If you are planning on refinancing your mortgage next year to maybe buy an rental property, or to take some money out to invest in your business or perhaps your home could use some updating then you should do this now as opposed to waiting. We are in an increasing rate environment so rates should [...]
We at Lotus Loans & Mortgages Corporation wanted to remind everyone that the proposal for the change in the Stress Test should come into effect on June 1st, 2021. This change is for conventional mortgages (non-insured mortgages) where Banks will use the higher rate of 5.25% to qualify mortgage approvals thereby reducing affordability by approximate [...]
Lotus Loans and Mortgages Corp have been assisting our customers with many purchases of rental properties lately. Due to past government changes in mortgage rules the minimum down payment for a rental property is 20%. Some lenders require more but we use the ones that require the lowest down payments. Did you know that you [...]
Last week OFSI, the bank regulator proposed a tougher Stress test for mortgages that if approved will start June 1st. They are proposing to increase the minimum qualifying rate from 4.79% to 5.25%. So even if your mortgage rate is 2% for example the bank will have to qualify you at 5.25% so you will [...]
Mortgage rates have been lowering over the last few weeks and now finally the qualifying rate which lenders use to assess debt servicing ratios has been lowered by 15 basis points to 4.79%. This is great news as it acts to increase affordability. The way debt servicing ratios work is that even if a borrower [...]
Usually I am not a big proponent of cash back mortgages but my office recently sold a 5 year fixed rate mortgage at 2.64% instead of the regular 1.99% rate that this lender was offering. The mortgage amount was approximately $500,000 which meant a $15,000 cash back that allowed the borrowers to pay off their [...]
This past week the bank of Canada raised the Conventional 5-year mortgage rate from 5.14% to 5.34%. This results in a higher minimum qualifying rate for homebuyers going forward which ultimately means that borrowers are qualifying for less of a mortgage than they were able to earlier this year. Part of our function as your [...]
Congratulations on making the decision to become a homeowner. As a first time home buyer in Brampton, there are some important steps that need to be taken during the mortgage process. Although this is an exciting time, it can also be overwhelming if you are not aware of how everything works. To help you get [...]
Congratulations on deciding to take the first step in home ownership. We understand that being a first time home buyer in Brampton can be a long and confusing process. This is why we have listed below a few reasons stating the benefits of getting pre-approved for your mortgage, to make this process easier. To get [...]
As mortgage professionals, the Lotus Loans team is always monitoring the local housing market to see what factors are having an influence on current and future housing trends. Whether you're a first-time homebuyer or looking for a Brampton refinance, our team is happy to help. In March 2017, a total of 1,108 homes were sold [...]
