Looking for the best mortgage
rates in Ontario?
YOU HAVE COME TO THE RIGHT PLACE.
| Rate Type | Insured Ratei | Insurable Ratei | Uninsurable Ratei |
| 2 Year Fixed | 5.49% | 5.59% | 6.37% |
| 3 Year Fixed | 4.99% | 5.19% | 5.29% |
| 4 Year Fixed | 5.09% | 5.19% | 5.54% |
| 5 Year Fixed | 4.69% | 4.74% | 5.19% |
| 3 Year Variable | 6.10% | N/A | N/A |
| 5 Year Variable | 6.05% | 6.05% | 6.49% |
Say Goodbye to Biased Brokers and Unhelpful Lenders and Visit a One-Stop Shop
That Allows You To
Find All the Best Mortgage Deals in Ontario.
Apply Online*
Why choose Ontario?
Ontario is Canada's most populous Province. Culturally diverse and geographically beautiful, Ontario is a great place to call home. It’s beautiful cities and high standard of living contribute to Ontario’s standing as one of the best places to live in the world. If you already live in Ontario, you already know this. If you are considering moving to Ontario, you are heading to one of the world’s best places to live. Either way, let’s find you the best mortgage so you can own your own home in this wonderful Province. If you want to do a little research, check out these calculators that can help you determine how much house you can afford:
If you are looking for some help understanding the mortgage process or to read up on current mortgage topics, please visit our blog - Blog | Frank Mortgage.
If you want to talk to someone about your mortgage needs please call us at 1-888-850-1337 or book a free consultation with a mortgage expert here
How does Frank Mortgage work
for Ontarians?
Frank Mortgage provides many benefits for Ontario mortgage borrowers:
Low mortgage rates from a marketplace of Canada’s best lenders;
All of your mortgage options are disclosed to you, unlike our competitors that only show you the mortgage deals that work best for them;
We let you control the process as much as you are comfortable;
We have expert, licensed mortgage advisors that will assist you through your mortgage journey;
You can get your mortgage in a secure online environment;
No bias, no sales pressure, no hidden agendas – Frank Mortgage is here for you.
Join Ontario and visit frankmortgage.com to enjoy the only online mortgage broker that prioritizes the customer. We love Ontario and we would love to help you.
The smart mortgage borrower uses Frank Mortgage! Just take a look at this example of the money you can save:
| Mortgage Size | Bank 5-year Fixed Rate | Frank 5-year Fixed Rate | Payment Difference | |||
|---|---|---|---|---|---|---|
| Rate | Monthly Payment | Rate | Monthly Payment | Monthly | Over a 5-year term | |
| $400,000 | 5.39% | $2,416 | 4.94% | $2,312 | $104 | $6,240 |
| Rates as of January 29, 2024. Conditions may apply. | ||||||
| Mortgage Size | Bank 5-year Fixed Rate | Frank 5-year Fixed Rate | Payment Difference | |||
|---|---|---|---|---|---|---|
| Rate | Monthly Payment | Rate | Monthly Payment | Monthly | Over a 5-year term | |
| $500,000 | 5.39% | $3,020 | 4.44% | $2,750 | $270 | $16,200 |
| Rates as of Jan 30, 2023. Conditions may apply. | ||||||
The savings are huge! Our new online platform searches for the best rates from the banks and all the other lenders in the market so you never miss out on the best rates available.
The table above shows you the difference between the mortgage payments from the average best big bank mortgage rates and the best rate available at Frank Mortgage. Note that these are the rates for a 5- year, insured, fixed rate mortgage.
At Frank Mortgage you can avoid the notoriously bad service the mortgage market is known for, while finding the best deals on any day. Click here to join the wave of Ontario mortgage borrowers finding out that there is a better way to get your mortgage
What do you need to do to get the
best mortgage deal in Ontario?
Simply follow these steps:
✓ Register with Frank Mortgage through our app or on our website here.
✓ Tell us about yourself.
✓ Have our system instantly search and find you the best mortgage options available for you.
