Dartmouth
Every kind of mortgage, and who each one is for
Fourteen mortgage types and six borrower situations, each with a page on what it costs, how you qualify and where it breaks. Not sure which fits? Ask, at no fee.
What kinds of mortgage can a Nova Scotia broker arrange?
Purchase, pre-approval, renewal and switch, refinance, debt consolidation, construction draw, home equity line of credit, second mortgage, private and B-lender, and reverse mortgages for owners 55 and over. On a standard residential mortgage the lender pays the brokerage, not you.
By what you’re doing
Mortgage pre-approval
Know your number before you shop
Buying a home
Purchase mortgages across Nova Scotia
Investment property (1–4 units)
20% down on a rental, 5–10% if you live in one unit
Mortgage renewal
Renew, switch or refinance
Refinancing
Equity, debt consolidation, lower payments
Construction mortgages
Draw mortgages for building a home
HELOC & home equity
65% of the value on its own, 80% with the mortgage
Debt consolidation
Roll high-rate debt into the mortgage
Second mortgages
Borrow behind the first without breaking it
B-lenders & alternative lending
Priced for risk instead of declined
Private mortgage lenders
When an A-lender and a B-lender both say no
Reverse mortgages
55 and older, up to 55% of the value
Breaking your mortgage
What the penalty really is, and when leaving pays
Bridge financing
Buying before your sale closes
Purchase plus improvements
Buy a house that needs work, renovation in the mortgage
Mini-homes & mobile homes
Mortgage if it is affixed, chattel financing if it is not
By what makes your file unusual
First-time buyers
Apply, get pre-approved, and which programs fit
Self-employed
Two years of returns, or a bank-statement program
New to Canada
5% down with no Canadian credit history
Military & IRP relocation
CFB Halifax, Shearwater and 14 Wing Greenwood
When the bank says no
Bruised credit, proposals, arrears, high ratios
Separation & spousal buyout
Keeping the house after a separation
How the equity products differ
One-off or ongoing, and whether your current rate is worth keeping, decide between refinance, HELOC, second mortgage and reverse mortgage.
The four equity products, on the three things that differ
RefinanceOne-off lump sum
- Maximum loan-to-value
- Up to 80% of the home’s value
- Who it suits
- A lump sum when the current rate is not worth keeping
- How it is repaid
- One new mortgage payment; a prepayment penalty may apply
HELOCOngoing access
- Maximum loan-to-value
- Up to 65% of value alone; 80% combined with a mortgage
- Who it suits
- Ongoing access, drawn and repaid as needed
- How it is repaid
- Interest only on what you draw; the balance never falls by itself
Second mortgageBehind a first worth keeping
- Maximum loan-to-value
- Not stated; it sits behind the first mortgage
- Who it suits
- A lump sum without touching a first mortgage worth keeping
- How it is repaid
- Its own payment beside the first; lender and legal fees apply
Reverse mortgageOwners 55 and over
- Maximum loan-to-value
- Up to 55% of the home’s value
- Who it suits
- Owners who want to stay put with no monthly payment
- How it is repaid
- No payments; interest compounds until the sale of the home, a permanent move out, the death of the last borrower, or default
Which one you need depends on how much you want, and how you want to pay it back.
Maximums from the Financial Consumer Agency of Canada, verified September 20, 2026.
Why a broker
Licensed, independent, paid by the lender
- Licensed in Nova Scotia Associate broker 3001134, verifiable on the provincial register
- $0 broker fee On a standard residential mortgage the lender pays, not you
- Banks, credit unions, monolines One application, one credit check, placed with the lender that reads your file best
- Every part of the province Bedford office, remote process: Yarmouth to Sydney, the same four steps
Questions people ask
Which type of mortgage do I need?
It follows what you are doing, not a product name: buying (a purchase mortgage, after a pre-approval), staying (a renewal or switch), taking equity out (refinance, HELOC or second mortgage), or building (a construction draw).
Does it cost more to use a broker for an unusual mortgage?
Not on a standard residential mortgage; the lender pays the brokerage when it funds. A fee can apply on private and some alternative lending; Nova Scotia regulation requires it in writing before any services are provided and bars collecting it until the lender confirms funding in writing.
What is the difference between a refinance, a HELOC and a second mortgage?
A refinance replaces your mortgage with a larger one, up to 80% of the home's value, and may carry a prepayment penalty. A HELOC is revolving credit up to 65% of value alone or 80% combined with a mortgage. A second mortgage sits behind the first without touching it.
Do all of these require passing the stress test?
At a federally regulated lender, yes: you qualify at the greater of the contract rate plus 2% and 5.25% rather than the rate you sign. Credit unions, provincially regulated, set their own standards, most close to it; the exemption is a straight switch at renewal.
Still unsure? Ask me directly.
If your question isn't here, your situation is probably specific. Fifteen minutes on the phone beats reading another page, and nothing is pulled on your credit.
(902) 298-0218 · Monday to Friday, 8:00 am to 10:00 pm Atlantic
Ready when you are.
Fifteen minutes on the phone tells you what you qualify for, what closing will cost in your municipality, and whether a broker or your own bank is the better route. No fee, no credit check, no obligation.
(902) 298-0218 · Monday to Friday, 8:00 am to 10:00 pm Atlantic