Getting a mortgage in Nova Scotia is similar to getting a mortgage in any other part of Canada. Here are some general steps to follow:
Determine how much you can afford. Before applying for a mortgage, it’s important to determine how much you can afford to borrow. Use a mortgage affordability calculator to estimate your monthly payments based on your income, expenses, and debt.
Shop around for lenders. Compare mortgage rates and terms from multiple lenders to find the best deal. You can do this easily by working with a mortgage broker who will take on the work of shopping around for you and often have access to better rates than big bank reps.
Get pre-approved. Once you’ve chosen a lender, get pre-approved for a mortgage. Lenders will usually lock in a rate for you during the pre-approval process. This rate will stay locked in for a period of time protecting you from potential rate increases while you look for the right home. They will also reduce the rate if the percentage has decreased between pre approval and closing so you will always benefit from getting pre approved.
Find a home. Once you’ve been pre-approved, start looking for a home in Nova Scotia. Work with a real estate agent to find properties that fit your budget and needs.
It’s important to note that the mortgage process can be complex and time-consuming, so it’s a good idea to work with professionals like a mortgage broker who can guide you through the process.
I have access to a great team of mortgage brokers who will do the shopping around for you and present you with the best options. I also have direct contact with the major banks and many of the smaller lenders if you want to do the work yourself. Send me an email and I will help you get started anne@domus.ca