✓ Pick your preferred option.
✓ Upload your documents.
✓ Get APPROVED!
✓ You can talk to our expert advisors at any time as you go through the process. We are here for you, Ontario!
The traditional banking and mortgage brokerage models are the models of the past. So many of you have expressed your frustrations to us:
Why is finding mortgage information so difficult?
Where can I find the best rates all in one place?
I don’t want to look at four banks and three brokers to find a deal. Isn’t there an easier way?
I am stuck in a variable-rate mortgage in a rising rate environment. My broker or lender recommended this a year ago. What a mistake! Can I trust them to be right today?
Why do I have to go to the branch to meet with someone?
When I got my mortgage, I found out a friend got a mortgage around the same time for a much better rate. Why wasn’t I shown that deal?
Why is my broker asking me to email personal financial documents? Isn’t that insecure?
The market clearly needs change. Today’s modern Ontario mortgage customer demands a smarter, simpler, more secure, and more open approach ➤➤➤ Frank Mortgage.
Is Getting a Mortgage in 2024 a Good Idea?
With the Bank of Canada holding rates steady for six months now and bond yields lower than in 2023, the interest rate environment seems to have settled down. Nobody likes uncertainty and 2023 was marked with uncertainty. Now in January 2024 it does appear that rates have peaked, and the forward trend will be lower rates. This is great news for both homeowners and prospective homebuyers.
We do not know if the Bank of Canada will lower rates materially in 2024 but the market expects rate cuts in the latter half of the year. Perhaps more important that the actual amount of rate cuts is the sentiment shift that has appeared in the market here in early 2024. Realtors are reporting that home buyers are back, going to viewings and making bids. We see more inbound inquiries from prospective mortgage borrowers looking to enter the market.
It is great to see some positive sentiment return to the market, making 2024 a better time to enter the market. Yes, rates are higher than they were two years ago, but fixed mortgage rates are lower than they were in October 2023. The reality is that fixed-mortgage rates will likely be at or near this level for the home purchase makes sense at today’s rates.
Also remember that the housing market has it’s ups and downs, but the long term trend is always up. If you take a long term view you can benefit financially.
What Have Mortgage Rates Done Recently?
Variable mortgage rates have not changed since the summer of 2023. They depend on the rates set by the Bank of Canada and those rates have remained the same since July 2023. Conversely, fixed mortgage rates are lower than they were in 2023. They peaked in October and are now 0.75% lower. This boosts mortgage affordability for many. The best five-year, insured fixed-rate mortgages are now below 5%.
What is the Mortgage Rate Forecast for 2024?
The analysts at the big five banks predict that the Bank of Canada will cut rates by between 1.0% and 1.5% in 2024. These cuts are likely to occur in the latter half of the year and will depend on a continuing decline in inflation. If this happens, we will see variable mortgage rates decline by the same amount.
Fixed mortgage rates have declined from their peak in the fall of 2023. This has been welcome news for many borrowers and has improved mortgage affordability. The expectations for fixed rates, however, are for rates to remain close to where they are today. It is possible that they could move up or down by half a percent, but the analysts do not predict a big change.
Variable rates are more than 1% higher than fixed rates so most borrowers still prefer fixed rates. It is the usual situation in the market that fixed rates are preferable. Some still prefer variable rates for their prepayment flexibility but anyone doing that needs to be aware that variable rates need to decline significantly to be economical relative to fixed rates.
Today with lower fixed rates and throughout the year as we see variable rates decline toward the end of 2024, mortgage affordability has and will continue to improve. We anticipate that the best mortgage rates in Ontario in 2024 will be fixed rates with a 4 handle (i.e. be between 4.0% and 4.99%) and variable rates with a 5 handle (i.e. between 5.0% and 5.99%) by the end of the year. This is an improvement from the 5.7% fixed and 6.2% variable rates we saw in the fall of 2023.
We have mortgage calculators on our website. To check on how much mortgage you can afford today, you can use Frank Mortgage’s Mortgage-Affordability-Calculator. With this calculator you can test some different scenarios as well – these scenarios can be how much you can afford with different income levels or how much you can afford with different down payment amounts.
