📅 Last Updated: February 15, 2024
✏️ Written By Lisa Rennie
🕵️ Fact-Checked by Caitlin Wood

Mortgages Halifax - Compare Providers

ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
231700524800 Parachute$5,000 - $25,000 24.99% - 29.99% 30 or 60
$5,000 - $25,000
111692748800 BreeUp to $250 0% Up to 65 days
Up to $250
81688083200 City Lending Centers (CLC)$150 - $1,600 10 - 35% 3 - 6
$150 - $1,600
1001686182400 Northstar Brokers$300 - $3,000 18% + fees 6
$300 - $3,000
1001686182400 Deposit My Cash Now$300 - $3,000 18% + fees 6
$300 - $3,000
1001686182400 My Next Pay$300 - $3,000 18% + fees 6
$300 - $3,000
61683676800 Windmill Microlending$15,000 6.7% Up to 60 months
$15,000
11670889600 Fora$1,000 - $10,000 19.9% - 46.9% -
$1,000 - $10,000
71666051200 Nyble$150 0% -
$150
1001643932800 FlexMoney$500 - $15,000 +18.9% APR 6 - 60
$500 - $15,000
1001642723200 Pay2Dayup to $1,500 - -
up to $1,500
131639094400 Loanz$1,000 - $15,000 29.9% - 46.9% APR   12 - 60
$1,000 - $15,000
1001623369600 AfterpayVaries 0% 6 or 8 weeks
Varies
21620777600 Spring FinancialUp to $35,000 9.99% - 46.96% 9 - 78
Up to $35,000
171607558400 Helium Loans$500 - $50,000 6.99% - 46.99% 12 - 36
$500 - $50,000
1001600646400 Iceberg Finance$1,000-$7,500 12.99% - 29.99% 24 - 60
$1,000-$7,500
1001598918400 LM Financial$1,000 - $15,000 - -
$1,000 - $15,000
1001598832000 LM Credit$500 – $15,000 + 25.99% 9 - 60
$500 – $15,000
1001595980800 FlexiLoans$200 - $1,200 25% - 32% -
$200 - $1,200
1001593561600 PayBright- 0+ 2 - 60
-
1001582243200 LendCare- - Up to 60
-
1001580947200 ECN Capital- - -
-
1001580860800 SimplyBorrowed$500 - $5,000 - 12 - 24
$500 - $5,000
1001580860800 Pebble Cash$350 - $1,000 - 2 - 12 weeks
$350 - $1,000
91580860800 Refresh Financial$1,600 - $25,000 19.99% APR 36 - 60
$1,600 - $25,000
161580774400 goPeer$1,000 - $25,000 7.5% - 31.5% APR 36 - 60
$1,000 - $25,000
1001579478400 North’n Loans$100 - $1,500 - -
$100 - $1,500
1001579478400 MDGUp to $5,000 29.78% - 44.8% 36 months
Up to $5,000
1001579219200 Loan or Credit$100 - $25,000 +4.9% -
$100 - $25,000
1001576713600 Flexiti Financial- Up to 35% -
-
181576713600 Financeit$500 - $100,000 6.99% - 14.99% 12 - 240
$500 - $100,000
1001575590400 Climb1800- 2900 15.99% 23 - 36
1800- 2900
1001560124800 Fresh Start FinanceUp to $15,000 29.99% - 46.96% 9 - 60
Up to $15,000
171545955200 MarbleUp to $20,000 18.99% - 24.99% 36 - 84
Up to $20,000
191552262400 Money Mart$1,000 - $15,000 29.9% or 46.90% 6 - 60
$1,000 - $15,000
1001551830400 Payday King$100 - $1,000 546% APR 14 days
$100 - $1,000
1001569974400 Private Loan Shop$500 - $50,000 15 - 30% -
$500 - $50,000
1001551830400 Progressa$1,000 - $15,000 19% - 46.95% 6 - 60
$1,000 - $15,000
1001551398400 My Canada PaydayUp to $1,500 15% - 19% 14 days
Up to $1,500
1001551398400 Money Provider$500 - $1,000 28% - 32% -
$500 - $1,000
1001551139200 Lendful$5,000 - $35,000 9.9%+ 6 - 60
$5,000 - $35,000
151551139200 LendDirectUp to $15,000 19.99% APR Open-end
Up to $15,000
1001550534400 Health Smart Financial Services$300 - $25,000 7.95%+ 36 - 60
$300 - $25,000
1001550534400 GoDay$100 - $1,500 - 14 days
$100 - $1,500
1001569974400 iCashUp to $1,500 15% - 17% up to 62 days
Up to $1,500
1001550534400 Eastern Loans$500 - $1,000 28% - 32% 3 -5
$500 - $1,000
1001550534400 DMO Credit$300 - $1,000 38% APR 3 - 4
$300 - $1,000
1001549411200 Capital Cash$100 - $1,000 546% APR 14 days
