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Is your mortgage coming up for renewal?

Need to find your best mortgage deal at renewal?
Just wanting a second opinion?
You have come to the right place!

Your mortgage renewal is an OPPORTUNITY for you! Now that you have mortgage experience, your understanding of the process gives you an advantage. Frank Mortgage is built for smart borrowers like you.

Mortgage renewal is the best time for you to consider a change:

  • find a mortgage that better suits your needs,
  • move on from your current lender if you are not satisfied with them, or
  • seek a better rate in the market

You can start the process online here:

GET STARTED

Today’s Best rates

Rate Type Insured Rate i Insurable Rate i Uninsurable Rate i
2 Year Fixed 5.49% 5.59% 6.34%
3 Year Fixed 4.99% 5.14% 5.19%
4 Year Fixed 4.89% 4.99% 5.39%
5 Year Fixed 4.64% 4.74% 5.29%
3 Year Variable 5.85% N/A N/A
5 Year Variable 5.85% 5.85% 6.24%


Or, book a free consultation with a mortgage expert here:

BOOK A CONSULTATION

Any frustration you may have with your current bank is understandable. They often focus on the numbers and forget they are dealing with real people that should be the priority. We all know the service at Canadian banks is not the best. In addition, those of you with a variable-rate mortgage at a bank may have many reasons for wanting a change after experiencing the pain of rising interest rates.


Here are a few things you have likely learned about how to be happy as a mortgage holder:

  1. A low rate is important but there is more to mortgage happiness than rate;
  2. Good customer service from your lender is key;
  3. Understanding the details of your mortgage is important;
  4. Doing your research and being prepared will pay off;
  5. A good outcome should be focused on your needs, not the needs of your lender or mortgage broker;
  6. A frustrating part of dealing with traditional mortgage brokers and lenders is that they do not always disclose important facts to you.

If you are currently in a static payment, variable-rate mortgage there are a couple of other considerations for you. We can understand if you are not happy with how this mortgage worked out. We also understand that many of you were not aware of the potential impact of higher rates and the presence of trigger rates in your mortgage. If this has all been a surprise to you then you should not trust the lender or mortgage broker that put you into that mortgage. The worst part of it is that at renewal, your lender may require a lump sum payment to bring your amortization back to schedule. This will be a payment shock to many. The additional interest cost from recent rate hikes may not have hit your payments to-date, but it will hit your renewal. At the very least you should get a second opinion on your renewal options.

What is the typical mortgage renewal process?

As your mortgage renewal date approaches the first thing that usually happens is your lender sends you a renewal notice. This can often happen six months before the maturity date of your current mortgage. The easy thing to do is to simply sign back the renewal notice. This takes little effort on your part and ensures you can continue with a new mortgage with your existing lender. There are multiple problems with this approach:



  1. Your current lender will rarely offer you a competitive rate in the initial renewal notice;
  2. If your existing mortgage had terms that you do not like, you will not get better terms if you sign back the renewal notice;
  3. If you are not happy with your current lender, the odds of being happier with a renewed mortgage at that same lender are low.


Simply signing back the renewal offer is easy and saves you time, but it can cost you thousands of dollars. If you are interested in getting the best mortgage deal the market can offer, you should shop around. This requires more effort than simply signing back your current lender’s renewal notice, but it can pay off substantially. For instance, look at this mortgage rate comparison:

Mortgage Rate Monthly Payment Monthly Savings Savings Over Five Years
Current Lender Offer 4.99% $2,905
Best Market Rate 4.64% $2,806 $99 $5,940
Mortgage Rate Monthly Payment Monthly Savings Savings Over Five Years
Current Lender Offer 5.84% $2,521
Best Market Rate 5.34% $2,404 $117 $7,020

Rates as of June 19, 2024.
5-yr fixed, insured rates for a $500,000 mortgage

As the analysis above shows, the savings you can achieve from shopping for a better mortgage rate can add up into the thousands of dollars.

 The Process for Optimising Your Mortgage Renewal

There are several steps to take to get the best result from your mortgage renewal:

  1. Be Patient
    Do not immediately sign back the mortgage renewal notice from your lender. You should evaluate all your options before making this important decision.

  2. Shop Around
    Start shopping at least four months before your current mortgage term is up. This is when other lenders will consider your renewal and offer you a rate. Take advantage of the opportunity to not just search for the best rates in the market but also search for the best mortgage terms that you are interested in, such as prepayment flexibility, penalty provisions, portability, etc. For those that were caught by surprise by the trigger rates in your variable-rate mortgage, you understand the need to fully understand the mortgage terms. Even if you want to renew with your current lender you can use the information you have gathered from your research to negotiate a better rate with them.

