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 amount one qualifies for. If you or someone you know for instance has too much unsecured debt and can no longer qualify for a bank refinance, Lotus Loans & Mortgages Corp. still have options for a private 2nd mortgage consolidation where the borrower does NOT have to break their existing bank mortgage thereby avoiding penalties and also being able to keep likely a lower existing mortgage rate in tack. If you know someone drowning in debt, throw them a lifeline and put them in touch with Lotus Loans & Mortgages Corp.