Fixed mortgage rates in Halifax (and across Canada) are the same throughout the mortgage term, which is typically five years. A fixed-rate loan has the same interest rate throughout the loan period, while variable-rate loans have an interest rate that changes over time. Mortgage interest rates change frequently, so it is important to check current rates with Halifax or your mortgage broker just before you apply. Unless you have a mortgage in Halifax with flexible features, you will have to pay an early repayment fee if you pay more than a certain level. It is important to note that Halifax's mortgage rates for a home are the same as for a condo.
Keep in mind that the total cost of the mortgage will be much higher due to the amount of interest paid over the life of the mortgage. Variable-rate loans generally have lower interest rates and can be used to obtain affordable short-term financing. Mortgage counselors can provide you with guidance on which mortgage provider may be best for your circumstances. Comparing rates between several providers and mortgage brokers is the best way to get the lowest possible rate. It is also helpful to read up on mortgage advice from experts such as The Globe and Mail's contributors and Ratehub's mortgage and home buying guides.
RATESDOTCA takes much of the stress out of the financial issues of how to find a current mortgage rate in Halifax and who to apply to. When the term is up, you can renew your mortgage with the same lender or look for a better rate.