Save time and money
Exclusive Offer of up to cashback for .
See how you can save over with Frank Mortgage. Call 1-888-850-1337!
Find Your Best Mortgage Rate
YOUR BEST MORTGAGE RATE
There are dozens of lenders that want your business. It's our job to show you who wants it most.
Product choice, lower stress and a simplified mortgage process. If that sounds good to you, let's talk!
Newsflash: Fixed mortgage rates have dropped. It is now a buyer's market in housing. Affordability is improving. The next Bank of Canada rate announcement is in September. Will they cut again? If these new lower rates are attractive, get yourself a fast mortgage approval or mortgage pre-approval for these new lower rates with Frank Mortgage.
As of: Aug 7, 2024
FRANK: adjective, frank·er, frank·est.
Honest; straightforward; forthright; sincere
We Have Simplified the Mortgage Process
1
Apply For Your Mortgage Online
2
Review your mortgage options with an expert
3
Relax while we do the work and get you approved
Frank Mortgage Lender Partners
Frank Mortgage gets the best rates from Canada’s top mortgage lenders. Our AI powered algorithm will match you with the best mortgage products available.
mortgage learning library
With the Bank of Canada in a rate-cutting cycle, many Canadians expect mortgage rates to continue to drop. This may be true for variable mortgage rates since they track changes in the Bank of Canada rate. However, fixed mortgage rates don’t directly follow the Bank of Canada’s overnight rate. Instead, they are tied to the bond market, which has shown mixed signals recently.
Now that rates have begun to decline again, many Canadian mortgage borrowers are considering variable interest rate options. These types of mortgages can save money in the right circumstances, but they come with risks that need careful evaluation.
How the Amortization Period Impacts Your Mortgage The recent announcement from Ottawa allowing first-time homebuyers to secure an insured mortgage with a 30-year amortization period, up from the previous 25-year limit, has significant implications for borrowers. This change highlights the fact that different amortization periods are possible and that it is important for Canadian mortgage borrowers to understand how the amortization period affects the cost of their mortgage. While extending the amortization period can reduce monthly payments and provide a more affordable entry point into the housing market, it will increase the total cost of the mortgage over time. Let’s delve into the details and explore how borrowers can address this issue effectively. The Basics of Amortization Amortization refers to the length of time it would take to pay off your mortgage at the current mortgage rate. The amortization period assumes regular monthly mortgage payments. Each monthly mortgage payment covers both the interest on the loan and a portion of the principal amount. After every monthly payment, the remaining principal balance of your mortgage is reduced by the portion of the payment that goes toward principal. Over the amortization period the remaining principal balance will decline to zero. You will hear and read that the longer 30-year amortization period is good for mortgage borrowers. However, there is a trade-off in selecting the longer amortization period that borrowers need to be aware of. The benefit is that the longer the amortization period, the lower the monthly payments. Stretching out the repayment schedule results in a lower required payment per payment period. The longer amortization period can help borrowers qualify for a mortgage. A longer amortization may also provide some payment relief for existing borrowers struggling with a mortgage renewing at high rates. The trade-off to this short-term payment reduction is that the longer amortization results in a higher amount of interest paid over the life of the loan. In other words, the short-term relief from a longer amortization comes at a cost. Numerical Examples Let’s consider a mortgage of $400,000 with an interest rate of 4%. The chart below shows the difference in monthly mortgage payments for different amortization periods.
Canada's Online Mortgage Marketplace
A one-stop shop for the modern mortgage consumer
Frank Mortgage is the first of its kind in Canada. You can see what Canada’s best mortgage lenders will lend to you, all in one place. Find your best rate and mortgage fit in a secure, simple and customer-friendly online marketplace. No other mortgage broker is this open and transparent, with no sales pressure, no bias, and customized solutions. Plus, we have mortgage experts providing helpful customer service and advice when you need it.

Reach out to us to book a free consultation or just call us to speak with a Frank Mortgage expert.
Or you can navigate the process online yourself. Simply sign-up and apply online.
