What is a mortgage and how does it work?
A mortgage is a fancy word for a loan that lets you buy a house (It also means DEATH PLEDGE in French). The folks with money give you some, and in return, you promise to pay it back — usually in monthly installments, plus interest. It’s kind of like a long-term rental, except at the end, you own the place.
What’s the average credit score I need to buy a home?
In Canada, credit scores range from 300 to 900, and the higher, the better.
650+? You’re in solid shape for most lenders. 680+? Even better—more options and lower interest rates. Under 650? You can still get a mortgage, but expect tighter conditions or higher rates.
Need help improving your score before buying? We can point you in the right direction
How much will I pay in real estate fees and closing costs?
Real estate commissions: Tangly topic. There’s no standard fee, there’s no “rule of thumb,” and anyone that tells you it’s not negotiable should be treated like an earwig. Run! The local average is probably somewhere close to 5% of the sale price, and that likely gets split between the buyer’s and seller’s agents.
Closing costs vary, but we recommend budgeting between 1.5% to 3.5% of the home’s price. This can cover legal fees, home inspections, property tax adjustments, sage cleansing, and anything else you’ll need.
Want a breakdown of exactly what you’d pay? Let’s chat
Are real estate commissions negotiable?
ALWAYS NEGOTIABLE. ALWAYS. There are obviously “averages” and “typical” amounts. Some might say 5%. Some 1.5%, some 6.5%. Depending on the situation, commissions can range from a flat fee to whatever it takes to get a deal done. Service level, marketing strategy, overheard, corporate structure, agency, and even the location, can all impact the number.
Want a breakdown of how commissions work? We’re happy to explain — no awkwardness. Well, none extra, at least.
How do I know how much my house is worth?
The internet is full of “instant home value” tools, but real talk? They’re usually about as accurate as guessing the price of a car without knowing the mileage.
A home’s value depends on:
- Location (neighbourhood demand matters!)
- Size and features (bedrooms, bathrooms, upgrades)
- Market trends (what’s selling right now in your area)
- Competition (do you have a neighbour with Christmas lights in June?)
Want a real number? We’ll do a free home evaluation — no fluff, only facts.
What should I do to prepare my house before selling it?
Download a copy of Equity Extract!
Otherwise, you don’t need to gut-renovate, but you do need to make buyers fall in love.
- Declutter and depersonalize (yes, take down the family photos).
- Boost curb appeal (first impressions matter).
- Fix minor issues (loose doorknobs, scuffed walls—buyers notice everything).
- Deep clean (we mean really clean).
- And for the love of all things real estate, Don’t have any weird smells. (Ew)
If you’d like to know what really matters when preparing your home for sale, get in touch and we’ll share a customized checklist for your home!
Should I sell my current home before buying a new one?
It depends. Selling first? You know exactly how much money you have to work with, but you might need temporary housing. Buying first? No stress about finding a place, but you could end up carrying two mortgages.
Bottom line: The market plays a big role. We’ll help you make the smartest move based on your situation, but be sure not to underestimate how important strong negotiation is here. The other side won’t want to grant you favours until we make them feel like it’s what’s best for them too.
Do I need a home inspection?
Yes. (Or at least be very aware of the risks if you skip it.) A home inspection can catch hidden problems before they become your problems — think structural issues, outdated wiring, unrevealed leaks. Skipping it? Two things: first, we’re asking you not to. Second, we’re asking again while batting our eyelashes because you don’t want to buy a money pit.
When is the best time of year to sell my home?
Forget what you’ve heard about selling in the spring. Buyers come out for houses, not weather. The real best time? When demand is high and supply is low.
In Newfoundland, that can be spring/summer, but also fall and even winter. If it was about weather, we’d never have a “market.” Have you looked outside? Want to know if right now is a good time? We’ll analyze the market for you.
Why is my home’s assessed value different from the market value?
Because they’re calculated differently.
Assessed Value: What the city uses for taxes, based on outdated data (often years old).
Market Value: What buyers are actually willing to pay right now.
Short answer: Market value is what really matters when selling. Don’t let tax assessment handcuff your expectations.
What happens if I decide to back out of buying a house?
Changing your mind is one thing. Backing out after signing a contract? That’s a different story.
If you haven’t signed yet: No problem.
If you have signed: You could lose your deposit — or worse, get sued. Having that said, not all agents are created equal when it comes to writing contracts. So before making a move, let’s make sure you’re 100% confident in your decision, and we promise to use the “good” clauses in your paperwork.
How long does it take to buy a home?
The whole process—from “Let’s do this” to “Here’s your keys” can take from two months to infinity. Mortgage pre-approval? One to two weeks.
House hunting? Varies (some buyers find “the one” in a week, others take until, well infinity). Offer to closing? Most likely 30-60 days.
Need a game plan to speed things up? That’s what we do best
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