Written by Kale Havervold

Best Mortgages Nova Scotia (Online) 2020

Lender directory

Compare the best lenders in this region

	Loan Amount	Rate	Term (Months)	Rating
1595980800	$200 - $1,200	25% - 32%	-	$200 - $1,200
1593561600	-	0+	2 - 60	-
1588809600	$49.99 - $99.99	0%	12	$49.99 - $99.99
1582243200	-	-	Up to 60	-
1580947200	-	-	-	-
1580860800	$500 - $5,000	-	12 - 24	$500 - $5,000
1580860800	$350 - $1,000	-	2 - 12 weeks	$350 - $1,000
1580860800	$1,600 - $25,000	9.47% - 20.07% APR	36 - 60	$1,600 - $25,000
1580774400	$1,000 - $25,000	7.5% - 31.5% APR	36 - 60	$1,000 - $25,000
1579478400	$100 - $1,500	-	-	$100 - $1,500
1579478400	Up to $3,200	-	-	Up to $3,200
1579219200	$100 - $25,000	+4.9%	-	$100 - $25,000
1576713600	-	Up to 35%	-	-
1576713600	$500 - $100,000	6.99% - 14.99%	12 - 240	$500 - $100,000
1576627200	-	-	-	-
1575590400	1800- 2900	15.99%	23 - 36	1800- 2900
1574899200	$500 - $7,500	-	-	$500 - $7,500
1560124800	Up to $15,000	29.99% - 46.96%	9 - 60	Up to $15,000
1545955200	Up to $20,000	19.44% and 31.90%	36 - 84	Up to $20,000
1552262400	$1,000 - $15,000	19.90% - 46.90%	12 - 60	$1,000 - $15,000
1551830400	$100 - $1,000	546% APR	14 days	$100 - $1,000
1569974400	$500 - $50,000	15 - 30%	-	$500 - $50,000
1551830400	$1,000 - $15,000	19% - 46.95%	6 - 60	$1,000 - $15,000
1551398400	Up to $1,500	15% - 19%	14 days	Up to $1,500
1551398400	$500 - $1,000	28% - 32%	-	$500 - $1,000
1551139200	$5,000 - $35,000	9.9%+ APR	36 - 60	$5,000 - $35,000
1550534400	$300 - $25,000	7.95%+	36 - 60	$300 - $25,000
1550534400	$100 - $1,500	-	14 days	$100 - $1,500
1550534400	$500 - $1,000	28% - 32%	3 -5	$500 - $1,000
1550534400	$300 - $1,000	38% APR	3 - 4	$300 - $1,000
1549411200	$100 - $1,000	546% APR	14 days	$100 - $1,000
1549238400	$500 - $1,000	28% - 32%	4 - 5	$500 - $1,000
1549238400	$250 - $1,000	29% APR	3 - 4	$250 - $1,000
1548720000	$500 - $1,000,000	12%	12	$500 - $1,000,000
1548633600	$300 - $7,500	29.9% - 39.9%	6 - 60	$300 - $7,500
1548633600	$50 - $1,500	-	14 days	$50 - $1,500
1545955200	Up to $20,000	19% - 49%	36 - 48	Up to $20,000
1545264000	$2,000 - $10,000	18.9% - 54.9%	12 - 60	$2,000 - $10,000
1543622400	Up to $35,000	26.99% – 39.99%	6 - 60	Up to $35,000
1545264000	$500 - $12,500	19.99%+	12 - 60	$500 - $12,500
1545350400	Up to $1000	30%	3 - 5	Up to $1000
1545350400	Up to $5,000	60%	6 - 60	Up to $5,000
1545350400	$500-$1000	28%-32%	3	$500-$1000
1545350400	$500 – $750	28% – 34.4%	3	$500 – $750
1545350400	$500 – $750	23% - 34.4%	3 – 12	$500 – $750
1545350400	$300 - $1500	27% - 35%	3 - 4	$300 - $1500
1545264000	$500 - $35,000	29.99% – 46.96%	9 - 60	$500 - $35,000
1545264000	$300 – $35,000	5.9% to 47.72%	24 - 60	$300 – $35,000
1568937600	$50 – $10,000	-	Up to 62 days	$50 – $10,000
1545177600	$1,000 - $35,000	5.99% to 29.19%	36 - 60	$1,000 - $35,000
1545177600	Up to $20,000	19.99% - 46.8%	6 - 60	Up to $20,000
1569974400	Up to $1,500	15% - 23%	14 days	Up to $1,500

