First National Mortgage Rates & Reviews

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First National Background

First National is a credit mortgage lending company founded in 1988 headquartered in Toronto, Ontario. The organization provides residential mortgages, commercial mortgages, and brokerage services to its customers. First national has $118 billion in assets under management with five regional offices around the nation employing over 900 individuals.

First National's Prime Rate is used as the basis for many of First National'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 First National Prime Rate: 2.45%

First National Fixed-Rate Mortgages

First National 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.

Mortgage Amount:

Amortization:

10 Years15 Years20 Years25 Years30 Years

Payment Frequency:

MonthlyBi-Weekly

Term	Rate	Monthly Payment
1-Year Fixed	1.84%	$1,664
2-Year Fixed	1.84%	$1,664
3-Year Fixed	1.84%	$1,664
4-Year Fixed	1.84%	$1,664
5-Year Fixed	2.09%	$1,713
7-Year Fixed	2.94%	$1,884
10-Year Fixed	3.30%	$1,960

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.

First National Variable-Rate Mortgages

First National 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.

Mortgage Amount:

Amortization:

10 Years15 Years20 Years25 Years30 Years

Payment Frequency:

MonthlyBi-Weekly

Term	Rate	Monthly Payment
5-Year Variable	1.35%	$1,572

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.

First National Posted Rates

First National Posted Rates are the official rates used when calculating your mortgage break penalty, the fee you pay if you want to break or refinance your mortgage early. Your mortgage payment, interest, and stress test will be based on a different rate which is usually lower than the posted rate.

Term Length	First National Posted Rate
1-Year Fixed	1.99%
2-Year Fixed	1.99%
3-Year Fixed	1.99%
4-Year Fixed	1.99%
5-Year Fixed	2.09%
7-Year Fixed	2.84%
10-Year Fixed	3.15%

First National Mortgage Break Penalty

Bank or Lender	Variable Rate Mortgage	Fixed Rate Mortgage
	3 Months’ Interest	Greater of 3 Months’ Interest or the IRD amount