Mortgages Nova Scotia

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Updated On: December 9, 2021

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Mortgages Nova Scotia - Compare Providers

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
100	1741219200	Up to $1,000	0% interest (30.4% APR)	30 days (revolving)	Up to $1,000
23	1700524800	Up to $25,000	24.99% – 29.99%	30 or 60	Up to $25,000
10	1692748800	Up to $500	0%	Up to 65 days	Up to $500
100	1688083200	$150 – $1,600	10 – 35%	3 – 6	$150 – $1,600
100	1686182400	$300 – $3,000	18% + fees	6	$300 – $3,000
100	1686182400	$300 – $3,000	18% + fees	6	$300 – $3,000
100	1686182400	$300 – $3,000	18% + fees	6	$300 – $3,000
22	1683676800	$15,000	6.7%	Up to 60	$15,000
9	1670889600	$1,000 – $15,000	19.9% – 34.9%	–	$1,000 – $15,000
11	1666051200	$250	0%	–	$250
100	1643932800	$500 – $15,000	Starting at 18.9%	6 – 60	$500 – $15,000
100	1642723200	Up to $1,500	$14 per $100	14 days	Up to $1,500
100	1623369600	Varies	0%	6 or 8 weeks	Varies
1	1620777600	Up to $35,000	9.99% – 34.95%	6 – 60 months	Up to $35,000
24	1607558400	$500 – $50,000	Varies	6 – 60	$500 – $50,000
100	1600646400	$1,000 – $35,000	12.99% – 29.99%	12 – 84	$1,000 – $35,000
100	1598918400	Up to $15,000	–	–	Up to $15,000
100	1598832000	$500 – $15,000	Start at 10.99%	9 – 60	$500 – $15,000
19	1582243200	–	9.9% – 29.9%	12 – 60	–
100	1580860800	$1,500 – $10,000	–	12 – 60	$1,500 – $10,000
17	1580774400	$1,000 – $25,000	8.99% – 34.99%	36 or 60 months	$1,000 – $25,000
100	1579478400	$100 – $1,500	$14 per $100	–	$100 – $1,500
7	1579478400	Up to $20,000	19.8% – 34.99%	36 – 85 months	Up to $20,000
100	1576713600	$500 – $100,000	Starting at 12.99%	Up to 60	$500 – $100,000
10	1552262400	$500 – $25,000	29.9% or 34.28%	6 – 84 months	$500 – $25,000
100	1551830400	$100 – $1,000	$14 per $100	14 days	$100 – $1,000
100	1551830400	$1,000 – $15,000	19% – 34.95%	12 – 60	$1,000 – $15,000
100	1551398400	Up to $1,500	$14 per $100	14 days	Up to $1,500
15	1551139200	Up to $15,000	34.99%	Open-ended	Up to $15,000
100	1550534400	$100 – $1,500	$14 per $100	14 days	$100 – $1,500
2	1569974400	Up to $1,500	$14 per $100	Up to 62 days	Up to $1,500
100	1550534400	$500 – $1,000	23%	3 – 6	$500 – $1,000
100	1550534400	$300 – $1,000	Up to 38%	3 – 4	$300 – $1,000
100	1549411200	$100 – $1,500	$14 per $100	14 days	$100 – $1,500
100	1567555200	$300 – $3,000	18% + fees	6	$300 – $3,000
100	1549238400	$250 – $1,500	23.99% – 29.99%	3 – 4	$250 – $1,500
20	1548720000	$500 – $1,000,000	7.9%	12	$500 – $1,000,000
6	1543622400	Up to $60,000†	19.99% – 34.99%*	6 – 120 months	Up to $60,000†
100	1545350400	$300 – $1500	Starting at 18%	3 – 7	$300 – $1500
15	1545350400	$500 – $1000	Up to 32%	3	$500 – $1000
100	1545350400	$500 – $750	23%	3 – 4	$500 – $750
100	1545350400	$500 – $750	22%	90 – 120 days	$500 – $750
100	1545350400	$300 – $3,000	27% – 35%	90 – 120 days	$300 – $3,000
5	1545264000	$500 – $150,000	9.99% – 34.99%	9 - 240	$500 – $150,000
4	1545264000	Up to $5,000	34.37%	–	Up to $5,000
8	1568937600	Up to $10,000	Varies by product	Varies by product	Up to $10,000
21	1545177600	Up to $35,000	Starting at 12.99%	Up to 60 months	Up to $35,000
13	1545177600	$100 – $20,000	Up to 35%	Up to 60	$100 – $20,000
100	1569974400	$200 – $1,500	$14 per $100	Next payday	$200 – $1,500

