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 [...]
Last week it was announced that inflation went up in December 2023. This may mean that the BoC will not lower Prime rate in the near term, most still expect a decrease sometime mid-year, fingers crossed. On the other hand, great news for fixed rates which have come down substantially in the last month. In [...]
At Lotus Loans & Mortgages Corp, we often receive questions about minimum down payments so we are proving helpful information based on the 3 most popular scenarios: The Standard 20% down payment is the minimum down payment to avoid the CMHC insurance premium and the 8% sales tax that goes with it. It is also [...]
GDP contracting by 1.1% in Q3 while inflation eased to 3.1% in October, so the BoC as expected left Prime rate as is when they met this past Dec 6/23, which means that Bank Prime remains at 7.2%. It hasn’t changed since July and although Prime hasn’t changed, the Bond market is falling fast. This [...]
We at Lotus Loans & Mortgages Corp wanted to remind everyone about a popular specialty program. It’s called a Net Worth program and the program is advantageous for individuals with significant liquid assets, does this apply to you? Let’s say your verifiable income shows that you only qualify for a $200K mtg but you have [...]
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 [...]