Mortgage questions, answered plainly.

A broker shops your file across 50+ lenders. A bank shops only their own products. Brokers are paid by the lender, not by you (for standard files).

Zero for standard A-lender and B-lender files. The lender pays our commission when the mortgage funds. Private-lender or alternative files may have broker/lender fees — we disclose those before you commit.

Pre-approval: usually same-day to 48 hours once we have your documents. From offer accepted to closing: typically 30-60 days, depending on the property type, the lender, and how quickly the appraisal and insurance come back. Renewals and refinances usually wrap in 2-4 weeks.

Five percent on the first $500,000 of the purchase price and 10% on the portion between $500,000 and $1.5 million. Above $1.5M you need 20% down. Anything under 20% is an insured (CMHC) mortgage; 20% or more is conventional. New construction and rental properties have their own rules.

Every federally regulated lender has to qualify you at the higher of your contract rate plus 2% or the Bank of Canada qualifying rate (currently 5.25%) — not just your actual rate. The point is to make sure you can still afford payments if rates rise at renewal. It's the single biggest reason a mortgage calculator number and a real pre-approval often come back different. Provincially regulated credit unions and private lenders are not required to use it.

Personal savings, RRSP (via the Home Buyers' Plan, up to $60K per person), TFSA / FHSA, gifted funds from an immediate family member with a signed gift letter, proceeds from selling your current home, or in some cases a HELOC against an existing property. Every dollar needs to be sourced with a 90-day paper trail.

Yes. Some lenders offer borrowed down payment programs (often called flex down), where your down payment comes from a line of credit or personal loan instead of savings. The loan payment counts in your debt ratios, so your income needs to carry both — but for renters with strong income and good credit, it can be the fastest path to owning. Gifted funds, FHSA and RRSP withdrawals are other routes we use. Wondering if a borrowed down payment could work for you? Book a free call with Rahul or text 902-223-8003 — no pressure, no credit check.

Pre-qualification is a rough estimate based on numbers you give us. Pre-approval is a real underwriting review with a rate hold (90-120 days) — it's what makes your offer competitive. Always get pre-approved before you start shopping.

Two recent pay stubs (or 2 years of tax docs if self-employed), last 2 NOAs, 90-day history of your down payment, photo ID. Every file is a little different — Rahul will tell you exactly what to bring.

No. Final approval depends on the specific property and final document review. But a real pre-approval is a strong signal of approval likelihood.

Yes. A-lenders want 2 years of tax-reported income; B-lenders and stated-income programs accept bank statements and business income instead.

Often yes for B-lender or stated-income files (10%+). With strong T1 income at an A-lender you can sometimes still go to 5%.

On T1-based reviews, sometimes yes. We can add some back when packaging the file.

Yes — we work with lenders that allow rental income, including short-term rental income from Airbnb. Each lender treats it differently: some use a percentage of your two-year average from your tax returns, others work from bank statements or a market-rent appraisal. If Airbnb or rental income is part of your file, tell us early and we'll place it with a lender that counts it.

Yes. Several A-lenders run newcomer programs for work permit holders, usually 5-10% down.

Helpful but not required. We use home-country credit letters, rent payments, utilities, and employer references instead.

Yes — must be properly documented (source, transfer trail, 90-day history once landed in Canada).

You can refinance up to 80% of your home's value (LTV).

For a straight switch (same balance, same amortization), most lenders cover legal and discharge fees. Adding new money makes it a refinance with normal costs.

Refinances yes. Straight switches at renewal — usually exempt at most lenders.

A-lenders want 680+. Down to 600 is possible with strong income/down payment. Below 600 is B-lender territory. Below 500 typically means private or rebuild first.

After discharge: B-lenders right away with re-established credit; A-lenders typically want 2 years of clean credit post-discharge.

Same framework as bankruptcy. B-lender placement possible while active; A-lender pricing usually requires completion plus re-established credit.

Rates change weekly. We pull live rates across 50+ lenders when we look at your file — nothing on this site is real-time. Text us for today's number.

Depends on your tolerance for change and your timeline. We walk through scenarios with you. We don't guess the future on rates.

We don't predict central-bank moves. We build mortgages that work in multiple scenarios.

Lender conditions get cleared (income docs, appraisal, fire insurance), then the file moves from conditional to firm to funded. Your lawyer handles the final transfer. We coordinate.

Legal fees, land transfer tax (rebated in some cases), property tax adjustments, home inspection, moving costs. We'll send a closing-cost worksheet specific to your purchase.

Sometimes — if conditions allow and timing works. We can review.

The term is how long your current contract with the lender lasts — usually 1 to 5 years. The amortization is how long it takes to pay the mortgage off completely, commonly 25 or 30 years. At the end of each term you renew, and the rate resets while the amortization keeps counting down.

