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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's application

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How to apply

If a customer wants to apply for a mortgage at First National, they must comply with several requirements. These requirements depend on which product the customer wants. Your broker will provide a list of applicable requirements. However, there are some basic requirements: age of majority, proof of citizenship, 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, proof of income and also the customer must have no recent consumer proposals or bankruptcies.

Application details

The first application can be filled out rapidly. It doesn’t require much information. First, customers must fill in their name, address, phone number, email address, city, and province. After that, the company finds a broker, and the customer collects all the necessary information and the documents to apply and be approved for the mortgage. The whole process usually takes several days. But according to the customers’ reviews, it may take much longer and more than ten days.

To apply for a loan, a customer must pass some essential steps. Firstly, customers must choose whether they need a residential or commercial mortgage. Then, as they choose, they need to fill out the application form on the website to find the best broker nearby. It can also be done by calling the company, writing an email message, or visiting their office. After connecting with the broker, the customer needs to provide a set of documents that depends on whether they need a residential mortgage or a commercial one. These documents are proof of income and savings, a recent utility bill or other proof of their permanent Canadian address, information about your 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. Additional documents may be required if the customer applies for a commercial mortgage. These are 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.

FAQ

How long does it take to get approved by First National?

Usually, approval takes several days, but according to some customers’ reviews, it can take up to 10 days or more.

How trustworthy is First National?

According to customer reviews, this is a trustworthy company. However, there are some negative reviews in which people say that the company has trouble with timing. Also, there are complaints that the company endlessly asks to provide more and more documents. Moreover, there are some customer complaints on BBB where people say that the company charges extra penalties for unobvious reasons. 

First National doesn’t have very high ratings on BBB or Loans Canada, and they don’t have a BBB accreditation. 

Does First National verify income?

To approve an application, First National performs a personal and financial inspection, so they check not only the income but also they may also inspect the customer’s credit history. If the customer’s personal and business credit were healthy enough, they would have more chances to be approved for a more significant amount and better interest rate. 

Does First National hurt your credit score?

A client’s credit score may suffer if they default on their payments. On the other hand, if clients pay according to the schedule and regularly, their credit score can increase. 

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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