How BC Southern Interior Home Buyers Can Score a Deal on Mortgage Rates this Black Friday of 2022
Last year, 54 percent of Canadians participated in Black Friday promotions, which was up from 31 percent from the year before. That number is expected to be higher for 2022 as more of us are hopping on the USA’s annual shopping bandwagon. Most people are looking to score door-busters on fashions, electronics, and even vehicles. However, a number of BC Southern Interior households are wondering if there will be any Black Friday mortgage deals and rates on tap for this coming November 25th? There most certainly will be, even if in a roundabout way. What do we mean? Let’s find out!
Watch for 2022 Cash Back Rebates on Mortgages
While lenders may make small adjustments to their variable and fixed mortgages rates, the advertised “discounts” being presented to standard buyers are negligible at best. It’s not like lenders have the power to significantly reduce the Bank of Canada prime rate or their activity on the bond market (how variable and fixed rates are determined, respectively). As a result, most Black Friday mortgage deals from lenders will come in the form of cash rebates on mortgages. Most likely, it will be a repackaging of their seasonal cash back rebate offers.
For example, at press (Nov 7 2022) RBC is offering the following:
This particular deal expires on November 9th, but we can all but guarantee that it will be repackaged and re-marketed just in time for Black Friday (and Cyber Monday). If not them (RBC) then you’ll find a near-identical Black Friday rebate from BMO, CIBC, TD, and/or Scotia Bank. The rebate almost always maxes out in the $2500-3000 range. We know it’s not great, but this isn’t a new MacBook or 4K TV we’re talking about here. This is about as good as rebates get on Black Friday, so you may as well capitalize on it if you already plan on buying a home this winter. That extra $3K can go a long way to making your Holidays more merry!
Partner with a Broker for Lower Rates & Better Terms
Unless the Bank of Canada suddenly gets into the Holiday spirit and drops the prime rate to counter their most recent rate hike (they won’t) the big banks (BMO, etc.) won’t market much (if anything) in regards to mortgage rate deals in advance of this November 25th of 2022. That’s not to say there won’t be available Black Friday mortgage rates – you just need to look to the right source.
A mortgage broker can essentially offer what you’re looking for.
Mortgage brokers with longstanding ties to their community who have established relationships with the banks, have access to lower-than-marketed mortgage rates. They have this access because they get “bulk discounts” from the banks after connecting them to borrowers of the years. So if you want to buy a home this November/December, you can indeed score discounted Black Friday mortgage rates through a partnership with a mortgage broker. And should there be an interesting and unique offer presented by a lender on the day of November 25th, a mortgage broker will likely get the heads-up in advance and can advise you accordingly. On your own, you may never know these deals even exist.
Alternatively, mortgage brokers have relationships with private lenders near you. These private lenders offer far more flexibility with respect to credit history, interest rates, and terms of the home loan. Your broker will help you determine if this (private mortgage) is the better route for YOU, and will get you the deal you need to make buying a home this winter make sense.
So what’s next? You simply need to enter a promo code to get your Black Friday mortgage rates. What’s the code? If buying a home in the BC Southern Interior, enter 250.493.9111 into your smartphone and tap the call icon to speak to your team at Carloni Mortgage Brokers.
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