Shopping for mortgages has never been easier with the KANETIX innovative mortgage comparison tool. Within minutes, you can find your best mortgage rates in New Brunswick and get pre approved online. We have the best rates in Canada for a variety of different mortgage products from different lenders and brokers. Residents of New Brunswick are soon to find out that KANETIX offers a complete online mortgage solution that takes the stress out of the home buying process.

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New Brunswick mortgage rate shopping

With so much competition in the mortgage market, choosing the right mortgage could be an overwhelming process. Our mortgage rate comparison tool will help guide you through the process by offering discounted rates in a secure and user-friendly environment. You're guaranteed to get the best rates at KANETIX through our exclusive partnerships. We've worked hard to establish agreements with the top brokers in the country, in order to provide New Brunswick's residents with piece of mind. Our innovative 3-step process makes it easy for you to secure your own rate, or get in touch with a mortgage professional over the phone.

Mortgage information in New Brunswick

New Brunswick is the largest of Canada's Maritime Provinces. With its breathtaking landscapes and sandy beaches, it is an ideal location to buy a home. A usual process for homebuyers x when purchasing a home in New Brunswick is to take out a mortgage. Another common occurrence consists of taking additional equity out of an existing home to pay off any debt, such as credit cards, or finance a home renovation.

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New Brunswick mortgage loans are issued to residents with the condition that the borrower can repay it within the amortization period. Your mortgage payments can be made at different frequencies (weekly, bi-weekly, etc.) and be applied toward the loan principal. However, a portion of your mortgage payment is also allocated towards your interest rate (mortgage rate).

KANETIX makes the mortgage shopping process quick and easy. Our website features an extensive set of tools and resources to help you put your mind at ease. Our New Brunswick mortgage calculator will aid you in organizing your budgeting and assessing your financial situation. Discover how large of the home you can afford and the price limit you should be considering. We have the answers to all of your mortgage needs when it comes to renewals, refinancing, and first mortgages.

Interested in learning more about mortgages? Visit our mortgage glossary for an extensive list of financial terms to expand your financial vocabulary. Our mortgage infocentre features interesting articles about things like Canada's new mortgage rules, tips for homebuyers and advice for paying off your mortgage sooner.

What makes KANETIX special?

  • Acquire the best rate using a safe and user friendly platform
  • Open, closed, variable and fixed mortgage products
  • Includes both lender and broker loans
  • Find the best mortgage rates in New Brunswick
  • Receive a mortgage rate guarantee certificate
  • Mortgage professionals are glad to assist you with just a quick call away

New Brunswick mortgages: Open, closed, fixed and variable

Open mortgage terms usually range from 6 months to 5 years and can be paid off at any time without a penalty. Open mortgage interest rates are generally higher than closed mortgages because of the flexibility. Closed mortgages feature lower interest rates. Paying off a closed mortgage prior to its maturity without a penalty is not likely, but you can still pre-pay a maximum percentage of your principle each year. The choice between an open or closed mortgage will vary, depending on the financial situation of the borrowers.

Fixed and variable mortgage rates are based on your tolerance for risk and financial stability. Fixed mortgage rates stay consistent throughout the term of the mortgage, whereas variable rates can change over time. The variable rate adjusts with the prime-lending rate. When the prime rate goes up, more of your mortgage payment will be applied to paying off the interest. A variable mortgage rate will also usually start with a lower interest rate.

High Ratio and Conventional Mortgages

If you are thinking about purchasing your home with a down payment between 5 and 19.99 per cent of the property value, you would be purchasing a high ratio mortgage. In this instance, mortgage insurance must be bought to protect the lender in the case of borrower default. A conventional mortgage does not require the purchase of insurance and a down payment of 20 per cent or more of the purchase price is necessary.

Key terms for New Brunswick mortgage rates

  • Pre-payment limitations- Pre-payment limitations are the annual maximum percentage limits that come with a closed mortgage. The limits dictate the amount you are allowed to pay off throughout the year above your regular mortgage payments without incurring a penalty and are often set at around 20 per cent
  • Rate hold period- This is the time over which the broker or lender will guarantee your mortgage rate. In this case, a longer rate hold period is ideal.
  • Amortization period- The amortization period is the duration over which the mortgage will be paid off
  • Credit score- Some brokers and lenders will raise the offered mortgage rates based on a lender's poor credit score.
  • Mortgage timing- You can qualify for a discount on your rate with certain lenders and brokers based on when you secure your rate. Lenders and brokers could potentially offer discounts if you secure your rate within a 30 day period, 90 day period, etc.

Our comparison service can be found across Canada. Look for the best mortgage rates in Saskatchewan, Ontario, Manitoba, Nova Scotia, Prince Edward Island, Newfoundland and Alberta.

New Brunswick Mortgage brokers

Go ahead and shop around using our mortgage comparison tool. When you are ready to secure your rate, you can complete the process online or to call us to be connected to our partnered mortgage brokers who are ready to assist you with any questions that you may have.

Province of New Brunswick General Information

  • Population (2011): 755,335 (2.19 per cent of Canada)
  • Population Makeup (2006): 96.5 per cent Canadian born; 3.5 per cent foreign born
  • Average annual population growth (2001 - 2011): 0.3 per cent
  • Median family income (2010): $ 62,150
  • GDP (August 2012): $32 billion (1.8 per cent of Canada)
  • Unemployment rate (August 2012): 9.8 per cent
  • CPI Inflation (August 2012): 3.5 per cent

Sources: Stats Canada.

Province of New Brunswick Real Estate Market

  • Housing starts (2011): 3,452
    • Year-over-year change: -15.8 per cent
  • Average Residential resale price (Q4 2012 YTD): $163,700
    • Year-over-year change: 0.9per cent

Sources: CMHC

This summary is for informational purposes only and should not be relied upon without verification by contacting a mortgage professional.

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Kanetix Mortgage App

Buying a home? The KANETIX Mortgage App helps you tally the numbers that count when it comes to home ownership.
  • Affordability calculator: work out how much of a mortgage you can carry.
  • Mortgage calculator: easily calculate your mortgage payments.
  • Mortgage rates: compare and call to secure fixed and variable mortgage rates.

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