After 2 rate hikes in a row over the summer, finally the Bank of Canada (BoC) held tight this past Wednesday Sept 6th and left Prime as is which means that Bank Prime remains at 7.2%. This does not mean that the BoC will not raise again during the final 2 meeting of 2023, but [...]
I am sure most of you know already, but this past Wed the BoC raised its rate by another ¼% which means Prime has increased 10 times since March 2022 and Bank prime sits at a whopping 7.2%. As a result of the increase, mortgage qualifying rates have also increased so this lowers the mortgage [...]
At Lotus Loans & Mortgages Corp we broker commercial mortgages and business loans on top of offering residential financing. So, if you or someone you know is buying or refinancing their office building or a retail plaza or mixed property which is generally one that has store on the bottom and residential apartment up top, [...]
In this high inflation environment where prices of everything are higher, Lotus Loans & Mortgages is seeing many people that are accumulating debt. Many who have approached their bank for a mortgage to consolidate debt but have been declined because they are not qualitied due to new much higher qualifying rates. Lotus Loans & Mortgages [...]
Bank Prime moved up by a ¼ point this pass Wednesday June 7/23 after a 3 month pause and now stands at 6.95%. This affects those with variable rate mortgages, Secured Lines of credit and Unsecured Lines of credit. Fixed rates have also been moving upwards in the last few weeks where most fixed rates [...]
Over the past few weeks with news of a small inflation uptick and the Canadian economy performing better than expectations, fixed rates have increased as a result and the pause on Prime rate may come to an end if the BoC decides to increase Prime rate at their next scheduled meeting on June 7th, 2023. [...]
As a mortgage broker in Mississauga, Ontario, I often come across misconceptions and myths about mortgages that can mislead potential homebuyers. As someone who is passionate about helping clients navigate the mortgage process, I am dedicated to dispelling these myths and providing accurate information. In this blog post, we will debunk the top mortgage myths [...]
It was recently announced that the Canadian annual inflation rate slowed to 5.2% in February which is the largest deceleration since February 2020. That is great news, especially for fixed-rate mortgages! While most lenders are still staying put, Lotus Loans & Mortgages Corp. has one big bank lender that slashed rates late last week in [...]
Renewing your mortgage is an important process that every Canadian homeowner will face at some point in their lives. When your mortgage term comes to an end, you have the opportunity to renew it and potentially secure a better interest rate or different terms that better suit your current financial situation. However, the process of [...]
Great news, the new Tax-Free First Home Savings Account is expected to be available this coming April 2023! It has the benefits of an RSP with a tax deduction combined with the benefits of TFSA (since withdrawals are not taxable) all while your money grows completely tax-free. Now if you don’t buy a home within [...]
