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
First Time Home Buyer’s Guide For Nova Scotians
Are you a first time home buyer? Don’t be stressed! ...

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 ...

Should you use a mortgage broker?
You are probably reading this article because you have a general idea of what a mortgage broker is, but are wondering why use one? What value does a mortgage broker provide? And how much does a mortgage broker cost? This article will answer all of these questions and show you the pros and cons of ...

How To Avoid The Mortgage Stress Test
In late 2017 the federal government introduced a mortgage stress test for Canadians that are applying or renewing a mortgage. Again on April 6, 2020 the stress test changed for insured mortgages. In this post we’re going to break down the top 5 ways to avoid mortgage stress test. Even if you have amazing credit ...

How long does it take to get approved for a mortgage in Canada?
In this blog post we’re going to answer a very common question; how long does it take to get approved for a mortgage in Canada? Alex Lavender has been one of the top rated mortgage brokers for years. When it comes to getting a mortgage approval they can be done relatively fast, sometimes within 24hrs. ...