$100 - $1,000
1001567555200 Cash Depot$300 - $3,000 18% + fees 6
$300 - $3,000
1001549238400 Credit 700$500 - $1,000 28% - 32% 4 - 5
$500 - $1,000
1001549238400 Credit2Go$250 - $1,000 29% APR 3 - 4
$250 - $1,000
201548720000 Ledn$500 - $1,000,000 7.9% 12
$500 - $1,000,000
1001548633600 Affirm Financial$300 - $7,500 29.9% - 39.9% 6 - 60
$300 - $7,500
1001548633600 310 Loan$50 - $1,500 - 14 days
$50 - $1,500
1001545955200 Newstart CanadaUp to $20,000 19% - 49% 36 - 48
Up to $20,000
161545264000 Ferratum$2,000 - $10,000 18.9% - 54.9% 12 - 60
$2,000 - $10,000
21543622400 Fairstone FinancialUp to $50,000 19.99% - 39.99% 6 - 120
Up to $50,000
101545264000 Consumer Capital Canada$500 - $12,500 19.99%+ 12 - 60
$500 - $12,500
1001545350400 LaminaUp to $1000 30% 3 - 5
Up to $1000
1001545350400 Loans SOSUp to $5,000 60% 6 - 60
Up to $5,000
51545350400 LoanMeNow$500 - $1000+ 28%-32% 3
$500 - $1000+
1001545350400 Captain Cash$500 – $750 28% – 34.4% 3
$500 – $750
1001545350400 BC Loans$500 – $750 23% - 34.4% 3 – 12
$500 – $750
1001545350400 Urgent Loans$300 - $1500 27% - 35% 3 - 4
$300 - $1500
41545264000 easyfinancial$500 - $100,000 Starting at 29.99% 9 - 84
$500 - $100,000
31545264000 Mogo FinanceUp to $3,500 47.72% -
Up to $3,500
101545177600 Borrowell$1,000 - $35,000 5.99% - 29.19% 36 - 60
$1,000 - $35,000
181545177600 Magical Credit$100 - $20,000 Up to 46.8% Up to 60
$100 - $20,000
1001569974400 Speedy CashUp to $1,500 15% - 23% 14 days
Up to $1,500
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
81714089600 Primed Loans$10,000 + 4%-45% 90 days+
$10,000 +
71714089600 OnTap Capital $10,000 to $2,000,000 10%+ Up to 36
$10,000 to $2,000,000
21669852800 Driven$5,000 - $300,000 - 3 - 24 months
$5,000 - $300,000
1001648512000 2M7 Financial Solutions$10,000 - $250,000 Varies 6-12
$10,000 - $250,000
1001620345600 TD Bank- - 12 - 60
-
1001611878400 Accord Financial$5,000 - $30,000,000 - Up to 18
$5,000 - $30,000,000
171607558400 Helium Loans$500 - $50,000 6.99% - 46.99% 6 - 36
$500 - $50,000
1001598918400 Loop- - -
-
1001585612800 BarterPay- 0.9% - 12% 6 months - 5 years
-
1001581984000 Clearbanc$10,000 - $10,000,000 6% - 12.5% -
$10,000 - $10,000,000
1001581033600 GE Capital- - -
-
1001581033600 We Can Financial- - -
-
1001581033600 Wajax Equipment- - -
-
1001580947200 Key Equipment Financing- - -
-
1001580947200 Corl$10,000 - $1,000,000 - -
$10,000 - $1,000,000
1001580860800 Yellowhead Equipment Finance Ltd- - -
-
1001580860800 Specialty Truck Financing- - -
-
1001580860800 Travelers Financial- - -
-
1001580860800 Peel Financial- - -
-
1001580860800 Pioneer Financial Services$5,000 - $1,000,000 - -
$5,000 - $1,000,000
1001580860800 Polaris Leasing- - -
-
1001580860800 Patron West- - -
-
1001580860800 Payabilityup to $250,000 - -
up to $250,000
1001580860800 Planet Financial- - -
-
1001580688000 RiseUp to $10,000 - -
Up to $10,000
1001580256000 Merchant Growth$5,000 - $500,000 - 6 - 18 months
$5,000 - $500,000
1001579478400 Onesta- - -
-
1001579478400 Lift Capital- - 12 - 120
-
1001579478400 Leaseline- - 24 to 60
-
1001579478400 Lease Direct- - -
-
1001579478400 John Deere- - -
-
1001579046400 Hitachi Capital Canada- - -
-
1001577059200 Export Development Canada- - -
-
1001577059200 Essex Lease Financial Corporation- - -
-
1001577059200 Equilease- - -
-
1001575849600 Alliance Financing Group LTD$5,000 - $150,000 15% + 6 - 24
$5,000 - $150,000
