Mortgage guides & resources

Understanding bond yields, fixed mortgage rates, and mortgage pricing in Canada.

Helping Canadians Finance Their Homes Yes, in Canada, you need to have a down payment to purchase a house. Lenders require you to have some ‘skin-in-the-game’ in the form of a down payment.

Updated Canadian mortgage rate outlook for late 2026 and 2027, including variable and fixed rate expectations, key risks, and borrower guidance.

Yes, housing affordability in Canada has improved significantly since mortgage rates peaked in October 2023.

Refinancing your mortgage could lower payments, reduce interest costs, consolidate debt, and unlock home equity. Learn when refinancing makes sense.

Canadians are Googling “help with mortgage” more than ever and it’s not hard to see why.

If you have just bought your new home, the adventure of homeownership has just begun.

If your mortgage is coming up for renewal in 2026, you are not alone. Canada is facing a massive renewal wave. Over one million mortgages are expected to renew in 2026. Many Canadians who secured 5-year fixed or variable mortgages in 2020–2022 are now seeing rates reset higher, leading to potential monthly payment incr

Avoid these 10 costly mistakes when getting a mortgage in Canada

A Transparent Guide for Homebuyers

Your 2025 Guide to Buying a Home with Confidence

Yes, you can still buy a home in Canada with bad credit. Thousands of Canadians do it every year. Having a credit score below 600 (or even below 550) is more common than you think, and it doesn’t have to stop you from getting a mortgage today. In this guide, we’ll show you exactly how to get a bad credit mortgage in Ca

If you are a Canadian homeowner with equity in your home but high-interest debt piling up, such as credit cards at 19.99%, a line of credit at 9.5%, or a car loan at 7%, you are not alone. According to Equifax, the average Canadian household now carries about $25,000 in non-mortgage debt. But there is a smarter way to

Discover how Canada’s new 30-year amortization for insured mortgages boosts affordability and helps first-time homebuyers enter the market sooner.

Never had a mortgage before? Does the mortgage market seem foreign and intimidating? Are you unsure how to find the right mortgage for you? Then this guide is for you.

Your lender or broker has told you that you will not qualify for a Prime (or A) mortgage. There could be a variety of reasons for this, so don't take it personally.

Home ownership is a worthy goal for most Canadians. Today, with rising home prices and tightening mortgage rules, Canadian home buyers often struggle to meet the traditional mortgage borrowing requirements. For many, it may be worth exploring various alternative strategies to finance a home purchase.

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…

You are looking to buy a home. This is an exciting time. But, there is always a catch, isn’t there?

Teaser rates are sometimes used by lenders to attract borrowers. The temptation of a low teaser rate can attractive, but buyer beware - they often come with strings attached that may eventually make the mortgage more expensive than other alternatives in the market. They can also carry unforeseen risks that are not immediately apparent. Full disclosure of how teaser rate mortgage products work is essential. The US mortgage market meltdown during the financial crisis taught us many lessons and one of them was that teaser rates are fraught with peril.

Whether you are a newcomer, a student, or someone just stepping into the world of credit, navigating the Canadian credit landscape can be a challenge. At Frank Mortgage, we understand that having no credit history can make things like getting a mortgage, credit card, signing a lease, or securing a car loan a bit more complicated. But fear not – building your credit is not as complicated as it may sound, and we are here to guide you through it.

Frank Mortgage CEO, Don Scott, talks with Cashflow Canucks about how Frank Mortgage helps the modern mortgage borrower.

Canadian mortgage borrowers have experienced stress over the past year due to increasing interest rates. News headlines commonly refer to the prime rate, noting the frequent increases in the prime rate and the impact it has on variable-rate mortgage borrowers. As a mortgage borrower, do you understand how the prime rate affects you?

Mortgage lenders secure their mortgage loan to you by registering a lien on your house. A lien is a claim or a legal right against assets that are used to secure a debt. The lien provides the mortgage lender a right to take possession of and sell your home to recover the amounts owed to them if you were to default on your mortgage.

A mortgage application can be strengthened with the addition of a co-signor or a guarantor. Of course, it is best if a mortgage applicant can qualify for a mortgage on their own but in situations where a borrower cannot qualify due to poor credit, insufficient income or employment history, there are ways for family to help.

When it comes to obtaining a mortgage in Canada, understanding the down payment requirements is essential. Your down payment plays a crucial role in determining the type of mortgage you can secure, and the interest rates you may qualify for.

If you are looking to save for a down payment on a home, the FHSA looks like a good way to start. An FHSA is a registered plan, similar to an RRSP account, that allows you to save for a down payment, tax free.

