First National Mortgage Rates & Reviews

WOWA Simply Know Your Options

First National Financial is a mortgage lending company that was founded in 1988, and has its current headquarters in Toronto, Ontario. First National provides residential mortgages and commercial mortgages, however does not provide these products directly to home buyers, but instead through mortgage brokers across Canada. As of early 2025, First National has initiated close to 316,000 mortgages and has over 5000 commercial clients. Further First National has over $154 billion in mortgages under administration (MUA), with five regional offices across major cities in Canada, including: Toronto, Montreal, Calgary, Halifax, and Vancouver. In total, First National employs over 1000 people in Canada.

Best 5-Year Fixed Mortgage Rates in Canada

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1-Yr

2-Yr

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A fixed rate mortgage with First National protects you from the potential risk that in the future, interest rates may rise. A fixed rate mortgage ensures that throughout your mortgage term, your interest rate will remain the same, helping you better plan to pay off your mortgage balance. The most popular fixed term is a 5-year fixed mortgage, which will allow you to have the same interest rate on your mortgage balance for the next 5 years. Getting a fixed rate mortgage can especially give you the peace of mind you need if you are a first time home buyer with a large mortgage amount owing, with the security it provides knowing your interest rate will not rise during your term. When you are getting pre-approved for a mortgage, you will be able to still receive the interest rate you are offered for a short period of time, even if mortgage rates rise.

Getting an Adjustable-rate mortgage will mean that your First National mortgage rate will fluctuate along with First National’s prime interest rate. If the prime rate rises, so will your mortgage rate; if it falls, your mortgage rate will also fall. This makes adjustable-rate mortgages popular for homebuyers who expect the overnight interest rate set by the Bank of Canada to be lower over their mortgage term. It is important to note that adjustable-rate mortgages differ from variable-rate mortgages. In variable rate mortgages, the only effect of interest rate fluctuations on your monthly mortgage amount will be in determining how much of your payment goes towards the principal balance and how much goes towards interest. But with an adjustable mortgage, If your mortgage rate rises, you have to make larger periodic payments, and if the rate drops, you can enjoy lower periodic mortgage payments.

If you want the stability of a fixed-rate mortgage but think mortgage rates will be lower in the future, another option is a convertible mortgage. This will allow you to convert from a variable-rate mortgage to the current fixed mortgage rate for the rest of your term, providing both stability and flexibility to your mortgage.

Best 5-Year Fixed Mortgage Rates in Canada

Select Mortgage Term:

1-Yr

2-Yr

3-Yr

4-Yr

5-Yr

Fixed

Variable

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The prime rate at First National acts as the foundation for most of the mortgage products that are offered. These products primarily include residential mortgages and commercial mortgages. As well, if you get a HELOC through First National’s partner, Duo Bank, the interest rate on that credit product will fluctuate with the current prime rate. For all First National Financial’s adjustable rate products, the prime rate is combined with a spread. This spread will either be in addition to the current prime rate, meaning the interest rate will be above the prime rate, or it will subtract from the prime rate. For normal residential mortgages at First National, the mortgage rate you get is usually less than the prime rate.

First National Financial History

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

First National Prepayment Calculator

Are you looking to pay off your mortgage early? Or refinance the terms of your mortgage at a lower interest rate? Maybe you sold your home. Whatever the case, you most likely will have to pay a mortgage break penalty set by your lender. Whatever the situation, our calculator will help you determine the cost to break your mortgage so you can be confident about your mortgage decisions.

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What is the remaining balance on your mortgage?

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What is your current mortgage interest rate?

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If applicable, what was the rate discount you received when you signed your current mortgage agreement?

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The day you signed your mortgage, your lender may have provided you with a discount. You may be paying 3.25% but the posted rate on that day was 3.75%, a discount of 0.5%. If you are unaware of any discount, you can skip this step.

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What is First National's current interest rate for a 1-year fixed rate mortgage?

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First National home warranty

Offered on First National mortgages through Echelon Insurance, this program will protect you from the costs of home repairs on your new home. This policy will provide up to $10,000 in coverage, and will cover your central heating and air condition, your water heater, electrical system, and plumbing. For your first 12 months, First National will provide this service to you for free; all that will be required is paying the $50 consultation fee when you are using your coverage. If you do not want to continue with this coverage after the first 12 months, you can cancel coverage when you are contacted by First National to renew it.

First National mortgage protection insurance

As a way to provide you peace of mind and to cover your mortgage in the event of a tragedy, First National offers mortgage life insurance and disability insurance through Manulife Financial. You are able to insure your mortgage for up to $1,000,000 in coverage for mortgage life insurance and for 24 months of mortgage payments for disability insurance. Coverage pricing depends on your age and mortgage amount, and your premiums will not increase as you hold the coverage. Mortgage protection insurance is paid monthly along with your mortgage payments, and is offered for First National borrowers, co-borrowers, and mortgage guarantors.

