’ portion of the tax is collected by the Land Registration Offices on their behalf.

In the province of Nova Scotia, the tax rate is set by each individual municipality, and it is proportionate to the cost of the property that is being purchased. It is possible for the particular tax rate to range anywhere from 0.5 percent to 1.5 percent, depending on the municipality; nevertheless, it is often somewhere within that range.

You may be able to see a list online that provides specifics on the most current Deed Transfer Tax rates that are relevant to each municipality in Nova Scotia. If you are interested in purchasing real estate in the province of Nova Scotia and want to find out the most current rate that is applicable to the deed transfer tax, you should get in touch with the municipality in which the property is situated in the province.

The municipal government of Halifax, which is the most populous municipality in the province of Nova Scotia, levies a tax rate of 1.5% on the value of the property that is being purchased.

For example, if you were buying a property in Halifax with a price tag of $250,000, you would be obliged to pay a Deed Transfer Tax in the amount of $3,750 ($250,000 multiplied by 1.5%). This tax is levied on all real estate transactions in the province.

Nova Scotia’s Housing And Real Estate Markets

The number of people living in Nova Scotia, notably in Halifax, the largest city in the province, has been growing at a steady rate over the course of the last several years. Because of the constant rise in population in the area, property prices throughout the province have been improving at a pace that has been relatively stable.

The price of a house in Nova Scotia increased by 12%, from $237,000 in 2018 to $267,000 in 2020, bringing the average price of a home sold there to $267,000 in 2020. At the present time, the average price of a home in Halifax is resting at $320,000.

Homeownership rates in Nova Scotia are similar to those seen in the rest of the country, with 64 percent of families in the province owning the house in which they are now dwelling. This number is comparable to the national average.

Mortgage Brokers In Nova Scotia

In order to be eligible for a mortgage broker license in the province of Nova Scotia, a person must first be in possession of a valid mortgage broker license that has been granted by the provincial government of Nova Scotia. In addition to this, they are required to meet certain educational requirements and to collaborate with a mortgage brokerage that has been granted permission by the relevant authority.

In the province of Nova Scotia, the implementation of a revamped and updated regulatory framework for mortgage brokers is planned for the year 2021. In order to get a license as a mortgage broker, the newly established requirements are meant to take the place of the prerequisites that were previously in existence.

In addition to this, one of their objectives is to increase the level of centralization in the process of enforcing rules in the mortgage brokering industry in the province of Nova Scotia.

Perks of a Morgage in Nova Scotia

On the eastern coast of Canada is where you can find the province of Nova Scotia. With 970,000 individuals who call the province their home, it has a population that is greater than that of any of the other Atlantic provinces.

Despite having the second lowest physical area of any province in Canada, Nova Scotia has the second greatest population density of any province. This is despite the fact that the province is also the second smallest. Manufacturing accounts for the largest share of Nova Scotia’s overall GDP, while fishing and tourism are other important contributions to the province’s economy.

Manufacturing also plays a substantial role in the province’s tourist industry. Nova Scotia is one of the provinces in Canada that has one of the lowest GDPs (gross domestic product) per person. The province has a GDP per capita of around $46,000, which is much less than the average GDP per citizen in the country, which is $60,000.

Since the province brings in more things than it ships out, its economy is one that is based on imports rather than exports. It’s noteworthy to note that Nova Scotia is the world’s biggest exporter of both lobster and Christmas trees, thus this fact alone makes the province worth mentioning.

Nova Scotia Home Insurance - Comparewise

Factors affecting a Mortgage in Nova Scotia

The current condition of the economy is the key element that plays a role in determining the interest rates that are applied to mortgages. This is because the economy is the primary driver of inflation.

The interest rates that are charged on mortgage loans have a tendency to be higher while the economy is developing rapidly, but they have a tendency to become lower when the economy is expanding more slowly. You are probably interested in finding out who in Nova Scotia has the most affordable mortgage rates, aren’t you?

This question cannot be answered in a straightforward manner. The precise interest rate on a mortgage that a lender provides you is influenced by the specifics of the mortgage that you seek as well as your own personal financial history. This is true regardless of whether you are applying for a fixed-rate or adjustable-rate mortgage.

Your remaining time on your mortgage before it has to be renewed is one of the factors that go into determining the interest rate you will be charged. The duration of something is expressed in years.

Because it is easier for lenders to bet on whether or not interest rates will be higher or lower when it comes time to renew the loan, short-term loans often come with lower interest rates than longer-term loans. This is because short-term loans are repaid more quickly.

