Frequently Asked Questions About Mortgages in New Brunswick

The minimum down payment depends on the purchase price:

• Up to $500,000: 5%
• $500,000 to $1,500,000: 5% on the first $500,000, then 10% on the remaining amount
• Over $1,500,000: 20%

Some lenders and property types may require a larger down payment.

In addition to your down payment, you should budget for expenses such as:

• Property Transfer Tax
• Legal fees
• Title insurance
• Home inspection
• Appraisal (if required)
• Adjustments for property taxes or utilities

Most buyers should budget approximately 1.5% to 4% of the purchase price for closing costs.

Yes. Many first-time home buyers in New Brunswick purchase their home with as little as 5% down, provided they meet the lender's qualification requirements.

Many lenders prefer a credit score of 680 or higher, but there are mortgage options available for borrowers with lower scores. Your income, down payment, employment history, and overall financial profile are also important factors.

The amount you qualify for depends on several factors, including your income, existing debts, down payment, credit history, property taxes, heating costs, and current mortgage rates. A mortgage pre-approval is the best way to determine your budget before you begin shopping for a home.

Absolutely. Getting pre-approved is one of the smartest first steps. It helps you understand your budget, strengthens your offer when you find a property, and may allow you to secure an interest rate for a limited period while you shop.

Yes. Self-employed borrowers have several mortgage options available. Depending on your situation, lenders may use tax returns, business financial statements, bank statements, or stated income programs to verify your income.

Yes. Many lenders offer mortgage solutions after a consumer proposal or bankruptcy. Eligibility depends on factors such as your credit re-establishment, down payment, income, and how much time has passed since your discharge or proposal.

Yes. Most lenders allow gifted down payments from immediate family members. A gift letter and proof that the funds have been transferred are generally required.

Yes. Many homeowners refinance to consolidate higher-interest debt, finance home renovations, or access equity. Refinancing can simplify your monthly payments and potentially reduce your overall interest costs, depending on your circumstances.

As a licensed Mortgage Broker serving New Brunswick, Ontario, and Nova Scotia, I work with a wide range of lenders to find mortgage solutions tailored to your needs. Whether you're buying your first home, renewing your mortgage, refinancing, or investing in real estate, I'll provide straightforward advice, proactive communication, and support every step of the way.