Buying a home is one of the biggest financial decisions you will make, and it helps to know your numbers before you start shopping.
As your mortgage broker, I can help you understand what you may qualify for, compare mortgage options, and work through the financing side of the home buying process from the early planning stage to closing day.
Nova Scotia’s housing market is still active, and prices can vary quite a bit depending on where you are buying. Halifax, Dartmouth, Bedford, Sackville, the South Shore, the Valley, and smaller communities can all have very different price points, property types, and closing cost considerations. Getting prepared early can help you shop with more confidence and avoid surprises later.
How I Can Help
I can assist you by:
- explaining the mortgage products available to you, including fixed, variable, open, closed, conventional, and high-ratio mortgage options;
- reviewing your income, down payment, credit, and debt picture so you have a clearer idea of what may be realistic;
- advising you on the documents lenders will need for a mortgage approval;
- helping you compare mortgage options based on your financial situation, not just the interest rate;
- arranging a rate hold where available, so you have some protection while you shop;
- and explaining the costs that can come up over and above your down payment.
Build Your Home Buying Team Early
A good home buying team can make the process much easier. Along with your mortgage broker, your team may include a Realtor, home inspector, real estate lawyer, and insurance provider.
Each person plays a different role. Your Realtor helps you with the home search and offer. Your inspector helps you understand the condition of the property. Your lawyer handles the legal side of the purchase. Your insurance provider helps make sure coverage is in place before closing. My role is to help you understand the financing and mortgage options available to you.
Key Points to Consider Before Buying
Before you start viewing homes, it helps to review a few important details:
- what you can comfortably afford;
- how much you have available for your down payment and closing costs;
- whether a fixed or variable rate mortgage makes more sense for your situation;
- whether an open or closed mortgage is the right fit;
- whether your mortgage will be conventional or high-ratio;
- what amortization options may be available to you;
- which mortgage term fits your plans;
- what documents lenders will need based on how you earn income;
- and what additional costs you should prepare for.
These costs may include legal fees, deed transfer tax, title insurance, home inspection, appraisal fees, property tax adjustments, home insurance, moving costs, and HST where applicable, such as some new construction purchases.
In many standard mortgage situations, my services are paid by the lender, which means there may be no direct cost to you. If a fee ever applies, that would be discussed with you upfront before moving forward.
Feeling Overwhelmed?
That is completely normal. There are a lot of moving parts when buying a home, especially in today’s Nova Scotia market.
Let’s review your options together and build a mortgage plan that fits your budget, your goals, and the type of home you are hoping to buy.