Newfoundland and Labrador REAL ESTATE

Armed with deep historical roots that go all the way back to the Vikings, Newfoundland and Labrador are one province (formerly a province and a territory respectively) that can be an exciting place to call home! The rugged terrain of hills, rich forests, cliffs, glacial fjords, waterfalls, shorelines, and valleys offer outdoorsy people loads of hiking, cycling, walking, boating, fishing and watersport options. The scenic views are incredible and if nothing else, the way of life in Newfoundland and Labrador is nothing short of cozy... and this is just 'the tip of the iceberg' as to why people hang their hats here and call it home. The real estate collection in Newfoundland and Labrador is just as cozy and colourful, with many homes ranging from single family homes to row houses to multi-family houses, to bungalows to rural cottages & cabins, just to list a few styles of the many. When home buyers couple an enriched lifestyle with affordable real estate, the only question left is "when can you move here"? Before the answer to that question can be determined, buyers that want to buy their home via a mortgage loan will have a few big steps to conquer. You will want to minimize the 'mortgage market mayhem' by sourcing good advice and understanding the differences between lenders that deal in mortgage loans and the differences between the various mortgage products.

A mortgage loan for your own piece of real estate in Newfoundland and Labrador all begins with you and your finances. The better off you are and the more prepared you are for home ownership, the more eager your lender of choice will be to approve your mortgage loan and see you as a lower risk. If you decide on a whim that you want to take out a mortgage and jump forward too quickly without any preparation, there are lenders out there (private lenders like mortgage companies) that may still work with you for the loan, but you will pay a much higher interest rate and you may not be perfectly matched with the best mortgage product. Being prepared to tackle home ownership includes (but is not limited to) having saved money over time so that you can meet the 20% down payment expectation, have a steady and reliable source of income, have a blemish-free credit rating, have money saved up for closing costs & other associated fees and still be able to afford the 'big move' into your new home. You will have to consider home insurance, additional utilities like septic & water if a home with property, and other expenses like renovations or repairs that did not get picked up during a home inspection prior to purchase.

Are you familiar with the different types of mortgage products and how they perform differently? The top three mortgages are an adjustable rate mortgage, a variable rate mortgage, and a fixed rate mortgage. A mortgage can be opened or closed and there is even a mortgage (hybrid mortgage) that combines both a variable rate mortgage and a fixed rate mortgage. With a long list of mortgage types, it is wise to know what is out there, what you feel would work with your individual finances and what will perform best for you over the period of years. The 'mortgage lingo' and the 'real estate terminologies' can be difficult to understand, so be prepared by doing a little research ahead of time if you can. The Internet is a valuable resource for carrying out your research and there is a wealth of information & tools right on your banking institutions website that you can access simply and for free. There is a variety of mortgage-related calculators, mortgage product breakdowns and for most sites, there is the chance to apply for a mortgage loan right then and there. Know what your affordability is, compare different mortgage scenarios and interest rates and know what the differences are between private lenders and major banks & credit unions.