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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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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% [...]
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 [...]
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 [...]
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 [...]
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 [...]