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Peter Costabile's blog
01 Feb 2025
01 Feb 2025
01 Feb 2025
Bank of Canada Cuts Interest Rate to 3%: Why You Need a REALTOR® If You’re Considering a Move
That’s six straight interest rate cuts in a row, and the timing might be just right for aspiring Canadian home buyers. The Bank of Canada just reduced its policy interest rate by 25 basis points, following two “jumbo” cuts of 50 basis points in December and October. That means the overnight lending rate currently sits at 3%—a far cry from the 5% days Canadians were faced with until June 2024. Why is the timing right for aspiring home buyers? As rates have continued to lower, home sales have been ramping up. Despite a December dip, the fourth quarter of 2024 stood among one of the stronger...
01 Feb 2025
5 Mortgage Approval hacks for First-Time Home Buyers
5 Mortgage Hacks for First-Time Buyers
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1️⃣ Start with a proper pre-approval (including a detailed budget), not an online calculator or bank pre-approval. Too many buyers rely on online calculators or quick bank pre-approvals that don’t give them the full picture. A detailed pre-approval, including a full review of their budget and finances, ensures they know exactly what they can afford and avoids any surprises later on.
2️⃣ Work with a broker who’s available outside of bankers’ hours. Traditional banks often have limited hours, but life doesn’t stop when the bank closes. Working...
25 Jan 2025
