First National Financial LP
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
Discover the best mortgage rates and lowest mortgage rates in Canada at RateShop. Compare Canada mortgage lending rates from top lenders to secure your ideal home loan deal today.
First National Financial LP: A Leading Canadian Mortgage Lender
First National Financial LP: A Leading Canadian Mortgage Lender
How First National Benefits Borrowers
First National Financial LP is one of Canada’s largest and most trusted non-bank mortgage lenders, offering a wide range of mortgage products to help Canadians achieve their homeownership goals. As part of RateShop Mortgage's Trusted Canadian Lender Network, First National provides access to some of the best mortgage rates in Canada, making it a top choice for homebuyers. Whether you're looking for Canada mortgage lending rates or specialized mortgage solutions, First National combines reliability, flexibility, and customer-focused service to meet your needs. With a strong reputation for transparency and support, First National is a leader in mortgage rates and Canada home financing.
Founded in 1988, First National Financial LP has been serving Canadians for over three decades, becoming one of the largest providers of residential and commercial mortgages in the country. Headquartered in Toronto, Ontario, First National is a publicly traded company listed on the Toronto Stock Exchange under the ticker symbol FN. The company has over $115 billion in assets under administration, and it partners with a broad network of mortgage brokers, including RateShop Mortgages, to provide Canadians with some of the most competitive mortgage rates available.
Over the years, First National has built a solid reputation for its commitment to offering flexible and innovative mortgage solutions. The lender primarily focuses on offering residential and commercial mortgage products, helping individuals, investors, and businesses alike navigate the Canadian real estate market.
First National Mortgage Products and Options
First National offers a variety of mortgage products tailored to suit different financial goals. From fixed-rate mortgages to variable-rate mortgages, First National ensures flexibility and affordability. First-time homebuyers can benefit from specialized programs, while those looking to refinance the mortgage or access a homeowner line of credit will find tailored solutions. First National also provides brokered mortgage loans through its partnership with RateShop Mortgage, ensuring customers get access to the best mortgage rates in Canada. Whether you need a home loan rates Canada or a home equity line of credit, First National has you covered.
Residential Mortgages:
Fixed-Rate Mortgages: A long-term mortgage option with a fixed interest rate for the life of the loan, offering stability and predictability.
Variable-Rate Mortgages: The interest rate on this mortgage fluctuates with market conditions, often offering a lower starting rate than fixed-rate mortgages.
High-Ratio Mortgages: Available to borrowers who have less than a 20% down payment, requiring mortgage insurance through CMHC or a private insurer.
First-Time Home Buyer Programs: First-time buyers can access reduced rates and lower down payment requirements, making homeownership more accessible.
Cashback Mortgages: Borrowers receive a lump sum upfront to help cover expenses like home improvements or closing costs.
Mortgage Refinancing: If you're looking to reduce your interest rate or consolidate debt, First National offers mortgage refinancing options.
Self-Employed Borrower Mortgages: Specially designed for self-employed individuals who may not have the same proof of income as salaried employees.
Commercial Mortgages:
Commercial Real Estate Mortgages: For businesses looking to purchase or refinance office buildings, retail centers, or industrial properties.
Multi-Unit Residential Mortgages: Available for investors looking to buy multi-family homes or apartment buildings.
Construction Mortgages: For builders and developers financing new construction projects, whether residential or commercial.
Bridge Loans: Short-term financing for real estate investors or businesses in transition, offering flexibility during the purchase process.
Competitive Mortgage Rates and Offers
First National is known for offering some of the best mortgage deals in Canada, including low mortgage rates in Ontario and best mortgage rates Ontario Canada. With options like best Canadian 5-year mortgage rates and best mortgage rates Canada 5-year fixed, First National ensures affordability for long-term home financing. Their posted rate Canada is highly competitive, and customers can often access special promotions or discounts. Whether you're looking for the lowest mortgage rates Ontario Canada or cheap mortgage rates Ontario, First National stands out as a top lender.
