Smart Mortgage Strategies St. John's NL

Current economic conditions and the availability of more sophisticated mortgage products over the past several years have left many homeowners "scratching their heads" when it comes to taking out a mortgage.

RBC - St Johns-Aberdeen Ave Branch
(709) 576-4700
40 Aberdeen Ave-Suite 102
St Johns, NL
Languages
English, French
Office Hours
Monday: 09:30 - 17:00
Tuesday: 09:30 - 17:00
Wednesday: 09:30 - 17:00
Thursday: 09:30 - 20:00
Friday: 09:30 - 17:00
Saturday: 10:00 - 15:00
Sunday: Closed

BMO Bank of Montreal
Elizabeth Avenue
St Johns, NL
Type
ABM

Scotiabank
(709) 576-6000
245 Water Street
St. John'S, NL
 
RBC - Main Br - St Johns Nl
(709) 576-4222
226 Water St
St Johns, NL
Languages
English, French
Office Hours
Monday: 09:30 - 17:00
Tuesday: 09:30 - 17:00
Wednesday: 09:30 - 17:00
Thursday: 09:30 - 17:00
Friday: 09:30 - 17:00
Saturday: Closed
Sunday: Closed

RBC - Torbay Branch
(709) 437-5361
1296 Torbay Rd-Po Box 1130
Torbay, NL
Languages
English, French
Office Hours
Monday: 09:30 - 17:00
Tuesday: 09:30 - 17:00
Wednesday: 09:30 - 17:00
Thursday: 09:30 - 17:00
Friday: 09:30 - 17:00
Saturday: Closed
Sunday: Closed

BMO Bank of Montreal
(709) 758-2100
370 Newfoundland Dr
St. John\U0027S, NL
Type
Branch with ABM

RBC - Elizabeth Ave Br
(709) 576-4545
65 Elizabeth Ave
St Johns, NL
Languages
English, French
Office Hours
Monday: 09:30 - 17:00
Tuesday: 09:30 - 17:00
Wednesday: 09:30 - 20:00
Thursday: 09:30 - 20:00
Friday: 09:30 - 17:00
Saturday: Closed
Sunday: Closed

BMO Bank of Montreal
(709) 758-2110
384 Elizabeth Ave W
St. John\U0027S, NL
Type
Branch with ABM

Scotiabank
(709) 576-1199
37 Rowan Street
St. Johns, NL
 
BMO Bank of Montreal
(709) 758-2055
238 Water St
St. John\U0027S, NL
Type
Branch with ABM

Smart Mortgage Strategies

Provided By:

(NC)-Current economic conditions and the availability of more sophisticated mortgage products over the past several years have left many homeowners "scratching their heads" when it comes to taking out a mortgage. Perhaps never before has it been more important for would-be and current homeowners to do their homework before securing a new or renegotiating a mortgage.

John Turner, director mortgage sales at BMO Bank of Montreal, recommends that mortgage shoppers develop a strategy using the following steps in order to ensure you obtain a mortgage that will best fulfill your current and future needs.

Step 1: Start with a clear understanding of your monthly cash flow by developing a list of your fixed expenses such as payments on an existing mortgage, car, credit card and unexpected home repairs.

Step 2: Consider your financing needs may change of over the next five years. For example, you may be planning to start or expand your family or you may be thinking about opening a new business - both of which will impact your income and expenses.

Step 3: Speak with your banker to develop a plan for paying off the mortgage in the fastest and most cost effective way possible.

First-time homebuyers should also consider getting a copy of the BMO First Home Essentials kit - a new guidebook with all the information, tools and resources needed to search for and purchase your first home. You can order one online at www.bmo.com/firsthome.

"Your home is the largest investment you'll ever make and while exciting, it can also be a stressful and confusing experience, even in the best of markets," says Turner. "The best advice is to work with a mortgage specialist, create a strategy and find the mortgage that's right for you."

- News Canada