Our guide to First National Bank mortgages
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Discover the methodologyWhen it comes to mortgages, there are a lot of things to think about. What’s the interest rate? What’s the term? Do you want a fixed or a variable interest rate?
There are lots of important questions to ask when you’re shopping around for a mortgage. But at the top of that list is without a doubt, "which mortgage lender should you work with?"
Each lender has its own set of pros and cons, so it’s important to understand the differences before you decide which one is right for you. In this review, we take a close look at First National Bank mortgages and their current rates.
About First National Bank
First National is one of Canada's largest non-bank mortgage lenders. Over the last 30 years, First National has grown to become a recognized and respected leader in real estate financing. Their services include residential mortgages, commercial mortgages and mortgage brokers. The bank has a wide variety of online and mobile banking offerings, making banking more convenient.
Our review of First National Bank
First National Bank offers a range of mortgage services, these include: buying a home, refinancing a home, building a home or renovating a home. We like that the application process is clearly explained on the First National Bank website, detailing the 8 simple steps. On their website, there are many useful tools available to you. For example, 9 different types of mortgage calculators that help you determine your mortgage financing plans.
First National Bank mortgage pros and cons
Here are some of the advantages and disadvantages of First National Bank mortgages:
Why First National Bank might be right for you:
One of Canada's largest non-bank mortgage lenders
Clear application process
Variety of useful tools and resources
Why First National Bank might not be right for you:
You need a credit score of at least 640
To find the best mortgage rates, it is important to weigh quotes from different lenders. Subtle differences in the interest rates, term lengths and fine print can mean tens of thousands of dollars over the course of the mortgage. Use our free, online mortgage rates comparison tool today to help you find the perfect provider!
Compare mortgage rates now
What types of mortgages does First National Bank offer?
Below is a table showing some details about the different mortgage plans First National Bank offers. Most providers will offer a variety of mortgage options.
| Coverage type | Buy a home | Refinance a home | Build a home | Renovate a home |
|---|---|---|---|---|
| Loan options | 16 | 15 | 6 | 2 |
| Online calculator | ||||
| Apply online | ||||
| Minimum downpayment | 0% to 5%, depending on loan type | 0% to 5%, depending on loan type | 0% to 5%, depending on loan type | 0% to 5%, depending on loan type |
What mortgage rates does First National Bank offer?
There are two main types of mortgage rates in Canada: fixed and variable rates.
Fixed-rate mortgages are a great option for people who want to know exactly what their interest rate will be throughout the entire course of their loan term. With a variable rate, your payments change based on market conditions. This could mean rates that go up over the course of the term.
Below are some of the mortgage rates First National Bank offers:
Rate Type | Term Length | Rate |
|---|---|---|
Fixed-closed insured | 1 year | 2.74% |
Fixed-closed insured | 2 years | 2.74% |
Fixed-closed insured | 3 years | 2.84% |
Fixed-closed insured | 4 years | 2.94% |
Fixed-closed insured | 5 years | 3.14% |
Fixed-closed insured | 7 years | 3.44% |
Fixed-closed insured | 10 years | 3.60% |
Adjustable insured | 5 years | Prime - 1.10% for the entire term |
Insurable up to 65% LTV | 6 years | Prime - 1.10% for the entire term |
Insurable > 65% - 70% LTV | 7 years | Prime - 0.90% for the entire term |
Insurable > 70% - 75% LTV | 8 years | Prime - 0.90% for the entire term |
Insurable > 75% - 80% LTV | 9 years | Prime - 0.90% for the entire term |
Conventional | 10 years | Prime - 0.90% for the entire term |
Fixed-open | 6 month | 7.30% |
Want to compare mortgage rates in Canada from other lenders? You can for free, and anonymously right on this website.
Compare mortgage rates now
How do I contact First National Bank?
You can contact First National Bank at:
1-800-555-5455
Monday through Friday from 8 AM to 9 PM, on Saturdays and Sundays from 8 AM – 5 PM.
Our First National Bank mortgage calculator
Want to calculate what your First National Bank mortgage will look like? We have some tools right here on our website that can help:
Our mortgage payment calculator lets you see monthly payments and gives a yearly amortization schedule.
Our mortgage affordability calculator will help you determine how large a mortgage you can get.
Our mortgage default insurance calculator will tell you how much you'll owe for mortgage default insurance
