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. [...]
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 [...]
The equity in your home can be very useful if you need to access a large sum of money. Homeowners will tap into their equity to make home improvements, consolidate debt, or pay for unexpected bills. One type of equity release is referred to as a reverse mortgage. Our expert Mississauga mortgage brokers team is [...]
Hi viewers! With the recent announcements made by the federal government and its budget for the housing market and the Bank of Canada rates increases, we know a lot of homeowners, buyers and investors are wondering “How is this going to impact us?”We want to bring more clarity to our clients and viewers, so to [...]
DESCRIBING A company’s workplace dynamic as being “like a family” can be a bit cliché. Yet for Lotus Loans & Mortgages, it’s entirely appropriate. It’s not just that the Mississauga-based brokerage employs a tight-knit team whose members have developed personal and professional relationships with one another over the years. The company’s very origins are rooted [...]
