Over the next few years, Canada will see the highest number of mortgage renewals in history. That means millions of homeowners will face higher rates and with that, tough choices. Remember that a mortgage renewal doesn’t mean you have to stay with your current lender. It’s the perfect opportunity to reassess your financial goals, shop [...]
Canada is in a decreasing rate environment — interest rates are dropping, and we’re now seeing fixed rates under 4% available on CMHC-insured deals. And there’s more good news: Variable rates are expected to drop even further, especially with the next Bank of Canada meeting scheduled for April 16, 2025. With so many options and [...]
Exciting news for homeowners started January 15, 2025! A new program will allow refinancing up to 90% of your home’s value, that’s up from 80%—to create secondary suites like basement apartments or laneway homes, as long as they meet municipal zoning and are not used for short-term rentals. This is a game-changer for adding fully [...]
The Bank of Canada has made another big move this past week, cutting by 0.50%, bringing bank Prime down to 5.45%, a full 175 basis points lower than in June. This marks the 5th rate cut this year as the Bank responds to rising unemployment, sluggish GDP growth, and economic uncertainty, including potential tariffs from [...]
How a Second Mortgage from Lotus Loans & Mortgages Corp Can Help You Consolidate Debt Without Breaking Your First Mortgage Are high-interest debts piling up? If you're struggling to manage multiple payments on credit cards or personal loans, you're not alone. Many Canadians are feeling the financial strain of juggling debt, especially with today’s high [...]
Helping Credit-Challenged Clients Achieve Homeownership: How Lotus Loans & Mortgages Supports You Every Step of the Way At Lotus Loans & Mortgages Corp, our mission is to make homeownership accessible to everyone, especially those who may face credit challenges or lack traditional income verification. As a dedicated Mortgage Broker, we specialize in helping clients who [...]
Unlock Your Home Equity with Fraction Mortgages A Lotus Loans and Mortgage, we are a Mortgage Brokerage in Mississauga, ON 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 [...]
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 agent in Mississauga, ON, I see how [...]