minimum requirements to qualify for a mortgage
Be actively employed
Have a down payment equal to at least 5% of the purchase price from your own savings, a family member, or other acceptable program or obtain a mortgage from a credit union that offers 0% down
Have suitable credit (contact me to discuss as the definition can vary by lender)
Meet other lender requirements
programs to help with home ownership
Housing Nova Scotia provides certain applicants with up to 5% of the purchase price of their home. For more information on this program please contact me directly, or visit the programs website.
The federal government is currently offering a shared equity mortgage to help lower the cost of home ownership. This program is for applicants who already have a down payment. For more information please contact me directly or visit the programs website.
The Region of Waterloo provides a 5% down payment assistance loan for eligible applicants. For more information please contact me directly or visit the programs website.
common terms
Closings Costs
The amount of money payable outside of the mortgage that must be paid to close the purchase. This includes legal fees, title insurance, tax adjustments, oil and propane charges, and much more.
Deed transfer tax | Land transfer tax
A tax charged by the municipality or province to purchase a home.
Ontario: Exemption exists for first time home buyers but may not cover the entire amount.
Nova Scotia: No exemption although a limited number of communities have no tax.
Down Payment
An amount equal to at least 5% of the purchase price is required to purchase a home. Note there are other options available outside of savings to reach this requirement.
Fixed Rate Mortgage
A mortgage where the rate of interest is guaranteed for a set period of time, usually 5 years.
Variable rate mortgage
A mortgage where the rate of interest can fluctuate with the prime lending rate, note these mortgages also usually have a 5 year term.
High Ratio Mortgage
When purchasing a home with less than 20% down you must purchase high ratio insurance for the lender. The cost of this insurance is added directly to your mortgage, and in Nova Scotia you do not need to pay any tax on this amount. This insurance is provided by Canada Mortgage and Housing Corporation, Sagen or Canada Guarantee and no action is required on your part to obtain it. When high ratio insurance is required, you must also be approved by the insurer in addition to the lender to obtain a mortgage.
Ontario: PST payable on insurance premium and is an out of pocket expense
Nova Scotia: No sales tax payable on insurance premiums
MORTGAGES FOR SENIORS
mortgage advice after 65
Because life can happen at any age!
Obtaining a mortgage after age 65:
Most lenders won’t treat you any differently when it comes to term length and qualifying rules.
With equity in your home there are multiple options for approval, some that have no or limited income requirements.
Things to keep in mind:
Federal policies such as the stress test apply to any mortgage application, even on existing homes, this means you may no longer qualify for the same type of mortgage you had in the past.
A reverse mortgage is a great way to keep you in your home and increase monthly cash flow.
minimum requirements to qualify for a mortgage
Be actively employed
Have a down payment equal to at least 5% of the purchase price from your own savings, a family member, or other acceptable program or obtain a mortgage from a credit union that offers 0% down
Have suitable credit (contact me to discuss as the definition can vary by lender)
Meet other lender requirements
programs to help with home ownership
Housing Nova Scotia provides certain applicants with up to 5% of the purchase price of their home. For more information on this program please contact me directly, or visit the programs website.
The federal government is currently offering a shared equity mortgage to help lower the cost of home ownership. This program is for applicants who already have a down payment. For more information please contact me directly or visit the programs website.
common terms
Closings Costs
The amount of money payable outside of the mortgage that must be paid to close the purchase. This includes legal fees, title insurance, tax adjustments, oil and propane charges, and much more.
Deed transfer tax | Land transfer tax
A tax charged by the municipality to purchase a home, usually 1.5%. Note Nova Scotia does not provide any exemption for first time home buyers.
Down Payment
An amount equal to at least 5% of the purchase price is required to purchase a home. Note there are other options available outside of savings to reach this requirement.
Fixed Rate Mortgage
A mortgage where the rate of interest is guaranteed for a set period of time, usually 5 years.
Variable rate mortgage
A mortgage where the rate of interest can fluctuate with the prime lending rate, note these mortgages also usually have a 5 year term.
High Ratio Mortgage
When purchasing a home with less than 20% down you must purchase high ratio insurance for the lender. The cost of this insurance is added directly to your mortgage, and in Nova Scotia you do not need to pay any tax on this amount. This insurance is provided by Canada Mortgage and Housing Corporation, Genworth, or Canada Guarantee and no action is required on your part to obtain it. When high ratio insurance is required, you must also be approved by the insurer in addition to the lender to obtain a mortgage.
Those who serve
To all our military heroes, past and present: In appreciation of your service, we're proud to offer special military discounts on mortgages. Activate military and other front-line workers receive our best rates plus a $250 gift card*.
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