First National Financial LP
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
First National Financial LP: A Leading Canadian Mortgage Lender
First National Financial LP: A Leading Canadian Mortgage Lender
History as a Mortgage Lender in Canada
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.
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.
Types of Mortgage Products & Programs
First National offers a wide range of mortgage products to meet the needs of homebuyers, homeowners looking to refinance, and investors in the commercial real estate sector.
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.
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.
Minimum Credit & Income Requirements
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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.
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.
Mortgage Underwriting Criteria for Approval
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.
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.
Locations Serviced and Branch Presence in Canada
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 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.
Mortgage Application Checklist
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.
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.
How to Start a Mortgage Pre-Approval
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.
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.
How to Get Mortgage Rates
To find the best mortgage rates available from First National, follow these steps:
Consult with RateShop Brokers: As First National’s mortgage brokers, RateShop Mortgages will provide you with up-to-date rate information tailored to your financial situation.
Use Online Tools: Visit RateShop’s website to access real-time mortgage rate comparisons, including First National’s latest rates.
Contact First National Directly: If you prefer, you can speak directly with First National’s representatives to receive customized rate information and guidance.
Mortgage Pre-Payment Options
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.
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.
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.
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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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