How Can You Stay Informed About the Best Mortgage Rates in Ontario?
There are two market rates to monitor. The first is the prime rate that is set by the banks. What is the prime rate in Canada? It is the rate that banks use to price most of their variable or floating rate consumer debt products. The prime rate depends on the Bank of Canada rates that are set at predetermined dates. The Bank of Canada makes these rate announcements on the following schedule in 2024:
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Wednesday, January 24, 2024 |
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Wednesday, March 6, 2024. |
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Wednesday, April 10, 2024. |
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Wednesday, June 5, 2024. |
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Wednesday, July 24, 2024. |
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Wednesday, September 4, 2024. |
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Wednesday, October 23, 2024. |
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Wednesday, December 11, 2024 |
These Bank of Canada announcements are headline news, so check in on the news on these dates to stay informed. If the Bank of Canada lowers their rates, the banks will follow and lower their prime rate. When prime rates drop, variable mortgage rates drop, usually by the exact same amount.
Fixed mortgage rates depend on the five-year government of Canada bond. As the yield on bonds go up and down, fixed mortgage rates will also go up and down. This rate can be tracked online at sites such as this - Marketwatch.com/investing/bond/5yr
You can check on any day for the market’s best mortgage rates on our homepage www.frankmortgage.com.
Frank Mortgage also provides regular market updates to our customers. We think information is power and we want mortgage borrowers to be as well informed as possible. If you scroll to the bottom of our homepage, you will see where you can sign up for our monthly mortgage market update email. To those that have signed up, we provide a summary of monthly activity in the mortgage and housing markets, including an update on mortgage rates. Keeping track of the best mortgage rates in Ontario is relatively easy once you have signed up and know where to look.
FAQ on Frank Mortgage in Ontario
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Ontario is a favorite location for most mortgage lenders. Banks, credit unions, monoline mortgage lenders, B-mortgage lenders and others all enjoy doing business in Ontario. No one lender is the best. Some have better terms than others and the lender offering the best rates today, may not be offering the best rates tomorrow. That’s why Frank Mortgage is so powerful – it lets you find the best rates on any given day and our advisors can help you navigate through the other mortgage features that mean the most to you.
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Frank Mortgage is a Canadian owned and operated online mortgage brokerage. Frank Mortgage is an open mortgage marketplace that allows a user to control their financing journey and make their own decisions. The mortgage market caters too much to the needs of mortgage brokers and lenders. Frank Mortgage was built to change that – to transform the mortgage market into a customer-focused market. Frank Mortgage is the mortgage marketplace that finds mortgages tailored to your needs. The best part? You'll only enter your information once to see rates from a list of Canada’s best lenders. Frank Mortgage is everything you need, all in one place.
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No, Frank Mortgage is a mortgage broker. We are proudly Canadian owned and operated. We are also fiercely independent. We are not controlled by a lender, nor do we own our own lender, like so many other brokers. Our bias is to help our customers, not our favorite lender. We do work with the best mortgage lenders in Canada and have access to all of their best products on your behalf. We help you navigate the requirements and the process to find the best mortgage deal available for you in the market.
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The Frank Mortgage platform is available for Ontario mortgage borrowers looking to i) purchase a home; ii) refinance an existing mortgage; or iii) switch an existing mortgage to a new lender. We use a variety of lenders that cover the prime and non-prime mortgage markets so we can find mortgage financing for Prime, Alt-A and B mortgage borrowers. We can find financing for principal residences, second homes and rental/investment properties. You need to qualify for a mortgage, meeting lender requirements, but if there is a mortgage out there for you, Frank Mortgage will help you find it.
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Lenders can only show you the rates that they offer. Most mortgage brokers only deal with a subset of lenders and can only show you who they deal with. But, be careful, they often steer you to the lenders that pay them the most. You usually need to shop around to multiple lenders and/or mortgage brokers to find who has the best rates. At Frank Mortgage, however, you can do that all-in-one place. See the rates and best deals from all the different types of lender all-in-one place.
