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 [...]
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 [...]
The Bank of Canada met earlier this week in March 2024 and left Prime rate as is which means that Bank prime remains at 7.2%. What does this mean? It's an opportune time to assess your mortgage options. The potential for rate adjustments later this year, especially by June (fingers and toes crossed), offers a [...]
In our current high rate environment, there are 2 mortgage strategies that are important to briefly touch on. For homeowners with existing home that have assumable mortgages, they have an opportunity to sell their home and their low-interest-rate mortgages to qualified buyers. For instance this works very well for a homeowner who has a mortgage [...]
For the 4th meeting in a row, the Bank of Canada left interest rates unchanged as expected at its 1st meeting of 2024 on Jan 24th. The most noteworthy part of its announcement was the lack of reference to possible future rate hikes although the Bank is still concerned about inflation. Many economists believe that [...]