Best Mortgage Broker Rates In Nova Scotia
Mortgage brokers offer better rates than the big banks. Find the broker in Nova Scotia with the best mortgage rates.
Nova Scotia Mortgage Brokers and Agents
To secure the best mortgage rates in Nova Scotia, contact a mortgage broker or agent in your area. Using a local broker gives you the ability to meet in-person to discuss your needs and concerns and gives you access to the best mortgage rates offered by banks and lenders across Canada.
Best fixed rates
5.34%
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Benefits of a Mortgage Broker
There are many advantages that come with using a mortgage broker. Some advantages are:
- increased access to lenders, mortgage products and rates
- mortgage brokers conduct all rate comparison shopping only requiring your credit report to be pulled once (compared to multiple times if you conducted your own rate shopping)
- the mortgage broker can negotiate on your behalf and pass on some of their volume discounts to you
- mortgage brokers’ extended hours provide more opportunities to meet in person
- access to your mortgage broker’s industry knowledge as they are not limited to products from a single lender
- free service, as mortgage brokers are paid by the lender that provides your mortgage
Mortgage Brokers Association of Atlantic Canada
Nova Scotia mortgage brokers fall under the Mortgage Brokers Association of Atlantic Canada (MBAAC). The Mortgage Brokers Association of Atlantic Canada represents its members when dealing with local issues at the provincial level, and when dealing with agencies, licensing bodies and regulators. They deliver licensing and continuing education courses to their members. Members of the MBAAC agree to the professional and ethical standards outlined by the association and meet the qualification requirements.
Mortgage Broker Licensing in Nova Scotia
Nova Scotia requires all mortgage brokers to be licensed by Service Nova Scotia before conducting business in the province. Unlike many of the provinces, there is no education requirement to be a mortgage broker in Nova Scotia. However, Mortgage Professionals Canada (MPC), one may acquire an Accredited Mortgage Professional (AMP) designation. It is the only proficiency standard for the Canadian Mortgage industry and although not necessary, does add additional credibility.
Other Professionals
As part of the home buying process you may come in contact with various professionals, all of which provide services to aid in the purchase process. These professionals include:
- Realtors—Realtors have access to home sales data and can help you find the right property and negotiate with the seller on your behalf. Realtors are overseen by the Nova Scotia Real Estate Commission.
- Home Inspectors—Provide home inspections to determine the condition of the property. A home inspection will allow you to determine what repairs and maintenance may be required in your property. To find a home inspector in Nova Scotia, consult the Canadian Association of Home & Property Inspectors Atlantic.
- Real Estate Lawyers—Prepare and register all legal documents such as a purchase contract and mortgage contract.