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Frank mortgage is a proudly Canadian company that aims to provide Ontarians the best mortgage experience. We are not affiliated with any lenders and caution you to beware of the brokers that also own a lender that they hope to steer you to. With no lender affiliation and a disdain for broker bias, we have created a system that allows you to have greater control over your financing and to choose your own mortgage without the traditional broker persuasion. Less power in the brokers hands means more power in your hands. We think we are a perfect match for independent-minded Ontarians looking to have control over their personal finances.
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Applying with Frank Mortgage is free. We won't charge any fees. It is normal in the market for Prime borrowers to rarely pay fees. However, non-prime and B-borrowers usually have to pay a broker fee and a lender fee. We think this is unfair. Frank Mortgage never charges a broker fee. Frank Mortgage is paid by the lenders and only makes money if you close your mortgage. There will be closing costs and other third-party fees to pay, but we save Ontario thousands of dollars by not charging the broker fee.
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If you independently register or apply online, Frank Mortgage will assign you a mortgage expert that will reach out to you to discuss your mortgage needs. If you prefer to talk to someone first, you can book a free consultation here or call us at 1-888-850-1337.
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With a pre-approval or a rate hold you can lock in a fixed mortgage rate, by receiving a guarantee from a lender that your rate won't change for a certain period of time no matter what happens in the market. The typical period for this in Canada is between 90 and 120 days. This does not commit you to this mortgage or lender but it provides peace of mind while you shop for a new home or plan for your new mortgage while we work to gather all of your information and get you to the finish line.
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Yes, you can choose a different product after a pre-approval or rate hold has been issued to you. Neither a pre-approval or a rate hold is a legal commitment. Simply contact your Frank Mortgage advisor if you want to explore your options.
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Yes, at Frank Mortgage privacy and security are always top priorities. Our system uses bank-level encryption to ensure your private information is kept safe and secure.
| Insured Rate1 | Uninsured Rate2 | Term | Type |
|---|---|---|---|
| 4.99% | 5.54% | 5-Year | Fixed Rate |
| 4.90% | 5.50% | 5-Year | Variable Rate |
| 5.39% | 5.59% | 3-Year | Fixed Rate |
| 4.85% | 3-Year | Variable Rate | |
| 5.49% | 5.74% | 2-Year | Fixed Rate |
For insured mortgages with downpayments less than 20%
For uninsured mortgages with downpayments greater than 20%
| Insured Rate1 | Uninsured Rate2 |
|---|---|
| 4.99% | 5.54% |
| 4.90% | 5.50% |
| 5.39% | 5.59% |
| 4.85% | |
| 5.49% | 5.74% |
| Term | Type |
|---|---|
| 5-Year | Fixed Rate |
| 5-Year | Variable Rate |
| 3-Year | Fixed Rate |
| 3-Year | Variable Rate |
| 2-Year | Fixed Rate |
For insured mortgages with downpayments less than 20%
For uninsured mortgages with downpayments greater than 20%
What are the Keys to Getting the
Best Mortgage Rates in Ontario?
There are several factors that determine the best mortgage rate for an individual. The type of mortgage you qualify for will determine the rate as well. Prime mortgage products have lower mortgage rates than non-prime or B-mortgage products. There are several key factors that lenders consider, including:
Credit score - A credit score is a three-digit number that is calculated using your prior credit history. The better you manage your credit the higher your credit score. Lenders use this number as an indication of a potential borrower’s capacity to repay a loan. Credit scores range between 300 and 900. Lenders in the Canadian market generally consider 680 and above to be prime credit scores and borrowers with these scores often qualify for the best rates. A credit score of 620 or lower is generally considered a poor credit score and borrowers with these credit scores can often find mortgages from B-lenders that charge higher rates. A mid score between 620 and 680 is still considered ok but the outcomes for borrowers in this range can vary.
