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First Nations Bank Of Canada Mortgage of february 2023

Apply for Mortgage from FNBC verified by our specialists. On 08.02.2023 you have access to 5 home loans with a low rate. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 5

Updated
30.12.2022
10:18
First Nation Market Housing Fund Program (FNMHF)
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.

Recommended FinScore™
0
300
650
1000
Term
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Loan term for the financial product

4-5-year
Open variable-rate mortgages
Rating by Finanso®
i

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.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

8.00%
Term
i

Loan term for the financial product

5 years
Open fixed-rate mortgages
Rating by Finanso®
i

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.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

7.50%
Term
i

Loan term for the financial product

1 year

Get 1% cashback on your mortgage value (Up to $9,250*) mortgage cashback

Closed variable-rate mortgages
Rating by Finanso®
i

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.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

4.70%
Term
i

Loan term for the financial product

5 years
Closed fixed-rate mortgages
Rating by Finanso®
i

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.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

5.29% to 6.29%
Term
i

Loan term for the financial product

5 years

Calculate the mortgage
Loan amount
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Loan amount

CAD
CAD
USD
50000 C$
5000000 C$
Down payment
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Specify the percentage of the down payment

%
C$
5
50
Your loan amount
C$
Loan term
i

Specify the loan term for the calculation

years
months
1
25
Interest rate
i

Choose the interest rate on the loan

4 %
6 %
Type of payments
i

Specify the type of payment for calculating

Online application for a mortgage

Mortgage amount:
200000 C$
2500000 C$
Term:
5
30 years
Online application for a mortgageOnline application for a mortgageOnline application for a mortgageOnline application for a mortgageOnline application for a mortgage
Your data is securely protected. Will not affect your Credit Score.
Loan amount
0 C$
Loan term
0 months
Monthly payment*
40 383 C$
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Types of mortgage loans

GoDay
1.6
JUDGEV
JUDGEV
26.05.2022 at 15:46
the application is easy and takes less then 5 mins to fill out. but the funding time is quite long. if looking for instant funding then its not here...
Review
First Nations Bank Of Canada Mortgage of february 2023

First nations bank mortgage

  • Closed fixed-rate mortgages. A closed fixed-rate mortgage is a good option for clients who prefer stable payments throughout the mortgage term, which can be 1 to 5 years. The interest rates range from 5.29% to 6.29%, depending on the term. Although closed mortgages involve prepayment restrictions, you can still accelerate your mortgage repayment. Once a year, you can make a lump-sum payment of up to 15% of the principal. In addition, you can increase your regular mortgage payments by up to 100% over the term.
  • Closed variable-rate mortgages. With a closed variable-rate mortgage, your interest rate fluctuates with the Prime rate, while your payments remain stable. The interest rate for a 5-year closed variable-rate mortgage is 4.70%. If needed, you can switch to a fixed-rate mortgage penalty-free.
  • Open fixed-rate mortgages. Open fixed-rate mortgages are available for a 1-year term only at the First Nations Bank of Canada. The interest rate for a 1-year open fixed-rate mortgage is 7.50%. If needed, you can switch to a closed mortgage option without charge. In addition, lump-sum prepayments and early repayment are penalty-free.
  • Open variable-rate mortgages. With an open variable-rate mortgage, your interest rate fluctuates with the Prime rate, while your payments remain stable. The interest rate for a 5-year open variable-rate mortgage is 8.00%. If needed, you can switch to a fixed-rate mortgage. An open term allows you to make lump-sum prepayments or increase your regular payments at any time, penalty-free. Repaying your mortgage in full early involves the administration fee of $500 for the first year and $250 for the second year.
  • First Nation Market Housing Fund Program (FNMHF). Under the First Nation Market Housing Fund Program (FNMHF), FNBC can provide mortgages under favorable conditions. In particular, there are discounts on the FNBC current posted mortgage rates: a 0.75% discount for uninsured 4-5-year fixed-rate mortgages and a 1.00% discount for insured 4-5-year fixed-rate mortgages. You can reach out to the First Nations Bank of Canada customer service at 1-888-454-3622 to check if you qualify for discounted rates under the FNMHF.

How to apply for a First Nations Bank of Canada mortgage?

You can apply for a mortgage online from the First Nations Bank of Canada by filling out the form. When applying, you will need to provide the following information:

  • Whether it is a joint application
  • Purchase price
  • Down payment
  • Mortgage amount requested
  • The borrowing purpose
  • The preferred payment frequency
  • The timeframe for purchasing a property
  • Your first name
  • Your last name
  • Your email
  • Your phone number
  • Your address
  • Your residence status
  • Your employment information (including your employment status, company name, and job title)
  • Your financial information (including your annual income, the estimated value of assets, and estimated liabilities)

You can also apply for a mortgage in person at an FNBC branch near you.

Requirements

To apply for a First Nations Bank of Canada mortgage, you must be a Canadian resident of at least 19 years old. You must not have declared bankruptcy in the last seven years.

Pros and cons

Here are the advantages of First Nations Bank of Canada mortgages:

  • An opportunity to choose between a fixed and variable rate and between a closed and open term
  • Competitive interest rates
  • Flexible repayment terms
  • Options to speed up mortgage repayments

Still, there are certain disadvantages:

  • The early payoff of an open variable-rate mortgage involves an administration fee
  • The prime rate is subject to change without prior notice

How to make a payment?

You can make a mortgage payment in any of the following ways:

  • Through online, mobile, or telephone banking
  • In person at your local FNBC branch 
  • At a deposit-taking ATM on THE EXCHANGE® network

FAQ

I want to apply for a 3-year closed fixed-rate mortgage. What will my interest rate be?

With a 3-year, fixed-rate mortgage, your interest rate will be 5.89%.

What happens with my monthly payment when the Prime rate decreases if I choose a variable-rate mortgage?

When the Prime rate decreases, more of your monthly payment goes to the principal balance. When writing this review, the FNBC Prime Rate is 4.70%.

Is early mortgage payoff penalty-free with all types of open mortgages?

Mortgages with an open term allow you to repay your loan in full at any time without prepayment penalties. 

Still, an open variable-rate mortgage involves an administration fee for full prepayment: $500 for the first year and $250 for the second year. On the other hand, the early repayment of an open fixed-rate mortgage doesn’t involve administration charges.