Longer-term mortgages typically come with higher interest rates, but they can provide the potential to lock in a good bargain if you believe that interest rates will significantly climb in the years to come. The amount of interest you are charged on your loan will be determined in part by how much debt you are able to service in proportion to the amount of money you bring in each month.

The ratio of one’s income to their total amount of debt is the subject being discussed here. If your ratio is lower, there is less of a chance that a lender will consider giving you credit because of the associated risk.

If you do not have any other debts, for example, a loan on a car, then naturally you will obtain a cheaper interest rate. This is because there is no competition for the loan. Because of this reality, the financial companies that provide mortgages will take into account the total of all of your obligations and compare it to your yearly income.

To restate this point, the lower your debt-service ratio, the greater the likelihood that you will be offered a more favorable interest rate.

The amount of the down payment you make on the home you purchase in Nova Scotia is another aspect that will be considered when calculating the interest rate that will be applied to your mortgage. High-ratio mortgages, which demand a down payment of 20% or less from the buyer, often have the most competitive interest rates on the market since the Canadian Mortgage and Housing Corporation provides mortgage insurance.

Your credit history and credit score are the two factors that have the most influence on the interest rate that you will be charged. The strength of both your history and your score will determine whether or not you are eligible for a rate that is greater than the current one.

Monthly Payments for a Mortgage in Nova Scotia

There is a mortgage that is considered “regular,” and then there is a mortgage that is considered “high-ratio.” In order to be eligible for a conventional mortgage, the down payment that you make on your new house must equal at least 20% of the total price of the property.

This indicates that the lender will support the mortgage without needing the borrower to provide any further guarantees in any form. If your down payment is less than 20% of the overall cost of the house, you will be needed to get a high-ratio mortgage in order to purchase the property.

Mortgage insurance is something you are obligated to purchase, and it serves as an assurance that your lender will be paid back. The fact that the premiums are included in the monthly payment that you make toward the mortgage, on the other hand, contributes to an increase in the total cost.

The interest rates on high-ratio mortgages in Nova Scotia are much higher when compared to the interest rates on ordinary mortgages. You are receiving an amazing bargain regardless of whatever option you choose, so select the one that appeals to you the most.

Best Value for a Morgage in Nova Scotia

In addition to conventional and high ratio mortgages, the province of Nova Scotia also offers mortgages with interest rates that may be either variable or fixed, depending on the borrower’s needs. If you get a mortgage in Nova Scotia with a fixed rate, the total amount of interest that you are responsible for paying will be the same for the duration of the whole term of the loan.

This is the most important component that contributes to the fact that the five-year fixed rate mortgage is the most prevalent kind of mortgage offered in Nova Scotia.

If you have a mortgage in Nova Scotia with a variable rate, your regular interest payments may change from month to month since the rates have the potential to go up or down. Mortgages with variable interest rates are often more affordable than loans with fixed interest rates, and they have the potential to save you even more money in the event that interest rates decline while you are still making payments on the mortgage.

On the other side, if the rates are raised, you may discover that you are required to pay an increased amount. A mortgage broker can assist you in weighing the benefits of each prospective course of action against the drawbacks that may be associated with each alternative.

You might also like…

Top offers this month

Get a $20 Welcome Bonus

Discover Investment Opportunities

Make your money do more.

12 Results

Advertiser disclosure

Offers shown here are from third-party advertisers. We are not an agent, representative, or broker of any advertiser, and we don’t endorse or recommend any particular offer. Information is provided by the advertiser and is shown without any representation or warranty from us as to its accuracy or applicability. Each offer is subject to the advertiser’s review, approval, and terms. We receive compensation from companies whose offers are shown here, and that may impact how and where offers appear (and in what order). We don’t include all products or offers out there, but we hope what you see will give you some great options.

Young investors can trade stocks and ETFs, all for free.
Min Investment
$0
Target Return
Varied
Get 50 Free Trades on Canada's #1 trading platforms.
Min Investment
$0
Target Return
Varied
Get $20 CAD of BTC with promo code: COMPAREWISE
Min Investment
$100
Target Return
4-7%
Earn passive income, start investing in real estate.
Min Investment
$1
Target Return
Varied
Use code KKZH8A when you sign up to get 2 free stocks
Min Investment
$1
Target Return
Varied
Get a $50 bonus when you sign up and deposit $250.
Min Investment
$50
Target Return
Varied
A new passive income asset class, peer-to-peer lending.
Min Investment
$1
Target Return
Varied
Retire up to 30% wealthier with Questwealth Portfolio.
Min Investment
$1
Target Return
Varied
Earn rewards when you buy and sell crypto on BlockFi
Min Investment
$1
Target Return
Up to 8.6%
Buying and seucring gold has never beeng more simple and affordable.
Min Investment
$1
Target Return
Varied
Get a $25 bonus when you sign up and trade.
Min Investment
$10
Target Return
Varied
Online real estate investment in one platform
Min Investment
$25,000
Target Return
9-24%

comparewise

September 20, 2022
Fact Checked

Grow your finances today.