  3. Lock-in a rate
    If you prefer not to, or are unable to switch lenders you can usually early renew with your existing lender up to four months prior to maturity without penalty. This allows you to lock-in a rate early if you are concerned that rates may increase before your maturity date. If you would prefer to switch to a new lender you can get a mortgage pre-approval or a rate hold from many lenders in the market. With most lenders you can obtain this 120 days before your mortgage maturity date, so you know you are protected against an increase in interest rates during that period of time.

  4. Review your needs and make a plan
    Consider your budget and financial goals so that you can find the mortgage that best fits your needs. Perhaps your income, job or family situation has changed since you first took out a mortgage. Given your current situation, figure out what matters most for you, such as:

  5. Paying down the mortgage as fast as possible;
  6. Minimizing the mortgage payment to fit within your budget;
  7. Accessing home equity to pay for other priorities or consolidate debt;
  8. Flexibility for prepaying or porting your mortgage.

  9. Talk to an experienced mortgage broker
    Take advantage of an experienced mortgage broker’s expertise to help you make a full assessment of what is available to you in the market. A mortgage broker can show you what multiple lenders offer and can also help you understand what mortgage products you may be able to qualify for. A good mortgage broker will tell you all the things that your current lender is not telling you. Remember, your current lender has sent you a renewal notice with no assessment of what is best for you. They are not going to help you understand all your alternatives.

  10. Decide if a mortgage refinancing is right for you
    You can refinance with another lender if you want to find a better deal or get away from your current lender. If you do switch to a new lender you will need to go through the underwriting process again. This is why signing back the offer from your current lender is the easiest thing to do – your current lender will not need to re-underwrite you if you accept the renewal offer as-is. If you decide to switch lenders you will need to be prepared to:

    Fill out a new mortgage application;
  11. Provide documentation;
  12. Pass the mortgage stress test and other qualifying criteria.


There are certain fees that need to be paid when you switch to a new lender. In most cases, this is not a big concern because many lenders will cover most or all these costs. These fees can include an appraisal fee ($200-$500), legal fees ($700-$1,200), and a discharge fee ($50-$400). As mentioned, we would prioritize finding you one of the lenders that covers at least some of these costs for you.



Finding a new lender does take some effort, but it is worthwhile if it finds you a better deal that saves thousands of dollars. Plus, if it allows you to move away from a lender that has made you unhappy, then you can gain the peace of mind knowing you don’t have to deal with them anymore. Refinancing can be worth it, but talk to a mortgage broker first, who can help you understand your likelihood of benefitting from switching lenders.

Other Mortgage Renewal Considerations

Use what you have learned as a mortgage holder to select a mortgage product that is best suited to your risk tolerance. You probably now have a better understanding of fixed vs variable rate mortgages. If you have been in a fixed rate mortgage you have not had the stress of watching your mortgage costs rise recently. If you have been in a variable rate mortgage you now understand that risk all too well. Use what you now know and your own personal assessment of your risk tolerance to make your own decision on what type of mortgage is right for you – fixed or variable. For most of us it is a fixed-rate mortgage, but for those with higher risk tolerance, a variable-rate mortgage may be right. Either way, do not let a mortgage broker or lender twist your arm to take a mortgage you are not comfortable with. You are the one that has to live with the risk you take.



We are currently in a higher rate environment. Whether you renew with your current lender or refinance with another lender, the reality of this higher rate environment cannot be avoided. This can make your new mortgage seem less affordable but be sure to make a choice that works for you today without gambling on the hope that rates may be lower in the future. Rates may decline, nobody really knows for sure, but as we have recently learned, exposure to interest rate risk can be a mistake.

Also be aware that if you refinance before your mortgage maturity, you will be required to pay a prepayment penalty. Lining up your refinancing with the maturity of your existing mortgage is the best way to arrange a better deal and not have to pay any penalties to break the current mortgage.



One final point – even if you are not going to be able to refinance with another lender – maybe you can’t pass the stress test or you don’t meet other criteria at the moment – you can still learn what is available in the market and use that information to negotiate a better rate with your current lender.


We find it frustrating that so many lenders treat their clients this way – offering an uncompetitive rate and then agreeing to a lower rate once the customer negotiates after going through the process of researching the market. A customer-first approach would have the lender offer their best rate to a returning customer. Instead they hope you are not smart or sophisticated enough to do the homework required to find a better rate. It is a distasteful practice, but fortunately, you don’t need to fall for it.

