Mortgage Refinance in New Brunswick: Rates, Rules and When It Pays
A refinance cannot be default-insured in Canada, so it prices off the uninsured shelf — higher than the rate advertised for a purchase. Here is what that costs in New Brunswick and when it still makes sense.
Who a mortgage refinance in New Brunswick covers
- Borrowers taking equity out for renovations, investment or debt
- Anyone breaking a term early to capture a lower rate
- Files changing amortization, or adding and removing a covenantor
What New Brunswick lenders look for
| 80% loan-to-value ceiling | The hard limit on a refinance in Canada. Equity above that is only reachable through a second mortgage or a private lender. |
| Uninsured pricing | Insurance is unavailable on a refinance whatever the LTV, so the rate comes off the uninsured shelf — typically 20 to 40 basis points above insured. |
| Break penalty | Leaving a fixed term early triggers the greater of three months’ interest and the interest rate differential. On a big-bank fixed the IRD is calculated off posted rates and can run to five figures. |
| Legal and appraisal | Yours to pay on a refinance, unlike a straight switch. Budget $1,100 to $2,000. |
Refinance mortgage rates in New Brunswick
Every refinance in New Brunswick prices on the uninsured shelf. The break-even question is whether the interest saved over the remaining term exceeds the penalty plus legal costs.
What a typical purchase looks like
| Typical price | $399,000 |
| Minimum down payment | $19,950 |
| RPTT | $3,990 |
Averaged across 1 New Brunswick market we track. Calculate yours →
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Refinance mortgages across New Brunswick
Prices and property tax vary widely inside the province, and both feed your qualification.
| Market | Typical price | Minimum down | |
|---|---|---|---|
| Moncton | $399,300 | $19,965 | Affordability → |
Refinance mortgage questions for New Brunswick
How much equity can I take out?
Up to 80% of the property value, less what you still owe. On a $800,000 home with a $400,000 mortgage that is $240,000 before costs.
Is it worth breaking my term?
Only if the interest saved beats the penalty. Get the exact penalty from your lender in writing before modelling anything — the estimate on their website is frequently wrong, and always in their favour.
Why is my refinance rate higher than the advertised rate?
Because the advertised rate is almost always insured pricing, which requires less than 20% down on a purchase. Refinances cannot be insured at all, so they price higher by rule, not by negotiation.
What does it cost to close in New Brunswick?
Real property transfer tax on a $399,000 purchase comes to $3,990, due in cash on closing. Full New Brunswick closing costs →
Refinance in New Brunswick?
Send us the file and a licensed broker comes back with what is realistically available — which lenders will take it, at what rate, and what they will want to see.
