Before You Buy in Moncton

Planning to Buy in Greater Moncton This Spring? Here’s the “Real Work” You Need to Do First
If buying a home is on your mind for this spring, it’s easy to get caught up in the excitement of browsing listings and attending open houses. But here’s the truth: the real work starts long before you ever walk into a showing.

To get the inside scoop on how to prepare, I sat down with Simon Belo, a Mortgage Broker at Fairview Mortgages. He shared the four critical steps every buyer should take right now to ensure that when the right home hits the market, you are ready to move.

1. Secure a Valid Pre-Approval
Don’t start shopping based on a guess. A valid pre-approval is your most powerful tool in a competitive market. It does three major things:

Locks in your interest rate: Protecting you from market fluctuations while you shop.

Shows sellers you’re serious: In a multi-offer scenario, a pre-approval can be the tie-breaker.

Defines your budget: You’ll know exactly what your borrowing range and monthly payments will look like.

2. Check Your Credit Score Early
Lenders generally look for a credit score of 680 or higher. The reason we suggest checking this early is simple: if there are "bruises" or errors on your report, you need time to address them. Whether you need to improve your score or explore alternative lending solutions, catching issues now prevents heartbreak later.

3. Keep Your Finances “Quiet”
One of the biggest mistakes buyers make is taking on new debt after they’ve applied for a mortgage. Avoid opening new credit cards, financing a car, or making large purchases until after you’ve closed on your home. Even if your income hasn't changed, new debt can reduce the amount you qualify for, potentially stalling your purchase at the finish line.

4. Factor in Closing Costs
Your down payment isn't the only cash you'll need. Simon recommends setting aside a buffer of about 1.5% of the purchase price for closing costs. This covers legal fees, land transfer taxes, and other adjustments. Lenders will want to see that you have these funds ready to cover the costs at closing.

The Bottom Line
Being prepared is what makes the buying process feel simple rather than stressful. If you start these steps now, you’ll be in a much stronger position to act quickly when the right Moncton home comes up.

Ready to get started?
If you're thinking of buying this year, don't wait until you find the "perfect" house to talk numbers. Reach out today to get connected with a mortgage professional like Simon who can help you build your plan!

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