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Mortgages New Brunswick

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up Last updated

June 12, 2025

up Written by:

Jenna West

up Reviewed by:

Jenna West

Anyone looking to acquire financing in New Brunswick for their homes, should look toward mortgage loans. Whether you are a first time home buyer or commercial/residential investor looking for financing, mortgage loans are now a reasonable solution to complete your transaction and get the home you’ve been dreaming about. It’s simple to get approved for a mortgage loan in New Brunswick. Waiting in line and signing a bunch of paperwork is a thing of the past. Nowadays, applicants only have to sign an online application form where just a few days, they can receive their mortgage in New Brunswick. Smarter Loans has made sure we’ve done the bulk of the work for you. Below you will find a concise list of reliable companies that you can trust to provide your NB mortgage loan.

Compare Lenders

AMOUNT
$50K - $10M
INTEREST RATE
From 4.09%
TERMS
6 - 60 Months
AMOUNT
$50K - $10M
INTEREST RATE
Varies
TERMS
1 - 10 Years
AMOUNT
$50K - $10M
INTEREST RATE
From 5.44%
TERMS
5 Years

Frequently Asked Questions About Mortgages in New Brunswick


Do I qualify for a mortgage in New Brunswick?

Qualifying for a residential mortgage in New Brunswick is a matter of finding a lender who will work with your particular financial circumstances. Several factors determine your eligibility for a mortgage and the size and type of mortgage you can get:

  • Your income
  • Your credit score
  • The size of your down payment
  • Your existing debts
  • Your savings or other assets

You will need to be able to provide documentation on all of these factors, as well as ID and proof of address when you apply. Each lender will then have their own criteria for deciding whether you pass their approvals process. Generally speaking, as long as you have a credit score of above 600, a steady income, and at least a 5% down payment, you should be able to secure a mortgage from most lenders. There are also options for those who don’t fit this standard or who have unusual needs.

Who are the available lenders in New Brunswick?

Although New Brunswick is one of the smaller provinces, there are still plenty of lenders for residents to choose from. These fall into several categories: traditional lenders such as banks and credit unions, mortgage companies and other financial providers, and niche lenders. This last category includes private lenders, bad credit lenders, mortgages for new construction, reverse mortgages, and so on. The vast majority of New Brunswickians get their mortgages from banks and credit unions.

If you’re seeking a commercial mortgage, the same range of options apply, and you may also be able to access government-sponsored mortgages as well, if you are a small or new business.

What kind of property can I purchase with a mortgage?

You can use a residential mortgage to purchase almost any kind of residential property, including a single-family home, a newly constructed home, a multi-unit property, a townhouse, a condo, a vacation property, land, or even a mobile home or houseboat. You can also use a mortgage to finance home renovations.

Commercial mortgages are for business-owned property, such as industrial buildings, multi-use properties, office buildings, medical buildings, retail plazas, warehouses, and so on.

How do I qualify for a commercial mortgage in New Brunswick?

Qualifying for a commercial mortgage is a little different from qualifying for a residential mortgage. Instead of analyzing your personal finances, the lender will analyze the finances of the company buying the property, and the primary factor of concern is the debt service coverage ratio. The lender will want to see copies of the business’s financial history, assets and debts, proof of profitability, projected revenues, and a business plan. Credit score is also important, as is the size of your down payment. All of this information together will dictate how much of a risk your business is considered to be, and how much you can borrow.

What’s the average interest rate on a mortgage in New Brunswick?

Interest rates in New Brunswick are not quite as low as in more populated provinces (as lenders cannot rely on the same volume of customers), but when combined with the province’s low property prices, purchasing property here is still very affordable. The exact interest rate you qualify for will depend on your personal circumstances – your income, credit score, down payment, and so on – but generally rates range from 2% to 5%, with the average sitting at 3%. Both variable rates and fixed rates are widely available.

How much do I need for a down payment on a New Brunswick mortgage?

The Government of Canada has stipulations on the size of down payment property buyers must have, which correspond to the value of the property being purchased. All home buyers in New Brunswick must follow these rules. Homes worth under $500,000 (which includes the vast majority of private properties in the province) need a down payment of at least 5%. Homes worth more than this need at least a 10% down payment, and even more if the property is worth over $1 million. The average property price in New Brunswick is $200,000, so the average required down payment is $10,000.