How Can Frank Mortgage Help with Your Mortgage Renewal?

The answer to that question is simple –


  1. we have access to the best mortgage rates and will find you your best deal;
  2. we will transparently show you all your options;
  3. we will make an honest assessment of your situation and provide you the information and advice you need to make your best decision;
  4. our only concern is a good outcome for you. We will not guide you to an outcome that works best for us. In fact, if we review your situation and the best outcome for you is to renew your mortgage with your current lender, we will tell you that. We do not get paid in that situation, but we would not want it any other way.
  5. we also have tools that can help you prepare. Check out these calculators that can help you determine how much house you can afford and what your mortgage payment might look like with current mortgage rates:

If you would like to talk to one of our expert mortgage advisors, please click below to book a free consultation.

BOOK A CONSULTATION

Why is Frank Mortgage your best mortgage alternative?

Frank Mortgage provides many benefits for customers renewing or refinancing their mortgage:



  1. Low mortgage rates from a marketplace of Canada’s best lenders;
  2. All of your mortgage options are disclosed to you, unlike our competitors that only show you the mortgage deals that work best for them;
  3. We let you control the process as much as you are comfortable;
  4. We have expert, licensed mortgage advisors that will assist you through your mortgage journey;
  5. You can get your mortgage in a secure online environment;
  6. No bias, no sales pressure, no hidden agendas – Frank Mortgage is here for you.


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 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 at Frank Mortgage?

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
A person is holding a cell phone with the frank mortgage app on it.

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 unsecure?


The market clearly needs change. Today’s modern mortgage customer demands a smarter, simpler, more secure, and more open approach ➤  Frank Mortgage.

What are the Keys to Getting the
Best Mortgage Rates?

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:

FIND RATES

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 own 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;
  • 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 does not 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 an unsecure 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.

FAQ on mortgage renewals

  • Does my current lender have to offer me a mortgage renewal?

    No, they do not have to offer you a renewal. However, if you have made your payments on time, institutional lenders in Canada will almost certainly offer you a renewal. If they do not, it is likely because you missed some payments or otherwise did not comply with the requirements of your current mortgage. If they are not offering you a mortgage renewal, federally regulated financial institutions are legally required to provide you 21 days notice.

  • Can my current lender change the mortgage terms for my renewal?

    Yes, they can, but most of the time the terms stay the same except for the rate. You can select what new term you want for the mortgage renewal (say, 5-year versus 3-year term), the payment frequency, and the rate type (fixed or variable). Otherwise, the contractual terms will most often stay the same. But, check the documents carefully to be sure.

  • Can I change the terms of my mortgage at renewal?

    You can pick the new term, payment frequency, rate type and rate for your mortgage renewal, but if you want to change other terms, such as the amortization period or increase the mortgage balance, then you need to refinance the mortgage. If you decide to refinance with your current lender, they will need to underwrite your mortgage file, have you pass the stress test and meet all their qualifying criteria. It is similar to refinancing with a new lender, although the current lenders familiarity with you can help.

  • Who are the best mortgage lenders in Canada?

    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 is 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.

  • What is Frank Mortgage?

    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 will 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.

  • Is Frank Mortgage a lender?

    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 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.

  • Who should use Frank Mortgage?

    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.

  • How can I be sure I am getting a good mortgage deal?

    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 lenders all-in-one place.

  • How long does it take to refinance or switch to another lender?

    It can take up to six weeks to complete a refinance or switch to a new lender. In a pinch, it can often be done more quickly but this is the amount of time you should prepare for. 

  • Why use Frank Mortgage for my mortgage?

    Frank mortgage is a proudly Canadian company that aims to provide Canadians 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 British Canadians looking to have control over their personal finances.

  • Is Frank Mortgage free to use?

    Applying with Frank Mortgage is free. We will not charge any fees (except for some situations with private mortgages). In the market today, prime borrowers 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 when we arrange a mortgage with an institutional lender that pays us a commission. 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 Canadian mortgage borrowers thousands of dollars by not charging the broker fee.

  • How can I speak to a Frank Mortgage advisor about my mortgage?

    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.

  • How does a pre-approval or a rate hold benefit me?
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  • Can I change to a different product after I have a pre-approval or a rate hold?
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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 nor a rate hold is a legal commitment. Simply contact your Frank Mortgage advisor if you want to explore your options.

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  • Is my data secure?
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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.

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