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
9	1725321600	Up to $40,000	$0.75 per $1,000 per day	–	Up to $40,000
4	1714089600	$10,000 – $20,000,000	–	–	$10,000 – $20,000,000
3	1714089600	$10,000 – $2,000,000	10%+	Up to 36	$10,000 – $2,000,000
5	1669852800	$10,000 – $300,000	–	3 – 24	$10,000 – $300,000
100	1648512000	$1000 - $250,000	–	–	$1000 - $250,000
100	1620345600	–	–	12 – 60	–
100	1611878400	–	–	–	–
24	1607558400	$500 – $50,000	Varies	6 – 60	$500 – $50,000
100	1598918400	–	–	–	–
100	1585612800	–	–	6 – 60	–
100	1580947200	$200,000 – $5,000,000	–	–	$200,000 – $5,000,000
100	1580860800	–	–	–	–
100	1580860800	–	–	–	–
100	1580860800	$5,000 – $1,000,000	–	–	$5,000 – $1,000,000
100	1580860800	–	–	–	–
100	1580860800	–	–	–	–
100	1580860800	–	–	–	–
100	1580860800	–	–	–	–
100	1580688000	Up to $10,000	Prime + 2.5%	Up to 60	Up to $10,000
2	1580256000	$5,000 – $800,000	–	6 – 24	$5,000 – $800,000
100	1579478400	$50,000 – $5,000,000	–	3 – 36	$50,000 – $5,000,000
100	1579478400	–	–	24 – 60	–
100	1579478400	–	–	–	–
100	1579478400	Up to $1,200,000	–	12 – 84	Up to $1,200,000
100	1579046400	–	–	–	–
100	1577059200	–	–	–	–
100	1577059200	–	–	–	–
100	1577059200	–	–	–	–
100	1575849600	$5,000 – $150,000	Starting 15%	6 – 24	$5,000 – $150,000
100	1575849600	Up to $250,000	–	–	Up to $250,000
100	1575590400	–	–	–	–
100	1575590400	–	–	–	–
1	1545955200	$1,000 – $300,000	–	12 – 120	$1,000 – $300,000
100	1552262400	Up to $250,000	–	Up to 10 years	Up to $250,000
100	1552262400	Up to $1,000,000	–	–	Up to $1,000,000
100	1551830400	$10,000+	–	Up to 15 years	$10,000+
100	1551830400	Up to $1,000,000	–	Up to 15 years	Up to $1,000,000
100	1551830400	Up to $500,000	–	Up to 15 years	Up to $500,000
100	1551830400	-	–	Up to 84	-
100	1551398400	$3,500+	–	–	$3,500+
100	1551398400	$10,000 – $1,000,000	4% – 14%	12 – 84	$10,000 – $1,000,000
100	1551139200	Up to $250,000	–	Up to 48	Up to $250,000
100	1550534400	$500 – $50,000	2.75% – 8.25%	12 week cycles	$500 – $50,000
100	1550534400	$1,000 – $1,000,000	6% – 20%	–	$1,000 – $1,000,000
100	1550534400	Up to $5,000,000	–	24 – 72	Up to $5,000,000
100	1550534400	$5,000 – $200,000	–	–	$5,000 – $200,000
100	1549411200	$50,000 – $12,000,000	–	24 – 96	$50,000 – $12,000,000
100	1548720000	Up to $100,000	–	–	Up to $100,000
100	1548720000	$10,000 – $300,000	–	–	$10,000 – $300,000
100	1545264000	Up to $250,000	–	3 – 24	Up to $250,000
8	1545350400	$15,000 – $1,500,000	–	6 – 36	$15,000 – $1,500,000
6	1545177600	$5,000 – $300,000	9% – 35%	Varies by product	$5,000 – $300,000
7	1545177600	$5,000 – $500,000	4.96% – 24.93%	1 – 60	$5,000 – $500,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
100	1749600000	–	–	Up to 96 months	–
19	1582243200	–	–	Up to 60 months	–
6	1543622400	Up to $60,000†	19.99% – 34.99%*	6 – 120 months	Up to $60,000†
5	1545264000	$500 – $150,000	9.99% – 34.99%	9 - 240	$500 – $150,000
100	1620345600	–	–	Up to 96 months	–
2	1679529600	Varies	Varies	24 – 96 months	Varies
3	1632960000	Min. $10,000	6.93% – 19.99%	18 – 96	Min. $10,000
8	1624233600	$5,000 – $75,000	–	12 – 96	$5,000 – $75,000
24	1607558400	$500 – $50,000	Varies	6 – 60	$500 – $50,000
100	1600646400	$1,000 – $35,000	12.99% – 29.99%	12 – 84	$1,000 – $35,000
6	1597104000	–	–	–	–
6	1582761600	–	–	–	–
100	1581033600	–	–	–	–
100	1580688000	–	Starting at 12.9%	–	–
100	1579478400	–	–	–	–
100	1579478400	–	–	–	–
100	1579478400	–	–	–	–
100	1578873600	–	Starting at 10.99%	–	–
100	1578873600	–	–	–	–
100	1551830400	-	–	12 – 96 months	-
100	1552262400	Up to $1,000,000	–	up to 96	Up to $1,000,000
100	1551830400	–	–	6 – 96	–
100	1551830400	$10,000+	–	12 – 96 months	$10,000+
100	1551830400	Up to $1,000,000	–	Up to 15 years	Up to $1,000,000
100	1577059200	–	–	–	–
100	1577059200	–	–	–	–
100	1575849600	–	–	–	–
100	1575849600	$5,000 – $45,000	4.90 % – 29.95%	–	$5,000 – $45,000
100	1575849600	–	–	–	–
100	1575590400	–	–	–	–
6	1569974400	–	Up to 29.99%	12 – 96	–
100	1561507200	–	–	–	–
1	1560124800	Up to $100,000	3.99% - 19.9%	24 -96	Up to $100,000
100	1551830400	–	–	–	–
100	1548633600	–	Starting at 4.2%	–	–
100	1545177600	–	–	12 – 84	–

