Overview
First National Financial is one of Canada’s largest non-bank mortgage lenders, offering a full suite of residential mortgage products including fixed, adjustable, and convertible rate options. As of July 2025, First National’s prime rate is 4.95%, which aligns with rates offered by the major Canadian banks.
Current First National Mortgage Rates (as of July 2025)
| Term | First National Rate | Canada's Lowest Rate (comparison) |
|---|
| 1-Year Fixed | Not listed | Not listed |
| 2-Year Fixed | Not listed | Not listed |
| 3-Year Fixed | Not listed | Not listed |
| 4-Year Fixed | Not listed | Not listed |
| 5-Year Fixed | 4.44% | 4.29% |
| 5-Year Fixed | 4.84% | 4.84% |
| 7-Year Fixed | 5.90% | 5.90% |
| 10-Year Fixed | 5.80% | 5.80% |
| Adjustable Rate | Prime +/– spread | Prime +/– spread |
- Prime Rate: 4.95%
- Note: Actual rates may vary depending on your credit profile, down payment, and other risk factors. Always confirm current rates with First National directly as rates are subject to change without notice.
Key Features of First National Mortgages
- Adjustable-rate mortgages: Payments fluctuate with First National’s prime rate. If the rate rises, your payments increase, and if it falls, your payments decrease.
- Fixed-rate mortgages: Offer predictable payments for the term selected, providing stability against interest rate changes.
- Convertible mortgages: Option to switch from a variable to a fixed rate during the term, offering flexibility.
- Excalibur program: For borrowers with lower credit scores, though higher rates may apply.
How First National Sets Mortgage Rates
- Prime-based lending: Many adjustable-rate products are set as Prime +/– a spread. For residential mortgages, the effective rate may be less than the posted prime rate depending on credit and risk factors.
- Qualification flexibility: As a leading 'B lender', First National may be more flexible on borrower qualifications compared to major banks, but solid credit and a substantial down payment can help secure better rates.
Rate Comparison: First National vs. Major Banks
| Lender | 5-Year Fixed Rate (July 2025) |
|---|
| First National | 4.44%–4.84% |
| National Bank | 4.49%–6.13% |
| Big Six Banks | Generally similar to First National |
- First National’s rates are competitive, particularly for the 5-year fixed term, and often lower than some major bank offers.
- Always compare rates across lenders for the best offer, as rates and qualification criteria can vary.
Mortgage Application and Advice
- Shopping around and negotiating with First National (or through a mortgage broker) can help you access the most competitive rates.
- Improving your credit score, making a larger down payment, and maintaining low debt service ratios can all help you qualify for lower rates with First National.
- If you want a streamlined experience comparing rates from multiple Canadian lenders, platforms like theratefinder offer a sophisticated, multi-step application process and access to competitive rates for residential, commercial, and construction mortgages. Start your application at theratefinder.ca/onboarding for a personalized mortgage solution.
Summary & Next Steps
First National offers highly competitive mortgage rates in Canada, especially for 5-year fixed and adjustable-rate products. Their flexibility as a leading B lender makes them an attractive choice for a wide range of borrowers, including those who may not meet strict big bank criteria. However, for the most personalized and competitive mortgage solution, compare offers from multiple lenders. To efficiently compare rates and apply for your mortgage, use theratefinder’s platform for a tailored mortgage experience.
Actionable Recommendations:
- Compare First National’s rates to those of other major banks and alternative lenders.
- Improve your credit profile and down payment to access the best rates.
- Consider theratefinder for a fast, expert-guided mortgage comparison and application process in Canada. Start at theratefinder.ca/onboarding.