	Loan Amount	Rate	Term (Months)	Rating
1585612800	-	0.9% - 12%	6 months - 5 years	-
1581984000	$10,000 - $10,000,000	6% - 12.5%	-	$10,000 - $10,000,000
1581033600	-	-	-	-
1581033600	-	-	-	-
1581033600	-	-	-	-
1580947200	-	-	-	-
1580947200	$10,000 - $1,000,000	-	-	$10,000 - $1,000,000
1580860800	-	-	-	-
1580860800	-	-	-	-
1580860800	-	-	-	-
1580860800	-	-	-	-
1580860800	$5,000 - $1,000,000	-	-	$5,000 - $1,000,000
1580860800	-	-	-	-
1580860800	-	-	-	-
1580860800	up to $250,000	-	-	up to $250,000
1580860800	-	-	-	-
1580688000	Up to $10,000	-	-	Up to $10,000
1580256000	$5,000 - $500,000	-	6 - 18 months	$5,000 - $500,000
1579478400	-	-	-	-
1579478400	-	-	12 - 120	-
1579478400	-	-	24 to 60	-
1579478400	-	-	-	-
1579478400	-	-	-	-
1579046400	-	-	-	-
1577059200	-	-	-	-
1577059200	-	-	-	-
1577059200	-	-	-	-
1575849600	$5,000 - $150,000	15% +	6 - 24	$5,000 - $150,000
1575849600	Up to $250,000	-	-	Up to $250,000
1575590400	-	-	-	-
1575590400	-	-	-	-
1545955200	$5,000 - $150,000	5.49% - 22.79%	12 - 60	$5,000 - $150,000
1541030400	Up to $35,000	-	-	Up to $35,000
1552262400	Up to $250,000	-	Up to 10 years	Up to $250,000
1552262400	-	-	-	-
1552262400	Up to $1,000,000	-	-	Up to $1,000,000
1551830400	$10,000+	-	Up to 15 years	$10,000+
1551830400	Up to $1,000,000	-	Up to 15 years	Up to $1,000,000
1551830400	Up to $500,000	-	Up to 10 years	Up to $500,000
1551830400	$5,000 - $10,000	-	Up to 7 years	$5,000 - $10,000
1551398400	$3,500+	-	-	$3,500+
1551398400	$10,000 - $1,000,000	4% - 14%	12 - 84	$10,000 - $1,000,000
1551139200	Up to $75,000	-	Up to 18	Up to $75,000
1550534400	$500-$50,000	0.5% weekly	12 week cycles	$500-$50,000
1550534400	$1,000 - $1,000,000	6% - 20%	-	$1,000 - $1,000,000
1550534400	Up to $5,000,000	4.5%	24 - 72	Up to $5,000,000
1550534400	$5,000 - $200,000	-	-	$5,000 - $200,000
1549411200	$50,000 - $12,000,000	-	24 - 96	$50,000 - $12,000,000
1549411200	$5,000 - $1,000,000+	-	1 - 60	$5,000 - $1,000,000+
1549238400	$5,000 - $1,000,000	-	3 - 24	$5,000 - $1,000,000
1548720000	$5,000 - $5,000,000	-	4 - 18	$5,000 - $5,000,000
1548720000	Up to $100,000	6.05% +	60	Up to $100,000
1548720000	$10,000+	18% - 22%	-	$10,000+
1548720000	$10,000 - $300,000	4.70% - 5.45%	-	$10,000 - $300,000
1545177600	$1,000 - $35,000	5.6% – 25.5%	36 – 60	$1,000 - $35,000
1545264000	$5,000 - $250,000	-	3-18	$5,000 - $250,000
1545264000	$5,000 - $150,000	-	3 - 24	$5,000 - $150,000
1545350400	$5,000 – $100,000	15% +	12 – 18	$5,000 – $100,000
1545264000	$5,000 – $100,000	Starting at 6.87%	3 – 18	$5,000 – $100,000
1545177600	$5,000-$250,000	8% - 29% APR	6 - 18	$5,000-$250,000
1545177600	$5,000 – $500,000	Starting at 5.9%	3 – 60	$5,000 – $500,000
1561507200	Up to $300,000	-	-	Up to $300,000