First National mortgage prepayment

First National offers multiple ways to pay down your mortgage faster, including:

• 1. Annual lump-sum payments: Every year you have your mortgage, you can prepay 15% of your original principal balance.
• 2. Increase your mortgage payment: Once per year you will be able to increase your regular monthly mortgage payment by 15%. This means that over the year, you will be paying off more of your principal balance.
• 3. Double-up payments: You are able to double your mortgage payment on any month, which will help speed up paying down your mortgage with the additional amount going solely to your principal balance.
• 4. Change up your payment frequency: By accelerating your payments, you are able to pay off 13 months of mortgage payments in a year because it increases your payments slightly.

First National property taxes

Depending on your financial situation and mortgage terms, First National may have you pay your property tax bill through them. This takes the shape of monthly property tax payments being provided to them every month, which they hold for you in your own property tax account. When it comes time to pay your tax bill, they will pay it to your municipality. This can make the process of paying much easier, especially for first time home buyers who may be unfamiliar with deadlines and the payment process.

Best 5-Year Fixed Mortgage Rates in Canada

Select Mortgage Term:

1-Yr

2-Yr

3-Yr

4-Yr

5-Yr

Fixed

Variable

See More Rates

First National HELOC

Offered by the Duo Bank of Canada, you will be able to utilize your home equity that you have built up through a home equity secured credit card. This may help you to consolidate other debts, plan a home renovation, cover expenses, or even make a large purchase. When meeting with your mortgage broker, you will be able to see what type of rates you will qualify for, potentially allowing you to save thousands in interest versus traditional credit cards or unsecured lines of credit. This product will have a credit limit of up to $150,000, and your set up fee for it will be 2% of this credit limit amount. This product is only offered to Ontario First National mortgage holders.

First National investment property mortgage

If you are planning on purchasing an investment property to earn a rate of return from, First National provides mortgage brokers with mortgage options to offer you. You will be able to get a mortgage for up to 80% of the purchase price of the property for non-owner-occupied properties with 1 to 4 units. The maximum amount of mortgage offered for Greater Toronto Area, Vancouver or Calgary rental properties is $750,000, while elsewhere across Canada the maximum amount will be $600,000. If you are looking for a more expensive rental property or a different type of rental property, such as for a retail, industrial or office property, you may be able to get a commercial mortgage from First National instead.

First National self-employed mortgage

Considering that getting a self-employed mortgage can be tricky depending on the nature of your employment, First National offers a stated income mortgage for both insured and uninsured home buyers. This will allow you not to require traditional income verification With the insured self-employed mortgage, you will require 2 or more years of credit history and a strong repayment track record, while uninsured self-employed mortgages will require 3 or more years of credit history and a large down payment. An insured mortgage will allow you to get a mortgage for up to 90% of your purchase price, while an uninsured mortgage will only allow for up to 65%.

Since a First National mortgage is not offered directly to the public but instead through a network of mortgage brokers across Canada, meeting with a local mortgage broker is your first step to getting a First National mortgage. First National will be one of the lenders that your mortgage broker will compare rates with, and if it is the lowest rate or the best choice for your situation, you may choose to get a mortgage with First National. Working with a mortgage broker can be beneficial in most situations, with the ability to find the best mortgage rate while getting the chance to get a mortgage from First National.

First National mortgage renewal

As your mortgage term is coming to a close, you will be sent a renewal agreement and be able to review the different mortgage terms and rates offered by First National. Although the process of renewing your First National mortgage is simple, it is usually the best idea to shop around across other mortgage lenders or with a broker to determine if you are getting the best deal when you renew.

Switching your mortgage to First National

If you are thinking of switching from your current mortgage lender to First National, they will cover processing fees, the cost of a home appraisal, and legal fees, for up to $3000. Combined with the potential that you may get a lower mortgage rate with First National, it may be an option to consider.

How to Contact First National

The primary way you can manage your mortgage with First National on your own is through the First National My Mortgage portal. This portal will keep you up to date on your mortgage and allow you to manage your mortgage details. First National also has a dedicated phone line for you to call for existing mortgage inquiries, which is 888-488-0794. As well, under the “Contact us” section of the First National website, the company provides other options for customer service, including contact information for each office, and email addresses.

First National Reviews

As the largest non-bank mortgage lender in Canada, First National Financial helps Canadians across the country to finance the purchase of a home. The following review scores below are compiled from third party websites to give you a better idea of what it is like getting a mortgage with First National:

Google Reviews for First National Financial LP): 4.5/5 across 1,095 reviews

Loans Canada: 3.0/5 across 7 reviews

Some of the pros and cons of getting a mortgage with First National are: