Find the best Kentville mortgage rates. Online Kentville brokers like Breezeful are your best source for the most competitive rates. We can answer your questions and provide you with an overview of the rates and options offered by lenders and banks in Kentville, Nova Scotia and across Canada.
Kentville, Nova Scotia is the perfect place to call home. 14,234 people currently live in single family homes, condos and townhouses in this lively Canadian city, and an increasing number are relying on local mortgage brokers to discover the best rates and lenders for their home-buying needs. Real estate is spread across 17.8 square kilometers, alongside many popular arts, culture and recreation facilities.
Mortgage Types in Kentville
If it's your first time buying or refinancing a home, you might be wondering which type of mortgage you should go for:
- Open Mortgages: Gives you the flexibility to make large payments or pay off the mortgage entirely without a penalty. The trade-off includes interest rate flexibility which some borrowers may not be comfortable with, in Kentville, Nova Scotia or all of Canada
- Closed Mortgages: Includes a set interest rate and set period of time for the mortgage. If the mortgage is paid in full before the end of the term the borrower may need to pay a penalty. The benefit of a closed mortgage in Kentville generally includes a lower interest rate.
- Convertible Mortgages: An option between open and closed mortgages. It allows you to change the type of mortgage during its term, for example beginning with an open mortgage then switching to close. It generally has better interest rates than open mortgages.
- Reverse Mortgages: Provides an alternative source of income for retirees by borrowing against the equity of the home. Interest rates are usually higher.
Learn more about open vs. closed mortgages here.
More about Nova Scotia Rates and Mortgages
Mortgage brokers in Nova Scotia are licensed under Service Nova Scotia, under the Mortgage Brokers and Lenders Registration Act. This licensing is meant to regulate the information available to borrowers on both a transactional and annual basis, to limit the levying of pre-payment penalties, and to protect the borrower's right to refinance. Mortgage brokers must renew their license each year, with an annual fee due to the Ministry of Finance.
Despite being one of the smallest provinces, Nova Scotia is also one of the most population dense. This Atlantic province is known for stunning coastlines, puffins, and delicious seafood. Just under a million Canadians call this maritime province home, with about 400,000 living in the provincial capital of Halifax. Other top towns include Truro, Cape Breton and Amherst. Like other eastern provinces, the economy is resource-based with many Nova Scotians working in fishing, mining, agriculture and forestry.
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