Down payment - If your down payment is less than 20% of the property’s value, then you will need to take out an insured mortgage and pay a mortgage default insurance premium. This is costly, but the good news is that insured mortgages carry the lowest mortgage rates in the market. A minimum 5% down payment is required to get a mortgage in Canada. If your down payment is greater than 20% then you can qualify for a conventional mortgage with no default insurance. This is good in terms of your ability to be approved, but conventional mortgage rates are higher than insured mortgage rates.
Property - If your property is a prime urban property you will likely be eligible for most lenders if the rest of your application is strong. Some lenders don’t lend in small communities and only a few will lend on rural properties.
Mortgage Purpose - Is the property you are going to finance your principal residence (meaning the place where you will live), a second home or a rental property? The best rates are available for principal residences. You will pay more for a second home or a rental property.
Amortization Period - The most common amortization period in Canada is 25 years. You may be taking out a five year mortgage but the total mortgage balance amortizes over 25 years. You will need to renew the mortgage a few times to amortize it to zero. When you see best rates advertised anywhere they are usually assuming a 25 year amortization period. If you need a longer amortization period for your mortgage, say 30 years, the mortgage rate you are offered may be higher.
Debt Ratios - Your Debt Service Ratio is a number that lenders calculate to assess your ability to repay a mortgage. The objective is to ensure debt payments don’t exceed a certain percentage of your income. There are two types of Debt Service Ratios - Gross Debt Service ratio (GDS) and Total Debt Service ratio (TDS). For their best rate, lenders will want your GDS to be no higher than 39% and your TDS to be no higher than 44%.
Income - Mortgage applicants with a stable history of provable income get the best rates. If you have recently switched jobs, are self-employed, or have gaps in your employment history you can still qualify for a mortgage, but you may not get the lowest rates available.
These factors determine the strength of your application. They are critical factors for determining your likelihood of being approved and also your eligibility for the lowest rates. If you work with a fair and honest mortgage broker, they will show you multiple options from a variety of lenders to help you decide what is best for you. If you want to quickly see what rates you may be able to qualify for click here:
The Future of Mortgage Financing is Frank Mortgage
If you are looking for a mortgage in Ontario, you can use Frank Mortgage to do the following:
Conduct your research. Review our mortgage glossary to understand key mortgage terms or read our blog posts for expert tips on how to navigate the mortgage process, what to watch out for and what is going on in the market;
Use our calculators to figure out how much mortgage you can afford, what your debt-service ratios may be and what various mortgage options can mean for your budget;
Use our rate discovery tool to find out what mortgage rates may be available for you in the market today. You can see what rates apply to you based on your credit profile, property type and mortgage purpose. Simply answer a few quick questions, let our system search the market for you and you can instantly see our best rates in Ontario;
Apply for a mortgage online in our safe and secure environment. Take 10 minutes to fill out the forms and you will be able to see what mortgage products and what rates are available to you. If the system doesn’t find products for you our expert advisors will explore your situation in more detail so we can show you all your options. This is key - we allow you to see all your options. We favor no lenders. We favor you;
Review the marketplace of mortgage products and pick your best mortgage;
Complete your mortgage approval online. Upload documents into our secure portal. You do not need to email private documents to a broker or lender – email is not a secure environment. We have your best interests in mind.
You can run most of this process yourself. Or you can have our advisors guide you all the way. Or something in between. Either way, we are here for you and will provide the support and advice that you need to get your best Ontario mortgage online with Frank Mortgage. At Frank Mortgage, we believe in:
breaking the status quo that does not deliver for today’s mortgage borrowers;
using modern technology to put information and power in the hands of our customers;
tapping into the innate human desire to help others; and
a made-in-Canada solution for today’s Ontario mortgage borrowers.
We created Frank Mortgage to allow you to have control over your personal financing decisions. Using an online system that grants you control reduces the influence that we, the broker, have on your decision making. We will help you as much as you decide is necessary. Is that not a refreshing thought? A mortgage provider that centers the entire transaction on you and your needs – not the needs of the broker. Welcome to Frank Mortgage – getting a mortgage has never been easier.