1001575849600 CanaCapUp to $250,000 - -
Up to $250,000
1001575590400 CLE Capital- - -
-
1001575590400 Canada Equipment Loan- - -
-
11545955200 SharpShooter Funding$5,000 - $150,000 Fee-Based: Starting at 9% 12 - 60
$5,000 - $150,000
1001552262400 Laurentian Bank of CanadaUp to $250,000 - Up to 10 years
Up to $250,000
1001552262400 HSBC Bank Canada- - -
-
1001552262400 National BankUp to $1,000,000 - -
Up to $1,000,000
1001551830400 Canadian Imperial Bank of Commerce (CIBC)$10,000+ - Up to 15 years
$10,000+
1001551830400 ScotiabankUp to $1,000,000 -   Up to 15 years
Up to $1,000,000
1001551830400 Bank of Montreal (BMO)Up to $500,000 - Up to 10 years
Up to $500,000
1001551830400 Royal Bank of Canada (RBC)$5,000 - $10,000 - Up to 7 years
$5,000 - $10,000
1001551398400 CWB National Leasing$3,500+ - -
$3,500+
1001551398400 Money in Motion$10,000 - $1,000,000 4% - 14% 12 - 84
$10,000 - $1,000,000
1001551139200 Lease LinkUp to $75,000 - Up to 18
Up to $75,000
1001550534400 FundThrough$500-$50,000 0.5% weekly 12 week cycles
$500-$50,000
1001550534400 Econolease Financial Services Inc.$1,000 - $1,000,000 6% - 20% -
$1,000 - $1,000,000
1001550534400 Easylease CorpUp to $5,000,000 4.5% 24 - 72
Up to $5,000,000
1001550534400 Capify$5,000 - $200,000 - -
$5,000 - $200,000
1001549411200 Canadian Equipment Finance$50,000 - $12,000,000 - 24 - 96
$50,000 - $12,000,000
1001549411200 Capital Key$5,000 - $1,000,000+ - 1 - 60
$5,000 - $1,000,000+
1001549238400 Cashbloom$5,000 - $1,000,000 - 3 - 24
$5,000 - $1,000,000
1001548720000 BFS Capital$5,000 - $5,000,000 - 4 - 18
$5,000 - $5,000,000
1001548720000 BDCUp to $100,000 6.05% + 60
Up to $100,000
1001548720000 Baron Finance$10,000+ 18% - 22% -
$10,000+
1001548720000 B2B Bank$10,000 - $300,000 4.70% - 5.45% -
$10,000 - $300,000
101545177600 Borrowell$1,000 - $35,000 5.6% – 25.5% 36 – 60
$1,000 - $35,000
1001545264000 iCapital$5,000 - $250,000 - 3-18
$5,000 - $250,000
1001545264000 Lendified$5,000 - $150,000 - 3 - 24
$5,000 - $150,000
61545350400 IOU Financial$5,000 – $100,000 15% + 12 – 18
$5,000 – $100,000
1001545264000 Company Capital$5,000 – $100,000 Starting at 6.87% 3 – 18
$5,000 – $100,000
51545177600 OnDeck$5,000-$250,000 8% - 29% APR 6 - 18
$5,000-$250,000
41545177600 Lending Loop$5,000 – $500,000 Starting at 5.9% 3 – 60
$5,000 – $500,000
1001561507200 Thinking CapitalUp to $300,000 - -
Up to $300,000
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
21679529600 ClutchVaries 8.49% + 24 - 96 months
Varies
31632960000 SafeLendUp to $50,000 15.99% + 12 -72
Up to $50,000
81624233600 Auto Credit DealsUp to $50,000 29.99% – 46.96% 12 - 96
Up to $50,000
171607558400 Helium Loans$500 - $50,000 - 24 - 60
$500 - $50,000
1001600646400 Iceberg Finance$1,000-$7,500 12.99% - 29.99% 12 - 84
$1,000-$7,500
61597104000 Bryden Financing & Auto Sales- 4.99%+ -
-
1001594339200 Alphera Financial Services- - -
-
61582761600 Eden Park- 11.9% - 22.9% Up to 84
-
1001581033600 WeFinanceCars- + 4.9% -
-
1001581033600 Walker Financial Services- - -
-
1001580688000 Rifco- - -
-
1001579478400 National Powersports Financing- - -
-
1001579478400 LMG Finance- - -
-
1001579478400 Loans2Go- - -
-
1001578873600 iA Auto Finance- +8.99% -
-
1001578873600 Gamache Group- - -
-
1001551830400 Royal Bank of Canada (RBC)$5,000 - $10,000 - up to 84
$5,000 - $10,000
1001552262400 Laurentian Bank of CanadaUp to $250,000 - 12 - 60
Up to $250,000
