First National
Although First National Bank Of Canada offers a couple of unique mortgage products, First National mortgage may or may not be the ideal lender for you or your situation.
If you are interested in a First National mortgage product or would like to compare other products to First National mortgage rates, please call today or apply online.
Use our mortgage calculator to give you an idea of how much you can afford.
5% Cash Back Mortgage
First National Bank of Canada offers the coveted 5% Cash Back mortgage. This is a great product for first time home buyers with no down payment or savvy investors. First National mortgage offers this product in 5 year fixed rates. Because this product is utilized by high-ratio and higher risk borrowers, the product usually carries a premium in terms of rate. The 5 year 5% Cash Back mortgage rate is usually 1.50% or more higher than their traditional 5 year discounted rate. At these historic lows in interest rates, this is still a fantastic rate for someone who wants to buy a house with very little down payment.
For more information on how to obtain a property with ‘0%’ down, look for the article in our first time home buyers section.
Rental Property Mortgages
First National Bank offers mortgages for a rental property with up to 4 units and at financing up to 95% for purchases and refinances.
Self Employed Borrowers
First National mortgage offers mortgages to small business and self employed borrowers with low documentation requirements. Depending on the credit rating of the borrow, as little as a recent notice of assessment showing no taxes owing and 2 years of proof of business can obtain a mortgage loan up to 95% of the value of the home.
Other First National Mortgage Products Available
- High ratio mortgages – up to 95% loan to value
- Rural mortgage
- Up to 35 year amortization
First National Mortgage Terms Available
| Fixed Rate: | 6 month, 1, 2, 3, 4, 5 , 6, 7 + 10 year |
| Variable Rate: | 5 year |
| Convertible: | 6 month |
| Closed: | 1, 2, 3, 4, 5 , 6, 7 + 10 year fixed rate |
| Open: | 5 year variable (3 month interest penalty applies) |
First National Mortgage Payment Options
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Weekly
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Biweekly (accelerated)
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Semi-monthly
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Monthly
First National Bank Mortgage Pre-payment Options
- Double your payments.
- Pre-pay up to 15% each year on the original balance of your mortgage without penalty.