	Loan Amount	Rate	Term (Months)	Rating
1597104000	-	+4.99%	-	-
1594339200	-	-	-	-
1582761600	-	-	-	-
1581033600	-	+ 4.9%	-	-
1581033600	-	-	-	-
1580688000	-	-	-	-
1579478400	-	-	-	-
1579478400	-	-	-	-
1579478400	-	-	-	-
1578873600	-	+8.99%	-	-
1578873600	-	-	-	-
1551830400	$5,000 - $10,000	-	up to 84	$5,000 - $10,000
1552262400	Up to $250,000	-	12 - 60	Up to $250,000
1552262400	Up to $1,000,000	-	up to 96	Up to $1,000,000
1551830400	Up to $100,000	-	6 - 96	Up to $100,000
1551830400	$10,000+	-	12 - 96	$10,000+
1551830400	Up to $1,000,000	-	up to 96	Up to $1,000,000
1577059200	-	-	up to 72	-
1577059200	-	-	-	-
1575849600	-	-	-	-
1575849600	$5000 - $45,000	4.90 % - 29.95% APR	36 - 72	$5000 - $45,000
1575849600	-	-	-	-
1575590400	-	-	-	-
1575590400	-	-	-	-
1575590400	-	14.5% to 29.9%	-	-
1575504000	-	-	-	-
1569974400	$7500 - $59,995	3.95% +	12 - 96	$7500 - $59,995
1562112000	-	Up to 49.9%	-	-
1561507200	-	-	-	-
1561507200	-	-	Up to 84	-
1560124800	$500 - $35,000	$29.99% – 46.96%	9 - 60	$500 - $35,000
1551830400	Up to $30,000	-	-	Up to $30,000
1548720000	-	-	-	-
1548633600	-	4.2%+	-	-
1545955200	Up to $20,000	19% - 49%	36 - 48	Up to $20,000
1545177600	Up to $50,000	-	-	Up to $50,000
1545177600	$5,000 – $40,000	-	12 – 72	$5,000 – $40,000
1545177600	-	-	Maximum 84	-

	Loan Amount	Rate	Term (Months)	Rating
1578873600	$1,000 - $35,000	-	24 - 60	$1,000 - $35,000
1545955200	Up to $20,000	19% - 49%	36 - 48	Up to $20,000
1545264000	Up to $25,000	-	12 - 60	Up to $25,000

	Loan Amount	Rate	Term (Months)	Rating
1581033600	-	2.74% - 6.30%	12 - 120	-
1580947200	-	-	-	-
1580860800	-	-	-	-
1580860800	-	2.64% - 4.45%	12 - 120	-
1580860800	$50,000+	2.74% - 3.49%	12- 120	$50,000+
1580860800	-	-	36 - 60	-
1580860800	-	-	-	-
1580860800	-	-	-	-
1580688000	-	2.79% - 6.00%	6 - 60	-
1579478400	-	2.74% - 3.70%	6 - 120	-
1578873600	-	-	-	-
1578873600	-	2.69% - 3.95%	6 - 120	-
1577059200	-	-	-	-
1577059200	-	2.84% - 7.30%	-	-
1574899200	min 25,000	4.99% - 5.59%	6 - 60	min 25,000
1560124800	-	2.89% - 3.79%	-	-
1548720000	-	2.41% - 3.84%	-	-

	Services	Rating
1576540800	Credit Counselling, Bankruptcy, Consumer Proposal	Credit Counselling, Bankruptcy, Consumer...
1576540800	Personal Bankruptcy, Consumer Proposal	Personal Bankruptcy, Consumer Proposal...
1576540800	Credit Counselling, Debt Management Program	Credit Counselling, Debt Management Prog...
1576368000	Credit Counselling, Debt Management Program	Credit Counselling, Debt Management Prog...
1576454400	Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring	Debt Restructuring, After Care - Credit ...