1001552262400 National BankUp to $1,000,000 - up to 96
Up to $1,000,000
1001551830400 DesjardinsUp to $100,000 - 6 - 96
Up to $100,000
1001551830400 Canadian Imperial Bank of Commerce (CIBC)$10,000+ - 12 - 96
$10,000+
1001551830400 ScotiabankUp to $1,000,000 - up to 96
Up to $1,000,000
1001577059200 Daimler Truck Financial- - up to 72
-
1001577059200 DealerPlan Financial- - -
-
1001575849600 Coast Capital Savings- Starting at 4% Up to 84
-
1001575849600 Canada Auto Finance$5000 - $45,000 4.90 % - 29.95% APR 36 - 72
$5000 - $45,000
1001575849600 Credit River Capital Inc- - -
-
1001575590400 Capital Trust Financial- - -
-
1001575590400 Canadian Truck Loan- - -
-
1001575590400 Cars on Credit Financial- 14.5% to 29.9% -
-
1001575504000 Canada Car Loans- - -
-
61569974400 Car Loans Canada$7500 - $59,995 3.95% + 12 - 96
$7500 - $59,995
1001562112000 Car Creditex- Up to 49.9% -
-
1001561507200 Auto Capital Canada- - -
-
1001561507200 Carfinco- - Up to 84
-
11560124800 Canada DrivesUp to $100,000 3.99% - 19.9% 24 -96
Up to $100,000
1001551830400 Prefera FinanceUp to $30,000 - -
Up to $30,000
1001548720000 Approve Canada- - -
-
1001548633600 2nd Chance Automotive- 4.2%+ -
-
1001545955200 Newstart CanadaUp to $20,000 19% - 49% 36 - 48
Up to $20,000
1001545177600 Splash Auto Finance by RifcoUp to $50,000 - -
Up to $50,000
1001545177600 Carloans411$5,000 – $40,000 - 12 – 72
$5,000 – $40,000
1001545177600 AutoArriba- - Maximum 84
-
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
1001578873600 Instant Loans Canada$1,000 - $35,000 - 24 - 60
$1,000 - $35,000
1001545955200 Newstart CanadaUp to $20,000 19% - 49% 36 - 48
Up to $20,000
1001545264000 BHM FinancialUp to $25,000 - 12 - 60
Up to $25,000
ProviderLoan AmountRateTerm (Months)Rating
00 N/AN/AN/A
N/A
51700524800 Rocket Mortgage- - -
-
1001695772800 QuestMortgage- - -
-
41690934400 Neo MortgageVaries 5.54%+ Varies
Varies
21688601600 nestoMin $100,000 5.34%+ 2 - 10 years
Min $100,000
1001627344000 Peoples Bank- 1.94% - 2.45% 12 - 60
-
1001581033600 Mortgage Alliance- 2.74% - 6.30% 12 - 120
-
1001580947200 Paradigm- - -
-
1001580860800 Verico- - -
-
1001580860800 True North Mortgage- 2.64% - 4.45% 12 - 120
-
1001580860800 Tangerine$50,000+ 2.74% - 3.49% 12- 120
$50,000+
1001580860800 Think Financial- - 36 - 60
-
1001580860800 Turnedaway- - -
-
1001580860800 REICO- - -
-
1001580688000 Motusbank- 2.79% - 6.00% 6 - 60
-
1001579478400 Mortgage Architects- 2.74% - 3.70% 6 - 120
-
1001578873600 IntelliMortgage- - -
-
1001578873600 Invis- 2.69% - 3.95% 6 - 120
-
1001577059200 Dominion Lending Center- - -
-
1001577059200 First National Financial LP- 2.84% - 7.30% -
-
1001574899200 CHIP Reverse Mortgagemin 25,000 3.89.% - 4.84% 12 - 60
min 25,000
1001560124800 Centum- 2.89% - 3.79% -
-
1001548806400 Capital Direct$10,000 - $1,500,000 Varies 12 - 24
$10,000 - $1,500,000
1001548720000 Broker Financial Group Inc.- 2.41% - 3.84% -
-
11517097600 Alpine Credits$10,000+ Based on equity -
$10,000+
ProviderServicesRating
00 Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation
N/A (Referrer)
1001576540800 BDO Credit Counselling, Bankruptcy, Consumer Proposal
1001576540800 Full Circle Debt Solutions Inc Credit Counselling, Debt Management Program
1001576368000 Consolidated Credit Credit Counselling, Debt Management Program
1001576454400 4Pillars Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring

