Today’s Mortgage Rates updated as of November 4, 2024 3:39 pm
5-year fixed*
5-year Variable*
*Insured loans. Other conditions apply. Rate in effect as of today.
Luckily home prices in Halifax are some of the lowest in cities across Canada. In Halifax, you’re looking at a difference of tens or even hundreds of thousands of dollars compared to cities such as Toronto, Calgary, and Vancouver. For example, in April 2023, average prices were $1.1 million in Toronto, $1.6 million in Vancouver, and $548K in Calgary compared to just $497K in Halifax.
When comparing the best mortgage rates in Halifax, you can explore different options to take advantage of opportunities you might not realize are available. Mortgage rate comparisons are not 100% apple to apple, but allow you to spot the best rates, and then look into the conditions that apply. You can also learn how you can qualify for that specific rate, as lenders don’t offer a flat rate to all clients.
Instead, they use your credit score and history to determine how much risk you pose. The better your credit score, the less risk you present, and the lower your interest rates. Higher interest rates are used to help the lender cover their losses should you default on your mortgage.
Typical closing costs in Halifax include:
You should also calculate another $1,000 for incidentals such as utility setup, moving expenses, new window treatments, etc.
If you are a first-time buyer, these tips will help you save money and avoid disappointment:
Rebates:
There are a few rebates you can access when buying a home in Halifax, including:
Down payment:
Try to put as much money down on your home as possible. This helps reduce the amount of loan you require while instantly building home equity. There are also a few options to assist with down payments, including:
Mortgage pre-approval:
Make sure you qualify for a mortgage by applying for mortgage pre-approval. This helps you establish a budget based on what the lender is willing to offer you while also providing leverage when negotiating your purchase.
Inspection:
Never skip the inspection. This step will ensure you avoid buying a money pit with costly repairs you can’t afford.
Contingency:
If possible, try purchasing a home with a contingency savings plan that ensures you put aside about 3 to 5% of your monthly purchase price. In addition, it would be best if you also tried to save at least three to six months of your income should you lose your job. This will ensure you can continue covering your expenses and reduce mortgage default risk.
Real estate agent:
Work with a qualified real estate agent who knows the area and can help you find the best deals for your home. They will also negotiate your purchase agreement’s best conditions, price, and terms.
Shop for a mortgage: Make sure you invest time to shop around for the best mortgage. You want a mortgage that makes it easier to pay down your mortgage quickly, whether through the best Halifax mortgage rates, flexibility, or availability for your particular financial situation.
It depends on your financial situation. If you are not in a position to take risks, then a fixed mortgage is the best choice for you. The fixed-rate mortgage maintains the same interest rate and payments throughout the life of the mortgage term, so there are no surprises. However, if you can tolerate some risk, the variable rate mortgage fluctuates with the prime rate, which can save money when interest rates are low, but cost money when they are on the rise.
Working with an experienced mortgage broker in Halifax can make your life much easier. Mortgage brokers are licensed professionals who specialize in finding mortgages for their clients. They offer an unbiased opinion on the best mortgages for your needs based on your financial particulars and preferences. You can discuss your needs, and they will access information from dozens of different lenders to find the best Halifax mortgage rates and conditions.
Instead of showing you limited products like a bank or other financial institutions, they explore products available from multiple lenders to broaden your search. It requires minimal effort on your part, and they will review each mortgage, discuss the pros and cons, and help you find the right mortgage for your needs.
Mortgage comparison can save you almost $12,000 for the first five years of your mortgage. Of course, it depends on the deals you can find and other factors, such as the ability to make prepayments without penalties.
Not really. Mortgage rate comparisons will show very little, if any, differences between towns and cities throughout Nova Scotia. It’s always better to compare rates to ensure you get the best possible rate for your mortgage. By comparison shopping, you can leverage negotiation potential, especially in a competitive market.
Using a free online mortgage calculator is the easiest way to determine how much you can afford before going to a mortgage lender. Calculators allow you to test housing prices and different mortgage rates and terms. They tally mortgage payments and develop the best strategy to make your Halifax mortgage more affordable. You can discover the sweet spot for the homes you can afford, the right payment frequency, and more. As a result, you can make smarter choices to help reduce your payments, pay your mortgage faster and reduce the amount of interest you pay over the life of your mortgage.
You want to ensure you have the following bare minimum home insurance:
Before shopping for a home in Halifax, find the best mortgage rates from Citadel Mortgages. Get yours approved today!
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While 33% of non-homeowners believe they’ll never own*, our Citadel mortgage brokers are 100% confident they can make it happen. How? With our expert advice and guidance.
(5-years interest savings with Citadel Mortgages)**
(Interest savings with Citadel Mortgages)
(5-years interest savings with Citadel Mortgages)**
(Interest savings with Citadel Mortgages)
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