NormanLane Real Estate | 709-221-SOLD | 323 Freshwater Road St. John's NL A1B 1C3

Category Archives: Mortgages

Interest rates are on the rise… (thanks Donald Trump)

Over the past few days, I've received many inquiries in my inbox with questions from clients asking what they should do about the real threat of interest rates rising that they are hearing in the media. This question has many different answers, and all can be relevant (or not) to your specific situation. Some people…
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What’s next for home buyers in Newfoundland?

So, after attending a mortgage conference in southern California late last week I was just about to go into "airplane mode" on my mobile and zone out for a few hours on the way home, when I see that Global, The Star, The Globe & Mail and the National Post all had BREAKING NEWS from the Federal…
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BREAKING NEWS: Drastic Mortgage Rule changes affect us all!

On Monday October 4th, Canada's Federal Finance Minister Bill Morneau blind sided the Real Estate and Mortgage Industry with new legislation that is going to have a fairly sizable impact on the National Real Estate Market. As of Oct 17th, 2016 all bets are off...   The big announcement will undeniably affect the most vulnerable,…
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Newfoundland Closing Costs, the facts, the myths, the bottom line..

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Closing costs:

For many home buyers in Newfoundland, closing costs are a complete mystery; a slew of hidden fees that only show up at the last minute to empty your wallet! But there is a simple formula for these costs:

A safe bet for closing costs is 1.5-2% of your total purchase price, (in addition to your minimum 5% down payment). This covers off things like government fees for registering your mortgage and your deed, title searches, tax certification,  law society fees and actual fees for legal work (despite what you may think, the majority of fees a lawyer collect actually go towards government required items).

Our mortgage calculator takes the guess work out of this for Newfoundland home buyers as we break the different costs down when estimating how much it's actually going to cost you on closing day to get your keys.

The few things we can't account upfront are things like:

Property tax - In the event the homeowner has her property taxes paid until the end of the year, the new buyer would have to reimburse them the remaining amount they've paid. (ie. If your closing date is August 15th, you'd be on the hook for 4.5 months property taxes on the property)

Oil/Propane - If the house has either oil heat, a propane fireplace/stove, etc, you will be required to reimburse the homeowner for the remaining fuel in the tank. (Often, tanks are filled around the time of closing so you can be billed for a full tank)

While the actual fees for billable hours vary from lawyer to lawyer, this calculator will give you a pretty close idea for what you can expect!

Calculate your down payment and closing costs: HERE 

The 4 do’s and don’ts of getting a mortgage!

So, you've made the leap, and decided to buy your own home. You've waited patiently, saved and done all the work required. You've spent months online, weeks viewing properties, compared neighbourhoods,  crunched numbers, found a great rate and you're anticipating the keys to your new pad. So, it's time to sit back and relax, right?…
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