Mortgages make buying a home possible for most Canadians. Without mortgages, it would be nearly impossible for consumers to be able to come up with the funds needed to cover the full cost of a home, especially in certain parts of the country.

In Halifax, the current median price of a home is $581,302. That’s a huge lump sum of money to have to come up with. Instead, mortgages make it possible to buy a home. Read on to find out everything you should know about home loans in Halifax.

Types of Mortgages in Halifax

When it comes to mortgages, there isn’t just one type out there. Instead, there are several, and the one that’s right for you should closely match your needs. Here are the different types of mortgages in Halifax for you to consider.

  • High-ratio mortgages – These types of home loans require a 5% down payment minimum for approval. In this case, the mortgage would be considered a high-ratio one because the majority of the loan is needed to cover the cost of the home. The higher the loan amount relative to the value of the home, the higher the risk for the lender, which usually means a higher interest rate would be charged compared to a lower loan amount required.
  • Conventional mortgages – If you can come up with at least 20% of the purchase price of a home as your down payment, not only would you be able to get a lower interest rate, but you can also skip mortgage default insurance premiums. Mortgage default insurance protects lenders in case a borrower defaults on the mortgage payments. Conventional mortgages require a minimum 20% down payment in order to secure this type of home loan
  • Fixed-rate mortgages – This type of home loan comes with an interest rate that remains fixed throughout the mortgage term. That means payments will also remain the same and will never change, making them more predictable and easier to budget. Fixed-rate mortgages allow you to lock in at a certain interest rate for the duration of the term, which is a great option if rates are expected to increase in the near future.
  • Adjustable-rate mortgages – Unlike fixed-rate mortgages, the interest rate associated with adjustable-rate mortgages will change at specific intervals. These loan types are often attractive to certain types of buyers in Halifax because the introductory rate is typically lower than that of fixed-rate mortgages. However, once the introductory period ends, there is a risk that the rate will increase, which could surpass the rate associated with fixed-rate mortgages
  • Second mortgages – Also known as home equity loans, second mortgages can be taken out against the equity in a home that already has a mortgage on it.
  • Bridge loans – Consumers in Halifax who have bad credit have the option to consider bridge loans, which offer short-term solutions for borrowers to use the equity in their homes while improving their credit scores.

Cost of Buying a House in CanadaCheck out this infographic to see the cost of buying a house in Canada.

Getting Pre-Approved For a Mortgage

It’s recommended that homebuyers get pre-approved for a mortgage before starting the house hunting search. Doing so will provide you with the information you need to determine how much you can actually afford in a home purchase and what you could get approved for once you find the house of your dreams.

Your lender in Halifax will want to see some important documentation, including your pay stubs, letter of employment, tax returns, and statements of assets and debts. This will help to get the mortgage process underway once you finally find a home that you put an offer on.

Should you spend your entire pre-approval amount when buying a home? Click here to know.

Payment Options For Mortgages in Halifax

Mortgages are a form of installment loan whereby you would repay the full loan amount in installments. The frequency of these installment payments, however, can vary. With mortgages, you have a few options available to you in terms of how often to make your payments, including the following:

  • Monthly
  • Bi-weekly
  • Accelerated bi-weekly
  • Weekly

Keep in mind that not all lenders will offer all of the above-mentioned payment frequencies.