Homeownership is a goal for most Canadians. Most of us want to find a place to raise a family, provide shelter and to call your own. From the news headlines, one might think that homeownership is near impossible in some of our larger markets. There is some truth to this but if you are evaluating your homeownership prospects as a first-time buyer, there are many programs in place that can assist you. Your evaluation of your financial readiness for homeownership needs to take these programs into account.

First-time homebuyer? Discover the steps to secure your dream home with the best mortgage deals across Canada, from Ontario to BC. Start your journey to homeownership today!

Your Best Mortgage Options If you’re in the market for a mortgage, one key consideration is the rate type on the mortgage you choose.

You believe you are ready to own a home. You look around the market and realise you don't have enough money set aside for a down payment. Due to record-breaking home prices around the country, down payment requirements are higher than ever. Where can you get the money to make the needed down payment if you don't have enough money saved? Family is the best solution, and we are seeing gifts from family much more regularly these days.

What Are They and How Do They Impact My Mortgage Application? When evaluating a mortgage application, a mortgage lender needs to understand how much of the applicant’s monthly income will be required…

Learn how a 30-year amortization in Canada lowers monthly payments—but increases total interest cost over time, making homeownership more expensive.

Are there ways to make owning a home in Canada more affordable? The high cost of housing means that many Canadians are unable to make the numbers work. Finding help with financing a down payment is one common strategy used by mortgage borrowers today to qualify for the financing they need. One other way to make home ownership more affordable is a strategy called ‘house hacking.

Mortgage rates are a key factor that can impact the cost of buying a home and how much you can afford to borrow. If you're in the market for a mortgage or considering refinancing an existing mortgage, you may have heard about bond yields and how they can affect mortgage rates. In this blog post, we'll explain what bond yields are, why mortgages are affected by bond yields, what can affect the mortgage spread over bond yields, whether fixed rates are influenced by variable rates, and what economic factors most influence bond yields.

For Canadian homeowners, the equity built up in their homes is often one of their most valuable financial assets. Whether it’s to fund renovations, consolidate debt, make new investments, or even enjoy a dream vacation, accessing this equity can open doors to new opportunities. With housing markets evolving and interest rates fluctuating, understanding your options for tapping into home equity is more important than ever. Let’s explore the main ways Canadian mortgage borrowers can access their home equity, breaking down each option with its benefits and considerations.

Buying a new home is an incredibly exciting time. It can also be totally overwhelming to a first-time buyer and mortgage borrower.

And Set Yourself Up for A Successful Mortgage Application Mortgage borrowers with higher credit scores get access to the lowest mortgage rates.

Recent news about the United States threatening to impose tariffs on Canadian goods has introduced significant uncertainty into Canada's economic landscape.

You just bought your dream home, and the appraisal came in low. This means the appraised value that will be used by your mortgage lender is lower than the price you paid for the house.

During the mortgage process, you can either engage with a lender directly or a broker that can find a mortgage for you. So what exactly is the difference, and which one is better for you?

In recent years, the landscape of the Canadian mortgage market has undergone significant changes, presenting challenges for existing borrowers. For a review of the myriad changes and constant government meddling in the market see here - Changes in The Canadian Mortgage Market

Mortgage amortization is the process of paying off a mortgage loan over time through regular payments. As your mortgage amortizes it allows you to build equity in your home. Amortization is different from the mortgage term, which is the length of time that the current mortgage contract is in effect. In Canada, the mortgage term is usually five years or less. The most common amortization period is 25 years, but 30 years is being seen more often due to the combination of high house prices and increasing interest rates

As a prospective mortgage buyer, you likely know that you will have to make a down payment.

Obtaining a mortgage to buy a home is a significant financial step for most Canadians. To make this process smoother and more manageable, it's essential to understand the documentation requirements involved. While getting access to mortgage information and choice for your mortgage decision is becoming easier through online mortgage providers, the documentation requirements are still extensive. Whether you're a first-time homebuyer or looking to refinance your existing mortgage, this comprehensive guide will walk you through the necessary documentation for securing a mortgage.

Whether you’re a first-time homebuyer or renewing your mortgage, chances are you’ve come across a lot of conflicting information about mortgages.

Mortgage portability is a feature offered by some lenders in Canada that allows homeowners to transfer their existing mortgage to a new property without having to go through the time-consuming and often costly process of applying for a new mortgage. This can be a useful option for homeowners who are looking to move but want to keep their current mortgage terms, such as interest rate and repayment schedule.

Learn about the mortgage pre-approval process in Canada and why it's important for home buyers. Find out what a pre-approval is, how it works, and what it can and cannot do for you. Get expert advice from Frank Mortgage and secure your dream home today.

