First National fixed-rate mortgages
Fixed-rate mortgages are a great option if you don't want to worry about interest rate increases causing your borrowing costs to rise. With a fixed-rate mortgage, your mortgage payments will remain constant throughout your mortgage term.
First national offers fixed-rate closed term mortgages in 6 month, 1, 2, 3, 4, 5, 7, and 10-year terms. These fixed-rate terms are offered on both conventional and insured mortgages. Insured mortgages being mortgages that have less than 20% owner equity and require mortgage default insurance.
If you want the freedom to pay off your mortgage at any point during your mortgage term, First National offers a 6-month open term mortgage. As opposed to closed term mortgages, open term mortgages have no prepayment limits and no penalties for ending the mortgage term early.
First National adjustable (variable) rate mortgage
Interest rates on adjustable mortgages rise and fall along with prime lending rates. If First National increases its prime rate, interest rates on adjustable-rate mortgages will also increase, and so will your overall mortgage payment. Likewise, if prime rates fall, you will pay less interest on your mortgage and your mortgage payment will decrease.
First National offers an adjustable-rate mortgage on a 5-year term, for both conventional and insured mortgages. You can also switch your adjustable-rate mortgage to a fixed-rate mortgage whenever you want by signing into your First National MyMortgage account.
First National allows you to pay your mortgage in monthly, semi-monthly, bi-weekly, or weekly payments. If you want to pay off your mortgage a little quicker, you can also choose an accelerated semi-monthly, accelerated bi-weekly, or accelerated weekly payment frequency.
You also have the option of changing your mortgage payment date. Being able to change your payment date is a useful feature if your cash flow schedule varies.
You can change both your mortgage payment date and your mortgage payment frequency once per year. All adjustments to your payment options can be made online using First National's MyMortgage platform.
First National mortgage prepayments
By making prepayments on your mortgage, you can become mortgage-free faster and save on interest charges along the way. Any additional payment you make on your mortgage is considered a prepayment.
First National allows you to make an annual lump sum prepayment of 15% of your original mortgage principal balance towards paying down your existing mortgage principal. You can also increase your monthly mortgage payment on fixed-rate loans by up to 15%. This allowance is also afforded to you once per year.
Another prepayment feature that First National offers is the "double-up payment." With the double-up payment, you can match any regularly scheduled mortgage payment, effectively doubling it for the month. You can do this once per year, and the double-up portion of your payment will be applied to the mortgage principal.
MyMortgage by First National
First National provides an easy to use online platform to help you manage your mortgage better. With First National's MyMortgage platform, you can view your mortgage details, change payment dates, or make prepayments.
First National mortgage calculators
First National provides some useful mortgage calculators on their website. They have a payment calculator and an affordability calculator that you can use to see how much your mortgage payments will be, and how much you can afford to borrow.
On closed term mortgages, if you go over your annual prepayment limits, you'll be charged a prepayment penalty. First National also provides a useful prepayment calculator to help you see how much it would cost if you exceeded your prepayment limits.
You can also check out MapleMortgage.ca's payment calculator and affordability calculator to help give you a broader sense of your mortgage finances.
First National mortgage specialist
If you want to speak to First National about anything mortgage-related, you can contact a First National mortgage specialist. A First National mortgage specialist can help you apply for a mortgage, renew your mortgage or go over mortgage refinancing options. Mortgage specialists can be reached by phone or email Monday to Friday from 8:30 am to 8:00 pm (EST).
Refinance your First National mortgage
There may be times when refinancing your mortgage makes the most financial sense. You might want to refinance your mortgage to fund home renovations, to consolidate debts, lower your mortgage payments, or to meet educational or health care expenses. Whatever the reason for refinancing, First National can help you. You can contact a First National mortgage specialist or log into your MyMortgage account to get started on mortgage refinancing.
Renew your First National mortgage
Renewing your mortgage with First National is easy. In the months leading up to the maturity date of your mortgage term, First National will send you a mortgage renewal agreement either through mail or electronically.
In the mortgage renewal agreement, you can choose to adjust your mortgage to better suit your home financing needs. If you want to increase or decrease your mortgage payments, you can do so. You can also select a different interest rate type and term length to better align with your financial goals. Once you are satisfied with your mortgage renewal selection, you sign and send the agreement back to First National.
If you want to discuss your mortgage renewal options with First National, you can always contact them to get in touch with a mortgage specialist. You can also use the mortgage renewal period to refinance your mortgage or shop around with other mortgage lenders.
About First National
First National was founded in 1988 and has since expanded to become Canada's largest non-bank mortgage lender. The company is based in Toronto with regional offices in Vancouver, Montreal, Calgary, and Halifax. First National primarily sells its mortgage products through a network of mortgage brokers who collectively have helped First National reach over $100 billion in mortgages under administration.