When buying a home, the average borrower in Nova Scotia will likely require a mortgage. However, with so many different mortgage providers and types of mortgages out there, it can be hard to navigate the industry. Thankfully, we can help guide you through the process and make sure you choose the right option for your needs in Nova Scotia.

Read this to discover more about loans in Nova Scotia.

Types of Mortgages in Nova Scotia

Speaking of the various types of mortgages, this is one of the most important things to familiarize yourself with before you sit down with any lenders in Nova Scotia. Some types of mortgages will be perfect for other people, but might not work for you. Here is a look at a few of the most common types:

Conventional Mortgage

If you have a 20% down payment, you will likely be able to qualify for a traditional or conventional mortgage. This won’t require any sort of mortgage insurance and as a result, will be less expensive over time.

Open Mortgage

An open mortgage is one that is more flexible, in that it allows you to pay off your loan as quickly as you want, without any sort of penalty. The interest rates on these loans are generally higher, but they have the added benefit of flexibility, which is appreciated by homeowners in Nova Scotia who want to pay off their mortgage fast.

Closed Mortgage

As you can imagine, closed mortgages are the opposite of an open mortgage. Most of these mortgages cannot be paid off early and the ones that can, have a lot of rules and restrictions. These often come with lower interest rates, so if you feel interest rates are on the rise, a closed mortgage might be for you.

To learn more about open vs. closed mortgages, look here.

Fixed Rate Mortgage

This is a mortgage where your interest rate will remain the same throughout the lifetime of your mortgage term. It is good for a predictable payment and if you feel that interest rates are going to rise, going with a fixed rate mortgage makes a lot of sense.

Variable Rate Mortgage

A variable rate mortgage is one where your interest will shift with the market. So if the market rate drops, so will the rate that you pay. The payments here are often unpredictable, but if you like to gamble, it could be the right call for you. If you think rates will drop over time, going with this type of mortgage makes the most sense.

Interested in how much it costs to buy a house in Nova Scotia? Check out this infographic.

What Are the Payment Options Available in Nova Scotia?

In addition to the variety of different types of mortgages available in Nova Scotia, there are also different payment options available to you too. These include:

Monthly Payments
Weekly Payments
Bi-Weekly Payments
Accelerated Bi-Weekly Payments

The option that you choose will depend on how comfortable you are with frequent payments. Some borrowers in Nova Scotia will prefer to make a bigger payment once a month, while others might want to make a few bi-weekly payments that are smaller and more manageable. In most cases, the total amount you pay will remain the same, but with the accelerated option, you will be paying off your mortgage more quickly.

Click here to see some alternative mortgage financing options available in 2018.

Hidden Costs of Buying a Home in Nova Scotia

While many people in Nova Scotia mainly think of the mortgage when budgeting for a home in Nova Scotia, that is not the only thing you pay for. There is a multitude of different “hidden costs” that you should budget for when buying a home in Nova Scotia. These include:

A variety of different taxes including property taxes, land transfer taxes, school taxes, and more.
A home inspection will typically cost you a decent amount of money but is something that it is extremely important to do.
The costs of moving could be hefty, especially if you are using a moving company and/or bringing a lot of furniture. A cross-country move can often cost thousands of dollars.
Depending on the quality of your home, the renovation costs and maintenance costs need to be accounted for as well.
Your down payment could potentially be tens of thousands of dollars, which is a large cost and must not be underestimated.

Take a look at our 2018 Guide to Budgeting.

Great Mortgages Made Easy

Interested in a mortgage in Nova Scotia? If so, feel free to reach out to Loans Canada, as we can help people from all across the country find a great mortgage.

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