Mortgages are a significant financial commitment for most Canadians, and understanding the terms and conditions associated with them is crucial. Mortgage prepayment penalties are often overlooked by borrowers when considering their mortgage options. Many borrowers simply go to their big bank for their mortgage and pay little attention to these details. A decision like that can be costly.

As a Canadian mortgage broker, we understand that over the next two years, close to $1 trillion of mortgages are up for renewal in Canada. This involves over two million mortgages.

A mortgage renewal is an opportunity for you. It is the best time for you to consider a change.

The Prime Rate has declined by 0.75% since June. That is great news for mortgage borrowers facing a renewal in the coming months. What’s better news is that the market is predicting that interest rates will decline further from here. While a mortgage booked at very low rates between 2019 and 2021 is facing renewal at higher rates today, these rate reductions are improving the environment for mortgage renewals going forward.

Better Times are Inevitable The Canadian housing market isn’t just about interest rates and sales figures—it’s about people building their lives.

High rates and increasing house prices have made qualifying for a mortgage in Canada more difficult. Recent declines in mortgage rates have been helpful but housing affordability is still stretched. Meanwhile, the government sees the housing and mortgage markets as opportunities to score political points and has repeatedly intervened in the market, at times stimulating demand and other times trying to curb the increase in credit growth and/or house prices.

If you have recently moved to Canada and are looking to purchase a home, you can be eligible for mortgage financing through new-to-Canada mortgage programs at various lenders. Figuring out how to set up a bank account, start building a credit profile, find employment and shelter are not easy. However, once you have settled into Canada and with a little bit of knowledge and preparation, you can navigate the mortgage process and become a homeowner in Canada. To help you along the way, many large mortgage lenders offer programs for newcomers to Canada that have more lenient underwriting criteria than the traditional mortgage programs.

You've crunched the numbers on your down payment and mortgage pre-approval, but you need to be ready for a second, equally important set of expenses: closing costs

On January 12, 2023, OSFI launched a public consultation of Guideline B-20 on Residential Mortgage Underwriting Practices and Procedures. OSFI has concerns about the state of the market and in their press release they state “mortgage lending risks, particularly related to debt serviceability, have increased considerably since the onset of the pandemic. These heightened near-term risks underscore the need to consider complementary measures to mitigate them.” OSFI is proposing “complementary debt serviceability measures designed to better control prudential risks arising from high consumer indebtedness. The proposed debt serviceability measures include loan-to-income (LTI) and debt-to-income (DTI) restrictions, debt service coverage restrictions, and interest rate affordability stress tests.”

Purchasing an owner-occupied rental property in Canada can be a strategic way to build wealth while securing a home for yourself. But if you’re planning to put down less than 20% of the property’s purchase price, you’ll likely need mortgage default insurance. Here’s what you need to know about how mortgage default insurance works for owner-occupied rental properties.

Imagine the feeling of owning your home outright, free from monthly mortgage payments

Have you been declined for a mortgage by a bank or other lender? Is your situation too complex for a traditional bank to approve? If so, then perhaps a private mortgage is an option for you. Before jumping in the private mortgage lending market, do your homework first.

When it comes to buying a home, one of the most important factors to consider is your mortgage eligibility. Your salary plays a significant role in determining how much mortgage you can get. In Canada, assuming an average salary of $70,000, we can assess the several factors that will affect your mortgage eligibility. Understanding these factors and calculating your mortgage affordability can help you make informed decisions when it comes to purchasing a home.

Mortgage financing is available to you even if you already have a mortgage on your house. If you have equity built-up in your home, you can refinance for a larger amount. As an alternative, you can consider a second mortgage. Refinancing might require a large prepayment penalty to break your existing mortgage. A simpler way to tap into your home equity might be a second mortgage. These mortgages come with their own set of rules, costs, and benefits. Let’s explore second mortgages further.

The work environment in Canada has changed in recent years. The appeal of a self-employed career is growing, and it is estimated that close to 20% of Canadians are now self-employed. Having more control over your hours, the projects you work on, and your finances is appealing. The recent pandemic has only accelerated this change to more independent and contract work.

Are you planning to buy a home or renew your mortgage? Your house purchase decision is one of the biggest decisions you will ever make. Finding the right mortgage financing for that purchase is equally important. With the multitude of mortgage options available, how can you determine whether you are getting the best deal available? It is essential to shop around.

Growing Market Share in Canada In recent years, a significant shift has occurred in Canada's mortgage landscape. More Canadians are turning to mortgage brokers for their home financing needs.

