905-791-1100Lotus Loans and Mortgages Mississauga mortgage blog. Get the latest news on Canadian mortgages, mortgage brokers, and mortgage rates.
30-Year Amortization for insured mortgage on new construction homes
Today, I’m reminding everyone about the significant change for first-time homebuyers, a reintroduction of the 30-year amortization period for insured mortgages for new construction homes starting in August 2024. Remember that insured mortgages mean CMHC [...]
Purchase Plus Improvement Mortgage
At Lotus Loans & Mortgages Corp, we want to introduce you to a powerful tool in home buying: the Purchase Plus Improvement Mortgage. It's not just about buying a house; it's about transforming it into [...]
BoC rate cut 😊👏🏼🥳
Finally, exciting positive news from the mortgage market! The Bank of Canda (BoC) has just lowered its key interest rate to 4.75%, the 1st cut in over 4 years. This is fantastic news for anyone [...]
Help for homeowners in financial distress
In today’s high rate, high inflation environment, we are seeing more people facing the possibility of mortgage defaults. Recent findings from a Maru Public Opinion survey have highlighted this concerning trend: an 18% increase in [...]
BoC announcement, no change
The Bank of Canada met earlier this week in March 2024 and left Prime rate as is which means that Bank prime remains at 7.2%. What does this mean? It's an opportune time to assess [...]
Assumable & Portable Mortgages
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 [...]