Every kind of mortgage, and who each one is for
Ten products and six situations, each with its own page setting out what it costs, what it qualifies at and where it breaks. The product is rarely the hard part — matching it to a lender that will actually write your file is.
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. All are placed with banks, credit unions, monoline and alternative lenders, and on a standard residential mortgage the lender — not you — pays the brokerage.
By what you are trying to do
Mortgage pre-approval
Know your number before you shop
Buying a home
Purchase mortgages across Nova Scotia
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
Private & B-lender mortgages
When an A-lender says no
Reverse mortgages
55 and older, up to 55% of the value
By what makes your file unusual
These pages exist because the complication is the borrower rather than the transaction — how the income arrives, how recent the credit history is, or what happened before the application.
First-time buyers
The two NS programs, and what to do if neither fits
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
Three products take money out of a house and people routinely pick the wrong one. The decision is usually made by what the existing mortgage rate is and whether the borrowing is a one-off or ongoing.
| Product | Maximum | Best when | Watch for |
|---|---|---|---|
| Refinance | 80% of value | You need a lump sum and your current rate is no better than today’s | A prepayment penalty if you break mid-term; the whole mortgage reprices |
| HELOC | 65% alone, 80% with a mortgage | The need is ongoing or uncertain — renovations, a business, a buffer | A variable rate, interest-only minimums, and a balance that never falls by itself |
| Second mortgage | Set by the lender | Your first mortgage has a rate worth protecting | A higher rate than the first, plus lender and legal fees |
| Reverse mortgage | 55% of value, age 55+ | Income will not service a payment and staying in the home is the point | Interest compounds with no payments; the balance grows against the equity |
Where residential stops
Residential lending covers one to four units with at least one owner-occupied or rented as a home. A building with five or more units is commercial financing, underwritten on the property’s income rather than yours, and goes to Indi Mortgage Commercial Division — including multifamily, commercial construction and CMHC MLI Select.
Questions people ask
Which type of mortgage do I need?
It is usually decided by what you are doing rather than by a product name: buying (a purchase mortgage, preceded by a pre-approval), staying (a renewal or a switch), taking equity out (a refinance, a HELOC or a second mortgage), or building (a construction draw mortgage). The situation pages cover the cases where the borrower rather than the transaction is the complication.
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, and Nova Scotia regulation requires it to be disclosed in writing before any services are provided and prevents it being collected until the lender confirms funding in writing.
What is the difference between a refinance, a HELOC and a second mortgage?
A refinance replaces your existing mortgage with a larger one, up to 80% of the home's value, and may carry a prepayment penalty. A HELOC is revolving credit secured against the home — up to 65% of the value on its own, or 80% combined with a mortgage. A second mortgage sits behind the first without touching it, which is what you want when the first mortgage has a rate worth keeping.
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 are provincially regulated and set their own standards, though most apply something close. One narrow exemption exists for straight switches at renewal.
What if none of these fit my situation?
Then the answer is a conversation rather than a page. Files that do not fit a category — a property nobody wants to appraise, income that no template reads correctly, a deadline that is too short — are the ones most worth sending. The first call costs nothing and usually ends with a plain yes, no, or "here is what would have to change".
Talk it through before you commit to anything
A 15-minute call is enough to tell you what you qualify for, what it will cost to close, and whether a broker or your bank is the better route for your file. No fee, no obligation.