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So far Lotus Loans & Mortgage has created 77 blog entries.

Fraction mortgage

Unlock Your Home Equity with Fraction Mortgages A Lotus Loans and Mortgage, we are a Mortgage Brokerage that is excited to share Fraction Mortgages—an innovative product that allows homeowners to access their home equity without the stress of monthly payments. Unlike traditional options, Fraction offers flexible terms, no age restrictions, and no prepayment penalties and [...]

By |2024-10-07T12:46:40+00:00October 7th, 2024|Uncategorized|Comments Off on Fraction mortgage

Exciting Positive Changes in the Mortgage Industry

Exciting Positive Changes in the Mortgage Industry   The mortgage industry has seen a wave of positive changes recently, creating some fantastic opportunities for homebuyers and homeowners. Over the last two Bank of Canada meetings, we've seen two quarter-point decreases in the Prime rate, bringing variable rate mortgages (VRMs) down to the mid-5% range. With [...]

By |2024-09-27T14:28:22+00:00September 27th, 2024|Uncategorized|Comments Off on Exciting Positive Changes in the Mortgage Industry

Mortgage insurance rule changes

A couple of significant changes were announced last week in the mortgage market. The insured mortgage limit is increasing from $1M to $1.5M million, so now when purchasing, borrowers can buy with less than 20% all the way up to a price of 1.5M, where any price point over 1.5M will require 20% down. The [...]

By |2024-09-23T12:33:52+00:00September 23rd, 2024|Uncategorized|Comments Off on Mortgage insurance rule changes

BoC meeting

This past September 4th, I don’t think that anyone was surprised by the Bank of Canada’s (BoC’s) decision to cut Prime rate by another .25%, marking three consecutive meetings with a quarter-point interest rate cut. It's great news that Bank prime now sits at 6.45%. As a Mortgage Broker, I see how impactful each rate [...]

By |2024-09-09T15:19:43+00:00September 9th, 2024|Uncategorized|Comments Off on BoC meeting

Mortgage renewals

In the near future, there are a large number of mortgage holders coming up for renewal. Part of the offer that Lotus Loans & Mortgages Corp provides is simplifying the complex world of mortgages. As borrowers face higher rates at renewal, many will face the stress of higher mortgage payments. The goal at Lotus Loans [...]

By |2024-08-16T13:20:23+00:00August 16th, 2024|Uncategorized|Comments Off on Mortgage renewals

No payment mortgage

Lotus Loans & Mortgages Corp. wants to introduce you to a new lending concept that is similar to a Reverse Mortgage but without any age restrictions. With this new product,  Lotus Loans & Mortgages Corp. can offer a no payment mortgage with almost no income proof requirement. The lender only lends to just under 50% [...]

By |2024-08-12T11:55:34+00:00August 12th, 2024|Uncategorized|Comments Off on No payment mortgage

30-Year Amortization for insured mortgage on new construction homes

Today, I’m reminding everyone about the significant change for first-time homebuyers, a reintroduction of the 30-year amortization period for insured mortgages for new construction homes starting in August 2024. Remember that insured mortgages mean CMHC mortgages for example for purchase deals with less than 20% down. This policy shift from the current max 25 year [...]

By |2024-07-22T12:11:34+00:00July 22nd, 2024|Uncategorized|Comments Off on 30-Year Amortization for insured mortgage on new construction homes

Purchase Plus Improvement Mortgage

At Lotus Loans & Mortgages Corp, we want to introduce you to a powerful tool in home buying: the Purchase Plus Improvement Mortgage. It's not just about buying a house; it's about transforming it into your dream home. With this mortgage, you can finance both the purchase price and the cost of renovations in one [...]

By |2024-07-08T12:30:44+00:00July 8th, 2024|Uncategorized|Comments Off on Purchase Plus Improvement Mortgage

BoC rate cut 😊👏🏼🥳

Finally, exciting positive news from the mortgage market! The Bank of Canda (BoC) has just lowered its key interest rate to 4.75%, the 1st cut in over 4 years. This is fantastic news for anyone with a variable-rate mortgage and/or a secured Line of Credit as banks have already started lowering their prime rates to [...]

By |2024-06-07T14:17:24+00:00June 7th, 2024|Uncategorized|Comments Off on BoC rate cut 😊👏🏼🥳

Help for homeowners in financial distress

In today’s high rate, high inflation environment, we are seeing more people facing the possibility of mortgage defaults. Recent findings from a Maru Public Opinion survey have highlighted this concerning trend: an 18% increase in Canadians worried about defaulting on mortgage or loan payments in the next 2 months. This trend isn't just numbers; it [...]

By |2024-03-15T15:02:03+00:00March 15th, 2024|Uncategorized|Comments Off on Help for homeowners in financial distress
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