Your mortgage payment is due on the first (1st) day of each month.
Your monthly payment covers -
Fees - We first allocate the appropriate portion to any fees (e.g. late fees*, Life & Peril Insurance Arrears*, Interest Arrears*, Principal Arrears*) that may be owed
Life and/or Peril Insurance - We deduct the portion that services life and/or peril insurance
Interest - We collect the amount due for interest on the loan
Principal - (the remainder of what you borrowed)
*Where applicable
Your monthly mortgage payment can change from time to time
Changes in payments can happen for any of the following reasons:
- There are changes in the interest rate or loan term
- There are changes to your peril and life insurance premiums
- You receive additional loan disbursements)
- Your loans are consolidated
- You receive special assistance
- Your loan is rescheduled
Payments can be made in any one of several convenient ways
This is mandatory for employed mortgagors. (Payments are posted with an effective date of the first of the month. As they are recognized as on time, the mortgagor will not incur late fees or additional interest charges.)
This can be done (via cash payments, cheque, credit or debit card) and Service Centres (via cheque, credit or debit card; cash payments are not accepted at our Service Centres)
At your bank or credit union
This can be done (using N.C.B Telemidas or B.N.S. Telescotia)
This can be done via NHT’s website or Mobile App (via credit card)
Lump Sum Payments
You can make lump sum payments to reduce your principal balance, but these payments must be made to a cashier at an NHT Office.
You must tell us that this is the purpose for which you are making the extra payment; otherwise the extra sum may be treated as a pre-payment. After making a lump sum payment, you may ask for your account to be rescheduled so that you can benefit from a reduced monthly payment. You should continue to make regular monthly payments until the loan is paid off.
If you intend to pay off your mortgage early, please contact us for a payoff statement to verify your final loan balance prior to making the final payment.
Non/Late Payment
Your repayment is due on the 1st day of every month.
30 Days
If you do not pay your mortgage for more than 30 days after it was due, you will be sent a notice asking you to pay no later than 15 days from the date the notice was sent.
60 Days
If you are in arrears for more than 60 days, you will be sent a second notice requiring you to respond no later than 7 days from the date the notice was sent.
90 Days
If your account remains in arrears for 90 days or more, the NHT may recover the outstanding amount through external debt collection services, by public auction, Private Treaty sale or by other legal means.
Mortgagors may seek special mortgage assistance from the NHT, if they have fallen into arrears, have been negatively affected by natural disasters, or are impacted by other financial crises. However, you must contact us within 30 days of your job loss or illness to be eligible.
Loan Payments
Loans FAQs
If you don't see an answer to your question, you can send us an email.
No, payments must be made at the NHT cashier or to the external attorney who is handling the case on NHT's behalf.
