A common mistake for many first-time home buyers is not knowing how much is too much!  If you are a first-time home buyer, this article will give you the tools to start you in the right direction, and enable you to purchase your starter home, leaving you with money to help fill it with the necessities.

Potential purchasers can save valuable time and energy when searching for a home by knowing what they can afford well in advance.

Generally, the rule of thumb when purchasing a home is to ensure that your monthly housing costs do not exceed 32 per cent of your gross monthly income, but many factors come into affect when financing a home.

The most important considerations when buying a home are your gross household income, your credit rating, your down payment and the current mortgage interest rate. Although the CMHC (Canada Mortgage and Housing Corporation) will insure mortgages with as little as five per cent down, most buyers contribute a down payment of 25 per cent of the total purchase price.  Most lending institutions finance up to 75% of the purchase price in a conventional mortgage.

To determine the price of the home you will be able to purchase, there is a relatively simple formula to follow. Calculate your down payment and multiply it by four.  For instance if your down payment on a property is $40,000, you will be able to purchase a home priced at $160,000.

After you have determined what you can afford, remember that your total monthly debt and monthly mortgage payment cannot exceed 40 per cent of your gross monthly income. This includes mortgage payments, taxes, heating expenses, car payments, personal loans, and credit card debts.

Your real estate professional can walk you through the basics in terms of determining what you can afford at the onset.  For total peace of mind, it is recommended that you contact your financial institution to get pre-approved, prior to looking for a home.



592 Harmsworth Drive, Grand Falls Windsor, NL



Listed for sale is this cozy and attractive four bedroom home located on Harmsworth Drive in Grand Falls-Windsor. Features include hardwood, laminate and cork floorings, electric heat, spacious open concept on the main floor with the added bonus of a cathedral ceiling, spacious bedrooms, master bedroom with its own private ensuite and walk-in closet and a developed basement with an outside entrance. In addition the landscaping is meticulous, the rear yard Read More Here...


Robert is proud to present the Corduroy Subdivision, by Corduroy Developers Ltd., in Grand Falls Windsor.  The subdivision is located just minutes from the shopping core of town and close to the area Primary Schools.  This combined with the YMCA of Exploits Valley just 2 minutes away and a short walk to the Corduroy Brook Nature Trail, Corduroy Subdivision is geographically located to suit most new home owners needs.


Phases 2 and 2B currently still have building lots for sale with Phase 3 in the planning stages.  To view all available lots, please click on the image below!