First National Mortgage Pre-Approval Process
Getting preapproved for a mortgage with First National is a straightforward process that helps you understand your budget and strengthens your position as a buyer. The mortgage loan pre-approval process involves submitting financial documents, such as proof of income and credit history, to determine your eligibility. First National’s pre-approved mortgage lenders team ensures a seamless experience, whether you're a first-time buyer or looking to refinance a mortgage loan. With pre-approval for home loan services, you can shop for your dream home with confidence.
Customer Experience and Support
First National is committed to providing exceptional customer service, whether you're visiting a branch, using their mobile app, or working with a mortgage broker in Toronto. Their online tools, such as the home mortgage rate calculator, help customers estimate payments and affordability. First National’s mortgage agents and mortgage brokers Toronto Ontario are available to guide you through every step, from pre-approval mortgage to closing. With a focus on transparency and support, First National ensures a stress-free mortgage experience.
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*Advertised rates may not be offered by this lender. Mortgage lender offers are aggregated by RateShop & its Brokerage Network subject to change without notice. Speak with our mortgage broker about APR and qualification requirements.
First National has a broad range of mortgage products designed to cater to diverse financial profiles. Below are the general credit and income requirements:
First-Time Home Buyers: Generally require a minimum credit score of 620 and a 5% down payment for insured mortgages. These borrowers are often eligible for specialized programs that reduce upfront costs and provide access to lower rates.
Salaried Employees: Must provide stable income documentation (such as pay stubs or T4 slips). A minimum credit score of 620 is typically required, but higher scores may be necessary for larger loans.
Self-Employed Borrowers: Self-employed individuals must provide two years of tax returns or Notice of Assessment (NOA) as proof of income, along with a minimum credit score of 620.
Contract Employees: Those on contract must demonstrate at least two years of contract history and a credit score of 620 or higher.
Stated Income Programs: For individuals who do not have conventional proof of income, First National offers stated income loans, typically requiring a 20% down payment and a strong credit history.
When evaluating mortgage applications, First National takes several factors into account:
Credit Score: The minimum required credit score is 620, but borrowers with higher scores may receive more favorable terms.
Down Payment: For insured mortgages, a minimum 5% down payment is required. For conventional mortgages, a 20% down payment is needed.
Income Verification: Applicants must provide proof of income, whether through pay stubs, tax returns, or other relevant documentation.
Debt Service Ratios:
Gross Debt Service (GDS): Total housing-related costs (mortgage payment, property taxes, and utilities) should not exceed 39% of your gross monthly income.
Total Debt Service (TDS): Total monthly debt payments (including the mortgage, credit cards, car loans, and other financial obligations) should not exceed 44% of gross income.
Property Appraisal: An appraisal is required to verify that the property’s market value supports the loan amount.
First National primarily offers its mortgage products through a network of mortgage brokers, including RateShop Mortgages, which means they don't have retail branches like traditional banks. However, First National’s services are available across Canada, and brokers throughout the country can assist you in securing the best mortgage options.
First National is recognized as a national leader, offering services in every province and has a strong presence in major urban centers across Canada.
First National Mortgage Calculators and Tools
First National offers a suite of online tools to help customers make informed decisions. Their home mortgage rate calculator allows you to estimate monthly payments based on mortgage rates Ontario or mortgage rates Quebec Canada. Additionally, their affordability calculator helps you determine how much you can borrow, while their refinancing mortgage loans tool provides insights into potential savings. These resources, combined with expert advice from mortgage agents in Toronto, make First National a top choice for home financing.
To apply for a mortgage with First National, the following documents are required:
Proof of Identity: Government-issued photo ID.
Proof of Income: Pay stubs, T4 slips (for salaried employees), tax returns, or a Notice of Assessment (NOA) (for self-employed individuals).
Down Payment Source: Bank statements or evidence showing the source of your down payment.
Credit Report: A recent credit report showing your credit score and history.
Property Details: If you've chosen a property, provide the purchase agreement or MLS listing.
Why Choose First National Through RateShop Mortgage
Partnering with RateShop Mortgage gives you access to First National’s best mortgage rates and expert guidance. RateShop Mortgage’s network of mortgage brokers and mortgage brokerage Toronto professionals ensures you get personalized solutions tailored to your needs. Whether you're looking for the best 5-year fixed rate mortgages or need help with refinancing a house loan, RateShop Mortgage simplifies the process. By choosing First National through RateShop, you benefit from competitive lowest mortgage loan rates and a seamless application process.
