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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

First National

Finanso.Multilogin™

About lender

First National is one of Canada's largest non-bank mortgage lenders. It participates in Canada's mortgage broker network and underwrites, originates, and services commercial and residential mortgages. The company was founded in 1988 and now operates across the whole country. They have offices in major cities like Montreal, Toronto, Halifax, Calgary, and Vancouver. It employs about 1000 people in Canada.

Also, First National provides other services such as home warranty and mortgage insurance. In addition, the company offers customers the First National Home Equity Secured credit card.

The company offers fixed rates, adjustable rates, rates for open-term mortgages, and rates for alternative mortgage services called Excalibur.

Features

One of the most significant features is that the company is an A lender with a strong B side. The prime rate at First National is the base for most of the mortgage products offered. However, the company deals with those who fall outside of traditional credit requirements:

  • Self-employed

  • Rehabilitating credit for those affected by factors beyond people’s control

The company operates through mortgage brokers nationwide or on its platform.

It offers a bunch of residential and commercial mortgage solutions. Commercial mortgage products are Retail, Multi-family residential, Office, Industrial, Storage, Student housing, Mixed-use, and Land solutions. Residential mortgage services include securing, managing, renewing, and refinancing mortgages.

Also, First National offers additional services such as a home system warranty program and mortgage life and disability insurance. The warranty program provides up to $10,000 in eligible home repairs annually, and mortgage insurance secures customers’ families in case something unfortunate happens.

Besides, if the client needs a credit card, the company can help. For example, first National emits home equity credit cards which can be used for home improvements or repairs, consolidating debt, large purchases including electronics or appliances, education, self-employed clients that want to expand and grow their business, and expenses including gas, grocery, pharmacy, entertainment or incidentals.

In addition, the company provides mortgages with closed and open terms with fixed and adjustable interest rates. The range of interest rate is 2.84% - 7.30%.

Pros and cons

It is important to note that First National has pros and cons that can affect the client’s decision.

Pros

  • Variety of different commercial and residential mortgages solutions;

  • A free calculator on the company’s website;

  • Approval is more accessible than in many other financial institutions;

  • Adjustable and fixed interest rates;

  • Several additional services besides mortgages as a home warranty;

  • The company provides alternative mortgage services to self-employed people or those who face factors beyond their control.

Cons

  • The lower the credit score, the higher the rates;

  • The company’s website doesn’t contain enough information like methods of funding, amounts, costs, or requirements;

  • Prepayments or late penalties can be charged in the wrong circumstances, according to open sources;

  • Negative reviews on the internet.

The company is one of the oldest non-bank lenders and provides a wide variety of residential and commercial mortgage solutions. Also, they have fixed and adjustable interest rates.

However, there are some disadvantages. Negative reviews about the company can make First National seem a less attractive option.

Loan conditions

To be approved by First National, a customer must be older than 18 and be a Canadian citizen. Also, a client may need a stable source of income for at least several years, a respectable revenue (for commercial mortgages), a good record of employment, a high credit score, a healthy personal or business credit report, an active bank account with direct deposit, savings, a trustworthy history of debt payments and also the customer must have no recent consumer proposals or bankruptcies.

As the company provides commercial and residential mortgages, there are some differences between conditions for these types of mortgages. Nevertheless, a client will need to provide the most recent bank statements (proof of income & savings), a recent utility bill or other proof of their permanent Canadian address, information about their assets, debts, and liabilities, a pre-authorized debit form or VOID cheque and government photo ID, such as their passport and/or driver’s license anyway.

Additional documents must be provided if a customer needs a commercial mortgage: their business’s most recent revenue statements, a viable business plan, information about any partners, cosigners, or investors, and details about their business properties and vehicles, equipment, debts, etc.

Methods of loan funding

As First National operates through mortgage brokers, loan funding depends on them.

Reviews

FAQ

What is First National?

First National is an alternative lending organization founded in 1988, participating in Canada's mortgage broker network. The company provides many different mortgage solutions suitable for people who need a commercial or residential mortgage. They have offices in major cities like Montreal, Toronto, Halifax, Calgary, and Vancouver and operate across the country.

Who owns First National?

First National Financial Corporation is a parent company called First National Financial LP.

How do you qualify for First National?

To be approved by First National, the customer must be older than 18 years old, be a citizen of Canada, have a stable source of income for at least several years, and have a good present and predicted revenue (for commercial mortgages). In addition, a good record of employment, a high personal or business credit score, a healthy personal or business credit report, an active personal or business bank account with direct deposit, a decent amount of savings, a trustworthy history of debt payments, and also the customer must have no recent consumer proposals or bankruptcies. Also, they need to provide some required documents, which may vary on whether the customer needs a commercial or residential mortgage.

How much can you borrow from First National?

Unfortunately, limits of the borrowable amount are not mentioned. Your broker will provide you with this data.

Is it a legitimate company?

This is a legitimate company. FSRA License Nos. 10514 & 11252.

Company documents

Privacy Policy

First National is one of Canada's largest non-bank mortgage lenders, offering both commercial mortgages and residential mortgage solutions.

© First National Financial LP

Calculate loan payments in First National

First National calculator will allow you to calculate an approximate payment schedule for the loan

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What to pay attention to when applying for a loan from First National

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes First National from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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