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 [...]
In the near future, there are a large number of mortgage holders coming up for renewal. Part of the offer that our mortgage specialists in Mississauga, ON provide 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 [...]
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 [...]