Home ownership is an exciting journey that begins with getting your finances prepared for a down payment and mortgage payments.

Buying a new home is an exciting milestone in anyone's life. Despite the stresses that come from trying to understand the real estate and mortgage markets, when done right, the purchase of a new home…

Should you buy a new home today before interest rates rise further or should you wait in anticipation of a decline in house prices? After settling into an extended period of low interest rates that fueled a significant increase in housing prices in Canada, market participants are now bracing for change. Interest rates are increasing. The Bank of Canada has stated that additional interest rate hikes are on the way. Fixed interest rates in the bond market have increased in response to the recent inflation pressures and central bank action.

A Land Transfer Tax is a fee that is paid by the buyer of a property when the ownership of the property is transferred from the seller to the buyer. It is calculated based on the property value and the location of the property. The Land Transfer Tax is an important factor to consider when buying a property, as it can significantly impact the overall cost of the transaction. At Frank Mortgage, we understand the importance of accurately calculating the Land Transfer Tax. That's why we offer a user-friendly Ontario Land Transfer Tax Calculator and a Toronto Land Transfer Tax Calculator on our website. These calculators help homebuyers estimate the amount of Land Transfer Tax they will need to pay, allowing them to make informed decisions about their purchase.

A rate hold is a simple and easy way to reduce your mortgage stress. Securing a mortgage is a significant financial decision. Trying to navigate the market while interest rates are fluctuating like they have been recently can be challenging. One way to manage this uncertainty is by obtaining a rate hold from your mortgage lender or bank.

A mortgage switch can present a significant opportunity to save money on your mortgage. An upcoming mortgage renewal presents a great opportunity for current mortgage borrowers to consider a mortgage switch. Increasing interest rates, negative amortization, poor service – there can be many reasons for you to be stressed and unhappy with your current mortgage. A mortgage switch presents an opportunity for you to find something better. You can benefit in many ways:

As retirement approaches, many individuals find themselves seeking ways to supplement their income. One untapped resource that retirees often have is their home equity. Having made your mortgage payments over time you have built up equity in your home. Add to that the increase in home prices over time and many retirees have significant home equity that can benefit them in retirement.

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.

Interest rates are rising, and we are hearing a lot of mortgage brokers, advisors and commenters stating unequivocally that Canadian mortgage borrowers should prefer a variable rate mortgage over a fixed rate mortgage. However, if you took a fixed rate mortgage in 2021 you might have a rate of less than 2% today, which is better than current variable rates.

Refinancing your mortgage means you get a new mortgage and use the proceeds from that mortgage to pay off your existing mortgage. As a Canadian homeowner, you may have heard about mortgage refinancing but might not be sure what it requires or if it is a good option for you. You can refinance with either your current lender or a new lender. While it may seem daunting, refinancing can offer many benefits that may make it worthwhile.

Learn why a Job Letter of Employment is vital for mortgage approval in Canada and what details lenders look for to verify income and job stability.

Getting a mortgage is a process that involves several key steps. One of them is getting a commitment letter from the lender. Here's all you need to know about how and when to get a commitment letter.

Getting a low mortgage rate is important for both new homebuyers and existing homeowners. Not only does it result in a lower monthly payment and paying less interest over time, but for certain homebuyers, it could also mean you can afford a larger property.

How did so many Canadians end up getting variable-rate mortgages just before rates began to rise? Historically, the Canadian mortgage market has been predominantly a fixed rate mortgage market. Thirty percent or less of new annual mortgage volumes tended to be variable rate mortgages. Perhaps when we consider investments in stocks or crypto we may want to make risky bets from time-to-time. When we are talking about our homes, we tend to be more conservative. Your home is the place you plan to raise a family, share your life with your partner, find shelter from the storm. Most of us are reluctant to place bets on our homes, preferring to avoid risks we can’t control that may affect our ability to maintain our home. Peace of mind is important, as reflected in the historical preference for fixed rates.

When it comes to getting a mortgage, many people have traditionally gone through a mortgage broker. This is often the case because brokers are familiar with the local market, have a range of options, and can provide advice and guidance on the process. However, there are now a number of online services that are making it easier to get a mortgage, and these are quickly becoming the preferred option for many.

If you have ever taken out a loan, rented an apartment, or applied for a mortgage, you probably know that your credit score is an important number. It can impact the rates or availability of mortgages, loans, and credit cards. But what exactly is a credit score? How do you get one? And why would you ever want to pull your own credit report? The answer to the last question is straightforward: knowing your credit score and where you stand in terms of your creditworthiness can help you understand what steps to take next when applying for a mortgage. Let’s take a look at how you can access your credit report.