Mortgages Explained - Latest Posts
Alex Lavender helps Nova Scotians get the best mortgage for your dream home. Whether you need a self employed mortgage or are looking to do construction with a mortgage plus improvements program, Alex can help. Or if you’re just looking for more information on mortgages checkout these blog posts for helpful tips. Alex is one of Halifax and Dartmouth's top rated mortgage brokers. Known for his kindness and flexibility he provides you with all the info you need to get the best rates!
Featured Article
How to Use a Gifted Down Payment for Your Mortgage (Without Killing Your Deal)
Saving for a down payment is one of the biggest ...
Canada’s 30-Year Amortization for Insured Mortgages: Who Actually Qualifies and Is It Worth It?
By Alex Lavender, Mortgage Broker (Halifax, NS) Since December 15, 2024, you can now get a 30-year amortization on an insured mortgage in Canada. Before this change, if you were putting less than 20% down, you were locked into a maximum 25-year amortization, no exceptions. Here’s what you need to know. What Actually Changed If ...
Can You Actually Avoid the Mortgage Stress Test in Canada?
If you’re buying a home in Canada, you’re going to face the mortgage stress test. Fixed rate, variable rate, open, closed, short term, long term. At federally regulated lenders, the stress test applies to all of them. But there are legitimate options that either soften the impact or sidestep it entirely depending on your situation. ...
The Smith Maneuver in Canada: A Smart Mortgage Strategy or Too Risky?
The Smith Maneuver is a financial strategy that allows Canadian homeowners to convert their mortgage into a tax-deductible investment loan. While this concept sounds appealing, it comes with risks and complexities that need careful consideration. In this video Alex and Steve (from Design Your Future) break down what the Smith Maneuver is, how it works, ...
Renting vs Buying a Home in Halifax: Which is the Better Choice?
Deciding whether to rent or buy a home in Halifax is a major financial and lifestyle decision. With home prices, interest rates, and rental costs fluctuating, it’s important to understand the pros and cons of each option before making a move. In this guide, we’ll break down the benefits and drawbacks of renting vs buying ...
Understanding Mortgage Terms: A Simple Guide
Before diving into the home buying process, it’s essential to understand mortgage terms, like what a mortgage is and how it works. Put simply, a mortgage is a loan secured against a real estate asset, with payments charged at a prescribed interest rate. Here’s a breakdown of traditional mortgage terms to help you navigate your ...
A Quick Guide to The First-Time Home Buyer Programs in Nova Scotia
Hey There, Future Homeowners! Ready to take the leap into buying your first home in Canada? It’s super exciting, but let’s be honest, it can feel like a bit of a maze. Let’s break down the first-time home buyer programs available in Nova Scotia and across Canada, making your journey to homeownership a bit smoother ...
Guide to Deed Transfer Tax Nova Scotia: Avoid This Closing Cost Surprise
When you are purchasing a home in Nova Scotia, there is one upfront cost that catches nearly everyone off guard. It is a closing fee that many home buyers fail to account for, and it can be much, much bigger than you expect. As a certified mortgage broker based right here in Halifax, I frequently ...
Secure Mortgage Approval During a Probationary Period
Securing a mortgage while navigating a probationary period at a new job adds a distinct layer of complexity to the home-buying journey. Many Canadians assume that starting a new position automatically disqualifies them from buying a home, while others believe a pre-approval guarantees smooth sailing. The reality lies somewhere in the middle. Understanding how Canadian ...
How to Secure a Newcomer Mortgage in Canada: An Expert Guide
Moving to a new country comes with endless to-do lists, but establishing a permanent place to call home shouldn’t feel out of reach. If you have recently relocated to Nova Scotia or anywhere else across the country, you are likely wondering: Is it actually possible to secure a newcomer mortgage in Canada? The short answer ...
Your Guide to Nova Scotia’s Down Payment Assistance Program (DPAP)
Taking the first step into homeownership is thrilling, but let’s be honest: coming up with that upfront cash can feel like an insurmountable hurdle. If you’re a first-time home buyer in Nova Scotia, you might feel like you’re stuck renting for years just trying to scrape together a nest egg. Fortunately, the provincial government offers ...