National Bank Mortgage Rates & Reviews
National Bank Background
National Bank (TSE: NA) is the sixth largest bank in Canada and is headquartered in Montreal, Quebec. Through its branches across Canada, National Bank services 2.4 million customers. As a large financial institution, they offer a variety of financial products for their customers. A majority of their revenue is received from personal and commercial banking, but they also have wealth management and financial market services. National Bank currently employs 21,000 people with most being located in Quebec. In fact, more than 60% of their business is located in this one province. National Bank provides many unique financial products to service their large customer base. Their mortgage programs in particular are detailed below.
National Bank Prime Rate
National Bank's Prime Rate is used as the basis for many of National Bank's lending products including variable rate mortgages, lines of credit, and HELOCs. Prime, or P, is normally combined with a spread to make up the final interest rate.
Current National Bank Prime Rate: 2.45%
National Bank Prime Rate History
National Bank Fixed-Rate Mortgages
National Bank Fixed Rate Mortgages reduce the risk of future interest rate fluctuations by “locking in” a specific interest rate for the term. This can create peace of mind for homeowners, which makes it a fundamentally appealing program for home buyers. If you are arranging a new mortgage for a future or current home, your fixed interest rate can be guaranteed up to 120 days before the closing date of your home. If interest rates go up during that time, you will be guaranteed the lower rate.
| Term | Rate | Monthly Payment |
|---|---|---|
1-Year Fixed | 2.69% | $1,833 |
2-Year Fixed | 2.94% | $1,884 |
3-Year Fixed | 3.45% | $1,992 |
4-Year Fixed | 2.39% | $1,772 |
5-Year Fixed | 2.44% | $1,782 |
6-Year Fixed | 5.39% | $2,430 |
7-Year Fixed | 5.39% | $2,430 |
10-Year Fixed | 5.79% | $2,526 |
The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.
National Bank Variable-Rate Mortgages
National Bank Variable Rate Mortgages provides you with fixed payments over the term; however, the interest rate will fluctuate with any changes in the prime interest rate. If their prime rate goes down, more of your payment will go towards paying off your principal; if our prime rate goes up, more of your payment will go towards interest costs. As a result, this can be a great financial tool for those expecting rates to fall in the upcoming year. A convertible mortgage allows you to convert to another term at any time. This feature provides security and flexibility, as it enables you to convert to a longer closed term should your variable rate mortgage no longer meet your needs.
| Term | Rate | Monthly Payment |
|---|---|---|
5-Year Variable | 2.45% | $1,784 |
The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.
National Bank Mortgage Break Penalty
| Bank or Lender | Variable Rate Mortgage | Fixed Rate Mortgage |
|---|---|---|
 | 3 Months’ Interest | Greater of 3 Months’ Interest or the IRD amount |