Getting pre-approved for a mortgage with First National involves the following steps:
Contact RateShop Mortgages: Brokers will guide you through the pre-approval process, helping you find the best mortgage options.
Submit Documentation: Provide required documents such as income proof, credit report, and down payment information.
Receive Pre-Approval: First National will assess your financial situation and issue a pre-approval letter, which outlines how much you can borrow based on your income and creditworthiness.
House Hunting: With your pre-approval, you can confidently start searching for a property within your budget.
First National Mortgage Reviews and Testimonials
Customers consistently praise First National for its competitive mortgage rates best rates and exceptional service. Many highlight the ease of working with mortgage brokers in Toronto Ontario and the lender’s transparent pre-approval for mortgage loan process. Testimonials often mention the benefits of First National’s home equity line of credit rates and their support during refinancing a mortgage. With high ratings for customer satisfaction, First National is a trusted choice for best mortgage lenders rates in Canada.
First National offers several flexible pre-payment options to help you pay off your mortgage faster and save on interest:
Lump-Sum Payments: You can make annual lump-sum payments of up to 20% of your original mortgage balance without penalty.
Increase Your Payments: Increase your regular payments by up to 20% of your original mortgage payment.
Double-Up Payments: Double your regular mortgage payment whenever you choose, helping you pay off your mortgage faster.
Payment Frequency Flexibility: Choose weekly, bi-weekly, or monthly payment schedules, giving you the flexibility to align payments with your income.
By choosing First National through RateShop Mortgages, you benefit from:
Competitive Rates: Access some of the lowest mortgage rates available in Canada.
Wide Range of Mortgage Products: From first-time homebuyer programs to commercial mortgages, First National offers options for a variety of financial situations.
Expert Guidance: RateShop’s mortgage brokers will work closely with you to ensure you get the best mortgage deal based on your needs.
Start your mortgage journey today with First National and RateShop Mortgages. Reach out to us now to explore your mortgage options and secure the best rates.
FAQs About RateShop and First National Financial LP
Can I switch my mortgage to First National without requalifying?
Yes! As of November 21, 2024, Canadian homeowners can switch lenders upon mortgage renewal without requalifying under the Minimum Qualifying Rate. First National offers competitive mortgage rates in Canada, making it a great choice for those looking for lower rate mortgage options.
What are the benefits of choosing First National over a big bank?
First National provides personalized service through mortgage brokers, offering low mortgage rates and flexible lending solutions. Unlike major banks, First National specializes in brokered mortgage loans, ensuring competitive rates and tailored financing options.
How do I get pre-approved for a mortgage with First National?
Getting pre-approved for a mortgage with First National is easy. You can apply through a mortgage broker who will assess your financial situation and help you secure the best mortgage rates in Ontario Canada or anywhere in the country.
Does First National offer refinancing options?
Yes! First National provides refinancing solutions, including home equity lines of credit and mortgage refinancing options. If you're looking to refinance a mortgage loan, First National offers some of the best mortgage deals in Canada to help you reduce your payments or access home equity.
What types of mortgage products does First National offer?
First National offers a range of mortgage products, including fixed and variable-rate mortgages, refinance on mortgage options, pre-approved mortgage loans, and best Canadian 5-year mortgage rates. Whether you're a first-time homebuyer or looking to refinance in mortgage, they have options to suit your needs.
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6 Indell Lane, Brampton ON L6T 3Y3, Canada
Local: 416-827-2626
Toll: 800-725-9946
RateShop Inc. is a Mortgage Brokerage offering lowest mortgage rates to Canadians. We are provincially licensed in the following provinces: Mortgage Brokerage Ontario FSRA #12733, British Columbia BCFSA #MB600776, Alberta RECA #00523056P, Saskatchewan FCAA #00511126, PEI #160622, New Brunswick FCNB #88426, Newfoundland/Labrador. Our Quebec Mortgage Transactions are serviced by Orbis Mortgage Group AMF# 181136.
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