Best Mortgage Rates in Nova Scotia
When searching for a convenient mortgage loan, access the best mortgage rates in Nova Scotia for your first house purchase, mortgage renewal or refinancing. The result can be significant savings of several thousand dollars on the total paid amount on your mortgage loan. The best mortgage rates in Nova Scotia can be found through regular comparisons on ratesheet.ca and are offered by trusted lenders. Don't make an impulsive decision when searching for a convenient mortgage offer, make sure that you compare all mortgage rates on ratesheet.ca before making a long term financial commitment.
Mortgage Rates by City
Current Mortgage Rates Nova Scotia
Looking for the best mortgage rates in Nova Scotia? Ratesheet.ca provides the most up to date, current rates by using our Ratesheet.ca finder. Simply choose the Province and select applicable choices and get more current best rate listing. If you need the help of a mortgage broker to identify the best deal for your home purchase or mortgage refinancing, select the broker link image to the left.
Compare Mortgage Rates in Nova Scotia
Compare mortgage rates in Nova Scotia and get a detailed, accurate comparison of the best mortgage rates available in Nova Scotia.
Nova Scotia Mortgage Brokers
Shopping for a mortgage can be a daunting task, particularly when homebuyers are stuck with the terms of the mortgage from five to 25 years. The wrong loan can cost the homebuyer $1000s of extra dollars in interest. Nova Scotia mortgage brokers assist with the hassle of combing through all the mortgage possibilities to find the best rates for homebuyers of all types of credit. Ratesheet.ca can save homebuyers $1,000s of dollars over the life of the mortgage.
Fixed Mortgage Rates vs. Variable Mortgage Rates
Fixed Mortgage Rate: A fixed rate means that your interest rate remains the same (fixed) for the entire term (duration) of the mortgage. Generally, this means the percentage of interest will be a little higher since the lending institution may be losing money in the future if the interest rates rise. A fixed rate mortgage provides a buyer with the serenity of knowing the cost of their interest will stay the same over time. This means your payment and the amount that goes towards reducing the principal (original mortgage amount) will remain the same over time as well.
Variable Rate: A variable rate means the percentage of interest that you are repaying will vary based on the changes in the interest rate(s) of the overall market. Typically, fluctuations in your interest rate will not alter your monthly payment, but will vary the amount of your monthly payment that goes towards reducing your principal (original loan amount). This means if overall interest rates go down you will actually be paying off your mortgage more quickly. On the other hand, if interest rates increase, you will be paying off your mortgage more slowly. Accepting a variable rate does involve a certain amount of risk but can work to the advantage of the buyer over time.
Open Mortgage vs. Closed Mortgage
Open Mortgage: An open mortgage means that the loan can be paid back partially or in full without incurring any penalties. The mortgage can also be renegotiated if market conditions or your financial situation shift. Although an open mortgage provides more options and opportunities for life adjustments, this comes at a cost, as the interest rates for this type of loan tend to be higher. For those able to make larger payments or who plan on selling their home within a short period of time; however, an open mortgage can be a solid choice.
Closed Mortgage: The advantage of a closed mortgage is that the interest rates tend to be lower, but options are limited. Typically a homeowner may make extra payments or larger payments as long as the sum of the payments does not exceed a set amount determined in the loan agreement. Payments exceeding the agreed upon amount; however, would incur penalties.
Although most buyers will elect to choose a closed mortgage, there are advantages to choosing the open mortgage. For instance, if market conditions are expected to change, the type of mortgage should be balanced against the type of interest rate so that as the buyer your needs are met.