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
Mortgage Renewal vs Refinance Guide
Navigating the differences between a mortgage renewal and a refinance ...

Porting Your Mortgage / Mortgage Transfer Guide
Do you want to transfer your mortgage to another lender or bank? In Canada this is referred to as porting a mortgage. This mortgage transfer guide will break down exactly how you can transfer or port your mortgage to benefit from keeping your existing rate , while you sell your property to buy a new ...

4 Creative Ways To Reduce Your Monthly Mortgage Payments
Homeowners across Canada are feeling the pinch of increasing interest rates, causing our monthly mortgage payments to jump. A mortgage is typically the largest debt most homeowners have, and managing it can be a considerable financial challenge. However, there are effective methods available to reduce your monthly payments, giving your budget more breathing room. In ...

First Time Home Buyer’s Guide For Nova Scotians
Are you a first time home buyer? Don’t be stressed! Alex Lavender is a Halifax local and author of the best selling book Mortgages For Millennials. He’s a mortgage broker that has helped thousands of Nova Scotians buy their first home. This first home buyers guide will break down exactly what the home buying process ...

How to reduce your mortgage payments in a high interest rate environment
The Bank of Canada is serious. They are committed to increasing interest rates to fight inflation at all costs. But how can you reduce your mortgage payments if you’re up for renewal or have a variable rate mortgage? This is how you can save money and reduce your mortgage payments. #1 Increase your mortgage amortization ...

How to calculate interest rate differential (IRD)
The IRD is a financial penalty that may apply if you pay off your mortgage early, pay down the principal beyond what your terms allow, or break your mortgage for any reason before the term ends. The interest rate differential (IRD) is the difference between the interest rates on your current mortgage vs the interest ...

Monoline Lenders Vs The Big Banks
When it comes to “A” level mortgage financing, there are two main types of lenders: monoline lenders and the big banks. There are also others like private lenders and credit unions but we won’t focus on those here as they vary between provinces. What Is A Monoline Lender? A monoline lender is considered a broker ...

Should You Renew Your Mortgage Early?
Mortgages in Canada are commonly issued on five-year fixed terms. When the term ends you will need to renew your mortgage. Sometimes you may want an early mortgage renewal. In this post I’ll break down the pros and cons of renewing your mortgage early so you know what your best options are. The Early Mortgage ...

What does it mean to refinance a mortgage?
Many Canadians wonder what it means to refinance a mortgage. Alex Lavender – Mortgage Broker will tell you exactly what a mortgage refinance means, the penalties involved, and the pros and cons. What is a mortgage refinance? A refinance is when you obtain a new mortgage for a higher amount to pay off your existing ...

Fixed vs Variable Mortgage Rate Guide
Mortgages in Canada come in 2 main types, fixed rate and variable rate. At any point in this official mortgage rate type guide you can jump to a section: A fixed rate mortgage is a fixed term that will have a locked-in rate for the duration that you enter. The downside to this type of ...

What Is The New Mortgage Stress Test?
On May 20, 2021 Canada’s department of finance announced new qualifying rates for all uninsured mortgages. The Office of the Superintendent of Financial Institutions (OSFI) announced that effective June 1, 2021 new minimum qualifying rates will be applied for all insured and uninsured mortgages. What does that mean for you? This means the new mortgage ...