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National Bank of Canada Mortgage of february 2023

Apply for Mortgage from NBC verified by our specialists. On 08.02.2023 you have access to 3 home loans with a low rate. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 3

Updated
01.02.2023
11:20
A HELOC called All-in-one
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

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

Self-employed mortgages
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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
National Bank
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
Rate
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Effective interest rate on the product

9,15%
Term
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Loan term for the financial product

10 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
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Choose the interest rate on the loan

4 %
6 %
Type of payments
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Specify the loan term for the calculation

Online application for a mortgage

Mortgage amount:
200000 C$
2500000 C$
Term:
5
30 years
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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
National Bank of Canada Mortgage of february 2023

Types of the National Bank of Canada mortgages 

  1. Mortgage loans are fixed, variable, and made-to-measure, closed and open. Variable rates of the NBC fluctuate with the prime rate: the current special offer is a 5-year variable rate of 4.35% (Prime rate – 0.35%). Fixed-rate mortgages offer a variety of repayment terms: from 3 months to 10 years with rates of 5.19% — 6.94%. The 6-month and 1-year open mortgage rate is 9.15%. Mortgage repayment terms let you make additional payments, increase the frequency of your repayments, and make early repayment penalty free, depending on the mortgage type. A prepayment fee is charged if you refinance, prepay in full or negotiate the new terms and conditions of your mortgage before the end of the term, prepay more than 10% of the principal amount annually, or transfer your mortgage to another financial institution. A special offer gives you cashback up to $3,000, depending on the home loan amount.
  2. Self-employed mortgages are designed for self-employed workers or business owners who cannot provide standard proof of income.
  3. A HELOC called All-in-one could be a single line of credit consisting of a mortgage loan and a line of credit. It allows you to buy a property and use funds for other expenses.

How to apply for an NBC mortgage?

Mortgage pre-approval is available online. It guarantees the amount and interest rate for 90 days, lets you know your mortgage affordability, calculates your down payment ahead of time and gets expert advice.

  1. Prepare your finance, income, personal information, and details about the wanted property for the meeting with your mortgage advisor.
  2. Get pre-approved online by clicking «Apply» or «Get pre-approved» on the website.
  3. The specialist will get in touch with you. 
  4. Find your dream home and make an offer.
  5. Have the property appraised by a professional certified by the Bank.
  6. Once financing is approved, sign the official documents.

Mortgage refinancing or transfer application is available online. Fill in your email address, personal and income information, and details of your current mortgage loan, and a mortgage expert will contact you within the next two business days to complete your request.

Requirements

To be eligible for a mortgage loan, you should:

  • Have reached the age of majority in the province where you’re applying. The mortgage pre-approval is only valid for a property located in Canada, excluding the territories (Yukon, Nunavut, and the Northwest Territories).
  • Provide two pieces of ID, proof of down payment, income-related documents, statements for bank accounts or investments at another financial institution
  • To apply online own, in total, one property or less, whether it’s owned jointly, individually, or with a third party.
  • For transfer or refinance, the property must have four units or less.

To qualify for a mortgage for the self‑employed, you should:

  • have been a self-employed worker or small business owner for at least two years, and show two years' worth of sound financial and credit management
  • purchase or refinance a property with no more than two dwellings, one of which must be owner-occupied. The property value can't be over $1,000,000, and the maximum loan amount is $600,000.

Pros and cons 

Pros

  • Flexible repayment terms 
  • Fixed, variable, and combined mortgages 
  • Opportunity to prepay without fee
  • Cashback offers
  • Transparent rate information at the website
  • Get pre-approved online and assisted by a specialist 
  •  Mortgage for the self‑employed

Cons

  • Can't apply online (only online pre-approval, refinancing, or transfer application) 
  • Only 90 days of locked mortgage rate after the pre-approval

How to make a payment for an NBC mortgage?

You repay the mortgage loan in monthly installments, including interest, usually debited automatically from your bank account, as specified during the application. To make a down payment on your online bank: sign in, click «Overview» in the left menu, choose your Mortgage loan, click «Accelerated repayment»«Edit my additional payment»«Continue» and follow the directions. You may talk to your mortgage advisor to choose the best option.

FAQ

What is a Home Buyers' Plan?

The Home Buyers' Plan (HBP) lets you withdraw up to $35,000 per borrower from your Registered Retirement Savings Plan (RRSP) for a down payment and repay it within 15 years. You must be a first-time home buyer, buying or building an eligible home in Canada. The property must be your primary residence for the first year, and your RRSP contributions must stay in the RRSP for at least 90 days. 

How to transfer my mortgage to NBC?

To switch your mortgage to NBC, prepare personal, income, and current mortgage information and apply online or call 1-855-755-9533, option 6. Speak with an advisor to finalize the application choosing the right mortgage. The specialists will contact your existing mortgage provider, and your mortgage will be moved to National Bank.