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Rating by Finanso®

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 pay off


Repayment of loan

Conditions of loan extension

Customers who need to renew their mortgage may receive a renewal agreement to their My Mortgage account. They don’t need to do any extra paperwork or re-qualify. Renewal takes three steps. Firstly, a customer receives the renewal agreement and reviews it to adjust the conditions and rates. Secondly, they need to select the most suitable options. After that, a customer needs to sign the new mortgage agreement. Finally, they must submit the agreement, and the new mortgage term begins when the existing one matures.

The conditions may change as the client's financial and personal situation may have changed during the current term too. Upon renewal, they have the chance to adjust their mortgage to better suit their current reality.

Early payoff

First National allows the customers to pay off their mortgage faster. They offer four prepayment privileges depending on the mortgage product the customer has selected that can help them save on interest costs and pay down their mortgage more quickly. For example, a customer can pay up to 15% of their original loan amount each year, increase their regular payment by up to 15% (only for a fixed-rate mortgage), double up their payment and pay 13 months of payments in 12 months.

Prepayment charges can apply to closed mortgages if you:

  • Sell your house and prefer to pay out the mortgage before its maturity date;

  • Renew your mortgage before its maturity date;

  • Pay an amount more significant than your allowable prepayment privileges;

  • Refinance your mortgage;

  • Transfer your mortgage to another lender.


How do I make a payment on First National?

Customers can adjust their payments with the help of the company’s web service, My Mortgage. Payments are taken from the Borrower's appropriate account.

What happens if you don't pay back First National?

Irresponsible payments lead to a decrease in a customer’s credit score. The company has a right to demand, collect, sue for, recover, receive and give receipts for the Rents and enforce payment thereof in the name of the assignor or the owner. So, the company can apply sanctions if a customer doesn’t pay in time. 

Can you pay First National early?

The customer can pay early. They can take advantage of four privileges to pay off earlier. It can be done with the help of the company’s web service, My Mortgage. However, under certain circumstances, prepayment penalties apply to closed mortgage cases.

Can First National sue you?

According to the general assignment of rents, the company has a right to sue for, recover, receive and give receipts for the Rents and enforce payment thereof in the name of the Assignor or the owner.

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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All First National’s reviews by September 2022
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