We believe in the power of technology to transform the mortgage process for borrowers.
At Frank Mortgage we reduce the influence of the broker and lender and place that control in your hands. We permit you to take charge of your own financing decisions.
Tell us about yourself.
Rest assured our platform is completely confidential and totally secure.
Our customized algorithm searches the market for the mortgage products that you qualify for and finds your best rate.
Let us work our magic.
Check your options.
Review the mortgage products and rates you may qualify for.
Choose the mortgage that works best for you. No pressure from your broker. No biased advice.
Find the best fit.
Finalize your deal.
You’re almost there! Upload the required documents and you’ll be ready to go.
You found a great mortgage deal quickly and easily. Way to work smarter!
Celebrate!
Create your account.
Register through our app or on our website here.
How does Frank Mortgage work for mortgage borrowers?
Frank Mortgage provides many benefits for 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 the borrowers that visit frankmortgage.com every day to enjoy the only online mortgage broker that prioritizes the customer. 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 | |
| $500,000 | 5.09% | $2,933 | 4.79% | $2,848 | $85 | $5,100 |
| Rates as of April 4, 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 rate 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 Canadian 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?
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!
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 over 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 mortgage customer demands a smarter, simpler, more secure, and more open approach ➤➤➤ Frank Mortgage.
FAQ on Frank Mortgage
-
Banks, credit unions, monoline mortgage lenders, B-mortgage lenders and others all enjoy doing business in Canada. 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.
-
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.
-
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.
-
The Frank Mortgage platform is available for Canadian 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.
-
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.
-
Frank mortgage is a proudly Canadian company that aims to provide customers with 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 Canadians looking to have control over their personal finances.
-
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 Canadians thousands of dollars by not charging the broker fee.
-
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.
-
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.
-
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. Simple contact your Frank Mortgage advisor if you want to explore your options.
-
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 Rate?
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 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 offeree 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 Canada, 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 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 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.