905-791-1100 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 [...]
A lot of planning goes into buying a home, especially when it comes down to putting funds aside for things like your down payment and closing costs. Quite often, homebuyers can be caught by surprise when it comes to closing costs, so it's important that you ask your lender or broker what costs you will [...]
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 [...]
Most homebuyers will not have the funds to buy their home with cash, which means they will need to apply for a mortgage loan. To qualify for a mortgage, lenders will look at your credit score and history to assess your level of creditworthiness. A borrower’s income is also very important so what if your [...]
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 [...]
It's been a year since the Covid pandemic changed how we lived our lives. The housing market was one area that was greatly impacted, with many agents and sellers having to change how they showed their homes, and buyers being uncertain about buying because of the loss of jobs. We've had a year to get [...]
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 [...]