A fixed rate stays the same for the whole term, so your payment never moves. A variable rate is tied to your lender's prime rate, so it moves when the Bank of Canada moves. Some variable mortgages keep the payment steady and shift how much goes to interest; others change the payment itself. We walk through both before you choose.

They are the two affordability tests lenders use. GDS is your housing costs — mortgage payment, property tax, heat, and half of condo fees — as a share of your gross income. TDS adds your other debts like car loans, student loans, and credit cards. Most A-lenders want GDS around 39% and TDS around 44%, though strong files get flexibility.

It comes down to your income, your existing debts, the stress-test rate, and your down payment. The calculators on this site give you a solid starting range, but a real pre-approval is the number that counts, because it uses verified income and your actual credit profile. Text 902-223-8003 and we'll run your numbers properly.

Accelerated bi-weekly is the most popular for a reason: you make the equivalent of one extra monthly payment each year, which can shave years off a 25-year amortization. Regular bi-weekly and weekly simply match your pay cycle without the extra payment. You can usually change frequency at renewal.

On a variable rate it is normally three months' interest. On a fixed rate it is the greater of three months' interest or the interest rate differential (IRD), and the IRD can run into five figures depending on the lender's calculation method. Ask your lender for a written payout quote before you decide — we can review it with you.

Most lenders let you put an extra lump sum against the balance each year (commonly 10-20% of the original amount) and increase your regular payment by a similar percentage. Those payments go straight to principal. The size of these privileges is one of the things we compare when placing your file, not just the rate.

Usually yes — that's called porting. If your mortgage is portable you can carry your rate and terms to the new property, and borrow more at a blended rate if you need a bigger mortgage. Timing rules vary by lender, so tell us before you list your home.

There's no single right answer, and we don't give investment advice. What we can do is show you exactly what extra payments save you in interest and how much room your prepayment privileges give you, so you and your financial planner can compare it against other options.

If your down payment is under 20%, the mortgage must be insured by CMHC, Sagen, or Canada Guaranty. You pay the premium — it's a percentage of the mortgage that's normally added to the balance rather than paid up front. It protects the lender, not you, but it is what makes a 5% down payment possible at the best rates.

No, and they get mixed up constantly. Default insurance protects the lender if you stop paying. Mortgage life or disability insurance pays out to cover the balance if something happens to you. The lender's version is optional, and an individual policy from an insurance advisor is often cheaper and more flexible.

Often yes. The lender wants independent confirmation the property is worth what you're paying or claiming. Insured purchases sometimes get an automated valuation instead. Appraisals typically run a few hundred dollars, and on refinances the buyer usually covers it.

We always recommend it on resale homes, especially older Nova Scotia housing stock where oil tanks, knob-and-tube wiring, and aging roofs are common. Lenders and insurers can ask questions about all three. It's your money and your risk — spend the few hundred dollars.

It can. A co-signer's income and credit are added to the application, which often solves a ratio or credit shortfall. They are fully responsible for the debt and it appears on their credit report, so it affects their own borrowing. Most co-signers are parents helping a first-time buyer.

Nova Scotia deed transfer tax is set by each municipality and is a percentage of the purchase price — in Halifax Regional Municipality it's 1.5%, and other municipalities vary. There is also a provincial non-resident deed transfer tax for buyers who don't live in Nova Scotia. Your lawyer collects it at closing, so budget for it alongside legal fees.

The First Home Savings Account (FHSA) lets you save with a tax deduction going in and no tax coming out for a qualifying purchase. The RRSP Home Buyers' Plan allows up to $60,000 per person. There's also the federal first-time home buyers' tax credit. Provincial programs change, so we confirm what's active when we work on your file.

No. The deposit is the money you put up with your offer to show you're serious — it's held in trust by the listing brokerage and credited toward your purchase at closing. The down payment is the full amount of your own money going in, and the deposit is part of it.

Yes. Owner-occupied second homes can go as low as 5% down at some lenders if they're year-round accessible and winterized. Seasonal properties, water-access-only cabins, and places without a permanent heat source are a different conversation and usually need more down. Tell us about the property early.

We pull your credit once and use that single report across lenders, so you don't collect a pull from every bank you'd otherwise visit. Mortgage inquiries made in a short window are also treated as rate shopping by the credit bureaus. Applying through us is the low-impact way to compare options.

Typically 90 to 120 days, depending on the lender. If your rate hold expires while you're still shopping, we re-run it — that's routine and not a problem. If your income, job, or debts change during that window, tell us right away so the approval stays accurate.

