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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: Mortgage rates are dropping. Three rate cuts now by the Bank of Canada are making mortgages more affordable. More rate cuts are expected. Also, Ottawa has loosened some rules for insured mortgages – 1) The cap on property value for an insured mortgage increased from $1 million to $1.5 million, and 2) 30-year amortization available to all FTHB and anyone buying a new build home.
As of: Aug 7, 2024
GET YOUR BEST MORTGAGE RATE IN ALBERTA
There are dozens of mortgage lenders in Alberta 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 will begin to improve. 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: Sept 20, 2024
GET YOUR BEST MORTGAGE RATE in British columbia
There are dozens of mortgage lenders in British Columbia 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: Mortgage rates are dropping. Three rate cuts now by the Bank of Canada are making mortgages more affordable. More rate cuts are expected. Also, Ottawa has loosened some rules for insured mortgages – 1) The cap on property value for an insured mortgage increased from $1 million to $1.5 million, and 2) 30-year amortization available to all FTHB and anyone buying a new build home.
As of: Sept 20, 2024
Get YOUR BEST MORTGAGE RATE IN Manitoba
There are dozens of mortgage lenders in Manitoba 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 will begin to improve. 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
Get YOUR BEST MORTGAGE RATE IN New Brunswick
There are dozens of mortgage lenders in New Brunswick 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: Mortgage rates are dropping. Three rate cuts now by the Bank of Canada are making mortgages more affordable. More rate cuts are expected. Also, Ottawa has loosened some rules for insured mortgages – 1) The cap on property value for an insured mortgage increased from $1 million to $1.5 million, and 2) 30-year amortization available to all FTHB and anyone buying a new build home.
As of: Sept 20, 2024
GET YOUR BEST MORTGAGE RATE IN NewFoundland and Labrador
There are dozens of mortgage lenders in Newfoundland & Labrador 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: Mortgage rates are dropping. Three rate cuts now by the Bank of Canada are making mortgages more affordable. More rate cuts are expected. Also, Ottawa has loosened some rules for insured mortgages – 1) The cap on property value for an insured mortgage increased from $1 million to $1.5 million, and 2) 30-year amortization available to all FTHB and anyone buying a new build home.
As of: Sept 20, 2024
Get YOUR BEST MORTGAGE RATE IN Ontario
There are dozens of mortgage lenders in Ontario 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: Mortgage rates are dropping. Three rate cuts now by the Bank of Canada are making mortgages more affordable. More rate cuts are expected. Also, Ottawa has loosened some rules for insured mortgages – 1) The cap on property value for an insured mortgage increased from $1 million to $1.5 million, and 2) 30-year amortization available to all FTHB and anyone buying a new build home.
As of: Sept 20, 2024
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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.
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.
Ottawa made a significant announcement on September 16, 2024, regarding more flexible rules for mortgage borrowers. They are making two key changes to the rules
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