Amortization Period For Mortgages in Halifax

Not only do you have a choice in how often you choose to make payments toward your loan amount, but you also have the choice in amortization periods as well. An amortization period is the length of time that you have to repay the full mortgage amount. The most common amortization period is 25 years, though there are other lengths to choose from.

Some buyers in Halifax prefer a longer amortization period because the payments are smaller, making these bills more affordable. However, the interest portion paid by the end of the period is usually higher as a result of the longer time frame to repay the loan. Also, mortgages take longer to pay off with this arrangement.

A shorter amortization will come with higher payments, but the mortgage amount can be paid off sooner and less money will be spent toward the interest portion of the mortgage.

This is the difference between your mortgage amortization and your mortgage term.

Credit Score Requirements in Halifax

Lenders will look at a number of factors before they determine whether or not a borrower in Halifax is eligible to secure a mortgage. One of these important factors is credit scores. While each individual lender will have their own specific credit score minimum that they allow, a score of 680 is generally considered the minimum score required for approval for conventional mortgages.

A credit score of less than 680 would make mortgage approval more difficult. Even if a mortgage is approved, the interest rate that the lender would offer would likely be higher compared to a rate given to a borrower with a higher credit score.

Credit scores are important because they paint a picture of what a borrower would be like based on their past financial habits. A borrower who has a habit of missing payments will have a lower credit score and would be considered more of a risk to a mortgage lender. A borrower with a higher score, on the other hand, would be considered less of a risk, which is why they would have an easier time getting approved for a mortgage in Halifax at a lower interest rate.

Look here to find out what happens when you miss a mortgage payment.

What if You Have Bad Credit?

If you have bad credit, getting approved for a conventional mortgage with a traditional lender in Halifax might prove to be difficult. However, all is not lost. There are options for you to consider if you’re trying to get a mortgage in Halifax with a bad credit score.

  • Ask someone to co-sign – If you know someone who you trust and who has good credit, you may consider asking them to be a co-signer on your mortgage. This is a huge responsibility and involves the requirement to take over mortgage payments in the event that you default on your mortgage.
  • Work with bad credit lenders – There are lenders in Halifax outside of the traditional lending sphere who provide mortgages specifically to bad credit borrowers. Rather than focusing so much on credit scores, these alternative lenders in Halifax place more weight on things like your income and assets. They’ll also want to see that you’ve been making an effort recently to be a diligent and responsible borrower, though you’ll likely have to pay a higher interest rate compared to conventional loans
  • Work on your credit score – Your best bet is to take some time to improve your credit score. If time is on your side and you’re not in a rush to buy a home just yet, consider taking a few months to improve your credit score and get it to a level that will make it possible to get approved for a traditional mortgage at a low-interest rate. To do that, make sure you pay your bills on time every month, don’t max out on your credit cards, and don’t take out any loans or credit cards before you apply for a mortgage.

How to Compare Different Mortgages in Halifax

Just because your lender offers you one mortgage product doesn’t mean you have to settle for it. There are various mortgage products in Halifax, as well as different lenders who offer them. Consider comparing mortgages before choosing the right one for you. To do that, be sure to look at a few important components of mortgages, including:

  • Interest rate
  • Underwriting fees
  • Appraisal fees
  • Term
  • Amortization period
  • Pre-payment options
  • Early repayment penalty fees

To make this job easier, you might want to consider working with a mortgage broker who will take care of all the legwork for you when comparing different mortgage products.

Be sure to ask your mortgage broker these questions.

Tips For Saving Up For a Down Payment in Halifax

The higher the down payment amount, the less money you’ll have to borrow and pay back. That’s why saving up for a sizeable down payment is recommended. It can also save you thousands of dollars that you would otherwise be spending in interest and mortgage default insurance premiums.

To save up for a down payment, consider the following tips:

  • Automate your savings
  • Open separate savings account dedicated to your down payment
  • Pay down your high-interest debt
  • Consolidate your debt to save money
  • Cut back on expenditures
  • Borrow against your RRSPs
  • Accept monetary gifts from family

Take a look at our article about Canada’s RRSP Home Buyer’s Plan.

Looking For a Mortgage in Halifax?

If you’re thinking of buying a home and are in need of a mortgage in Halifax, you need a team of experts behind you to help you to find the right mortgage product for you and maximize your chances of approval. Before you start the house hunting process, be sure to get in touch with Loans Canada to get started on the right foot.

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