By submitting, you agree to comparewise’s terms of use and privacy policy.

FAQs about Mortgages in Nova Scotia

How much does the average monthly rent in Nova Scotia cost?

In 2018, the median household income in Nova Scotia was estimated to be $68,100, placing it second only behind Prince Edward Island among the Maritime provinces, and then only by a difference of $400. This information was provided by Statistics Canada. In comparison to the average salary in the rest of Canada, it is not an exceptionally large amount. On the other hand, Nova Scotia and the rest of the Maritimes, in general, make up for the disparity in the cost of living. According to the Canadian Real Estate Association, the average property price in Halifax is nearly exactly half of the national average and is much lower than the average outside of the metropolitan market in Halifax. Additionally, rents are priced competitively.

In Nova Scotia, which of the two types of mortgages, open or closed, should I get?

Mortgages that are open to prepayment give greater flexibility but come with higher interest rates. Closed mortgages often feature lower interest rates, but your pre-payment alternatives are more restricted. Both have their uses, however, those uses are somewhat distinct from one another. Open mortgages may be particularly helpful if you want to sell your house before the end of your next mortgage term or if you anticipate receiving more money in the near future as the result of a pay raise, an inheritance, or another source. If you have an open mortgage, you won't be subject to any penalties for using that funds to pay down more of your mortgage.

How much of a difference does it make to acquire a lower interest rate in Nova Scotia?

When it comes to determining which mortgage product is most suitable for you as a potential homeowner in Nova Scotia, the interest rate on the mortgage is just one component of the whole picture. For instance, some mortgages enable you to make one large payment against the principle of your mortgage each year without incurring any additional fees. You have the ability to pay off the whole mortgage balance anytime you want with an open mortgage; however, you will be required to pay a higher interest rate for this privilege.

Do you need a "portable" kind of mortgage financing?

When you are purchasing a property, you should also give some thought to whether or not you want a "portable" mortgage. If you decide to relocate before the end of your current mortgage term, you may take advantage of the portability feature, which enables you to transfer the remaining amount of your mortgage along with its term and interest rate to the purchase of a new house. This allows you to avoid the penalties that are associated with breaking a mortgage early, which may result in significant savings.

Should I get a mortgage via a broker in Nova Scotia?

On behalf of their customers, mortgage brokers are responsible for comparing the services and interest rates offered by a variety of different mortgage providers. When you engage with a mortgage broker, on the other hand, you won't have to do the legwork yourself; instead, you'll have access to a variety of different mortgage packages. Mortgage brokers are industry professionals who are able to swiftly determine which products currently on the market would satisfy their clients' individual requirements.

Mortgages in Nova Scotia made simple

Get the lowest rate in minutes

You may also like

We all go over our long-term financial arrangements each year and look for ne...
With the increase in car purchases, securing a car loan to buy a car has beco...
It can be extremely difficult to meet the stringent lending standards of fina...
Getting a secured car loan that fits your needs might be difficult, especiall...
With a high-ratio mortgage, you are able to buy a house with as little as a 5...
A bridge mortgage is a short-term loan that may be obtained from a number of ...
You will be required to have your mortgage renewed if you have not paid off y...
Variable rate mortgages are popular in Canada because they offer flexibility ...
When you're a first-time home buyer in Canada, there are a lot of things to c...
One of the popular mortgages in Canada is the 5-Year Variable Rate Mortgage. ...
The mortgage term is the length of time that your interest rate remains fixed...
Borrowers who are hoping to save money on their initial interest rate but don...
A mortgage that has a fixed rate for the whole duration of the loan, say for ...
A 5-year fixed rate mortgage is a popular choice for borrowers in home buyers...
A 7-Year fixed rate mortgage is a home loan with a fixed interest rate for se...
The most risk-averse choice for a mortgage term is a mortgage with a 10-year ...
Business loans help keep a business afloat, but unsecured business funding is...
Many new businesses in Canada usually require start-up business loans, as not...
Small business funding opportunities are sought after by businesses that cann...
When it comes to business, short term working capital goes a long way toward ...