What fees and taxes do I need to pay when purchasing property in New Brunswick?

Buying a property always comes with a slew of fees and taxes, and as these can add up, it’s very important to know in advance how much to budget for them all. In general, the closing cost when buying a house in New Brunswick is about 1-2% of the sale price of the home, and this amount consists of: home inspection fees, mortgage lender fees, title insurance, legal fees, mortgage insurance, broker fees, and so on. This also includes Land Transfer Tax, which is low in New Brunswick, at just 1%. However, there is also a Harmonized Sales Tax of 15%. This is only payable on brand new properties, and rebates are available for properties worth less than $350,000.

What is mortgage pre-approval and do I need it?

Mortgage pre-approval is a useful but not required step that buyers can take when house hunting. Essentially, it means providing all of your financial documentation to a lender before you have found a home to purchase. The lender can then assess your situation and give you an estimate on how much you would be able to borrow, and at what rate. Some lenders offer “locked-in” rates with pre-approval, meaning that for a certain period of time you would be guaranteed this rate. This information can help inform your house hunting decisions and speed up the process when you find a house to bid on.

I’m a first-time buyer. What extra help can I get in New Brunswick?

The Canadian government has several programs to help first-time buyers get a foot on the property ladder, all of which apply to New Brunswick residents. The First-Time Home Buyer Incentive allows eligible buyers to finance a portion of their purchase through the government. The Home Buyer’s Plan allows you to withdraw up to $35,000 from an RRSP to assist with your purchase. There are also tax incentives: the Home Buyer’s Amount provides up to $5000 in tax credits, and buyers of new properties worth less than $350,000 are eligible for HST rebates.

av
writtenWritten by:

Jenna West

Amy Orr is a professional writer and editor with over 10 years of experience in the Canadian, U.S. and U.K. financial markets. She has written for numerous publications on topics as diverse as economic literacy, corporate finance, and technical analysis of numerical data. Prior to transitioning to full-time writing, she worked in the hedge fund sector. Her academic background is astrophysics, and she has a Masters in Finance from the University of Edinburgh Business School.

av
writtenReviewed by:

Jenna West

Jenna West is Smarter Loans' in-house financial writer and content director. She has been covering the Canadian FinTech and finance industry since 2017, including financial trends analysis, industry surveys, regulatory updates and changes in Canadian consumer behaviour when it comes to finance.

Awesome G.
04:46 26 Feb 25
I’m very honoured to shear my experience with this illustrious platform. To be able to systematically choose from a list optional to one’s profile without doing much leg work is truly rewarding. This platform allowed to expand my options and chose which lenders fit my profile, thank you and continue doing what you do best,, connecting people to available wealth opportunities.
Pat M.
03:10 26 Feb 25
Good place to get a loan
Chris “Stufphr” H.
02:07 26 Feb 25
When you feel in need of a loan do it smart and make it a Smarter Loans.
Dan Bott (.
01:41 26 Feb 25
Very Helpful, was assisted in a timely fashion and was ultimately able to receive assistance; I highly recommend!!!
joel K.
22:59 25 Feb 25
I have recommended this place to many friends I feel that this company goes out of their way to help people that they can and they are very easy to work with
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13:22 27 Oct 24
This company is reliable, quick, and just has the best customer service and rates it is a easy process with quick results. Would definitely recommend to anyone that needs the help.
Vincent J.
07:08 23 Oct 24
Good place for borrowing a bit of money 😁
Kels H.
06:41 23 Oct 24
Personally love this opportunity and app. Super convenient and easy to use and super awesome variety of great loans. Thanks so much guys for making such an awesome site and app and being there for me over the years. :)
Tara H.
16:23 16 Oct 24
From beginning to end, my experience was great! Very professional and personable agents. They only asked questions that were needed for the loan and payments were extremely reasonable. Would recommend to anyone who needs emergency funds.
A S.
19:43 11 Oct 24
“ Thank you SO very much! My situation was tricky and you guys made the whole process so effortless. The way you guys handle the whole process so discreetly. That truly speaks to how well your office is run and the caliber of specialists who handled the processing of my entire loan!”

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