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
100	1578873600	Up to $50,000	–	24 – 60	Up to $50,000
100	1545264000	Up to $50,000	–	–	Up to $50,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	N/A	N/A	N/A	N/A
3	1726531200	$5,000 +	6% – 16%	12 – 60	$5,000 +
5	1700524800	–	-	-	–
4	1690934400	–	–	–	–
2	1688601600	Min $110,000	4.14% – 6.29%	24– 120	Min $110,000
100	1627344000	–	4.50% – 5.97%	12 – 60	–
100	1581033600	–	4.19% – 6.04%	12 – 120	–
100	1580860800	–	–	–	–
100	1580860800	–	2.99% – 5.49%	6 – 60	–
100	1580860800	$50,000+	–	12 – 120	$50,000+
100	1580860800	–	–	–	–
100	1580860800	–	–	–	–
100	1580860800	–	–	–	–
100	1580688000	–	–	6 – 60	–
100	1579478400	–	4.54% – 7.49%	6 – 120	–
100	1578873600	–	–	–	–
100	1577059200	–	–	–	–
100	1577059200	–	4.49% – 6.63%	1 – 10 years	–
100	1574899200	–	–	12 – 60	–
100	1560124800	–	4.64% – 5.80%	1 – 10 years	–
100	1548806400	$10,000 – $3,000,000	Varies	12 – 24	$10,000 – $3,000,000
1	1517097600	$10,000 – $500,000	Starting at 10%	–	$10,000 – $500,000

		Services	Rating
0	0	Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation	N/A (Referrer)
100	1576540800	Credit Counselling, Bankruptcy, Consumer Proposal
100	1576540800	Credit Counselling, Debt Management Program
100	1576368000	Credit Counselling, Debt Management Program
100	1576454400	Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring

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.

Frequently Asked Questions

What are the penalties for paying my mortgage early?

Making extra payments on your mortgage can save you a ton on interest. However, if you have a closed mortgage, then you will incur a prepayment penalty if you choose to make early payments. Such a penalty can be very expensive and can even be triggered by transferring your mortgage to another lender or selling your home. A closed mortgage contract that stipulates a prepayment privilege gives you the opportunity to make early payments up to a certain amount without incurring a penalty. None of this needs to be considered with an open mortgage, you can pay it off the loan as early as you like.

Where is the best place to get a mortgage in Nova Scotia?

The most common providers of mortgages are banks, credit unions, and caisses populaires. Mortgage, insurance, trust and loan companies are alternative providers of mortgages. A licensed mortgage broker would be a good place to start to find the best mortgage deal for you. They only get a commission once you’ve been approved for a mortgage, either by you or the lender.

How do I get a pre-approved mortgage in Nova Scotia?

Pre-approved mortgages can give home buyers peace of mind. Of course, you’ll get to know in advance the maximum loan you qualify for and can better estimate your monthly payments. But, you also get better negotiating power with sellers and can rest easy by locking in a favourable interest rate for 2 to 4 months. You’ll need to consent to a credit check and submit documents to get pre-approval. These can include identification, proof of employment, down payment and closing costs; information about your debts, assets, and fixed expenses.

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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