Don't change jobs, finance a car, open new credit cards, move large sums between accounts without a paper trail, or miss a payment. Lenders re-check employment and credit before funding, and any of those can unwind an approval days before you get the keys.

Private lenders are individuals or funds that lend on the property more than on your income. Rates and fees are higher and terms are usually one year. They make sense as a short bridge — clearing a tax arrears, completing a renovation, buying time to rebuild credit — with a clear exit plan back to an A or B lender. We only recommend it when the exit is realistic.

Bridge financing covers the gap when your purchase closes before your sale does. The lender advances the equity from your sold home for those days or weeks so you aren't carrying two full mortgages. It requires a firm sale on your existing property and costs interest plus a small admin fee.

A home equity line of credit is revolving credit secured against your home — borrow, repay, and borrow again up to your limit, paying interest only on what you use. A mortgage is a set amount with a fixed repayment schedule. HELOCs are re-advanceable and flexible but carry variable rates, so discipline matters. Together they're often set up as a readvanceable mortgage.

Up to 80% of the appraised value through a refinance, minus what you still owe. A HELOC alone can go to 65% on its own, or to 80% combined with a mortgage. The appraisal sets the ceiling, not your purchase price.

An open mortgage can be paid off anytime with no penalty, but the rate is noticeably higher. A closed mortgage has better pricing but charges a penalty to break early. Open mortgages make sense when you know you're selling or paying it out within months; otherwise closed almost always wins.

The lender gives you a percentage of the mortgage back in cash at closing — often used to cover moving costs, furniture, or legal fees. The trade-off is a higher rate, and if you break the mortgage early you repay some or all of the cashback. Useful when cash is tight, not when you're rate-sensitive.

Some are — the buyer takes over your existing mortgage, rate and all. It matters most when rates have risen since you got yours, because your low rate becomes a selling feature. The buyer still has to qualify with the lender, and not every lender or product allows it.

Most lenders let you renew 90 to 120 days before maturity without penalty, and some offer early-renewal blends further out. Whether it makes sense depends on where rates are heading and your plans for the property. We compare your lender's early offer against the open market before you sign anything.

Yes. Many lenders will use your full return-to-work income with a letter from your employer confirming your position, salary, and return date. Being on leave does not disqualify you — it's how the file is packaged that matters, and we've done many of these.

One partner can buy out the other through a spousal buyout program — some lenders allow up to 95% of the home's value for this with a signed separation agreement. Otherwise the home is sold and the mortgage paid out. Talk to us before the agreement is final, because how it's worded affects your options.

Yes, most lenders use a two-year average of variable income from your T4s and NOAs. If your income is trending up, some lenders will use the most recent year instead. Consistency is what they're looking for — a brand-new commission role usually needs time to season first.

They can. Lenders generally want proof the payments are court-ordered or in a signed agreement, plus a history of actually receiving them. Support payments you make count as a debt in your ratios.

Yes. Pension, CPP, OAS, and investment income all count. For borrowers 55 and over with substantial equity, reverse mortgages are another option when income is tight — no required payments, with the interest accruing against the equity. We walk through the trade-offs before anyone commits to one.

Often yes, with a two-year history of the seasonal pattern — common in fishing, construction, and tourism across Atlantic Canada. Lenders average the income and want to see the cycle repeat. Regular EI from a layoff is not the same thing and usually isn't counted.

Two main paths. A builder's turnkey home is financed like a normal purchase on completion. A construction or progress-draw mortgage releases money in stages as the build advances, with inspections between draws and interest-only payments until completion. Draw schedules vary by lender, so we match the lender to your builder's timeline.

Half the condo fee counts in your GDS ratio, and lenders review the condo corporation's health — reserve fund, insurance, and any special assessments. Older Halifax buildings with big repair backlogs can be harder to finance. Get the condo documents reviewed before your condition deadline, not after.

Not harder, but they add steps. Lenders and insurers commonly ask for a water potability test on wells and may want septic age and condition confirmed. Older oil tanks are the big one — many insurers won't cover a tank past a certain age, and no insurance means no funding. Budget for a tank replacement on older rural properties.

Twenty percent minimum for a non-owner-occupied rental, and it's uninsured by definition. Some of the projected rental income counts toward qualification — typically 50-100% depending on the lender and whether you use a market-rent appraisal. The stress test still applies.

Yes, but expect 25-50% down on raw land — it can't be insured and fewer lenders touch it. Acreages with a home on them are easier when the value is in the house rather than the land. Hobby farms and large rural parcels are case by case; tell us the details up front.

Yes — co-ownership is increasingly common as prices rise. Everyone on title is on the mortgage and fully responsible for it. Put a co-ownership agreement in writing before you buy, covering what happens if one person wants out. We structure these regularly and can walk both parties through it.