First National mortgage review — a broker's perspective
Largest broker-channel monoline by volume. Excellent on prime insured + insurable files, with consistent execution and predictable underwriting. The Excalibur program is one of the best uninsured alt-prime offerings.
- Founded
- Founded 1988
- Headquarters
- Toronto, ON
- Products
- 5 product types
- Tier
- A-lender monolines
- Broker licence
- FSRA #13737 broker
Who is First National good for?
First National suits rate-sensitive borrowers wanting 10-25 bps below Big-6 and insured first-time buyer files with full doc. It is strongest on: Prime insured pricing, Excalibur uninsured alt-prime, Commercial lending desk, Fair-IRD penalties.
Strong fit for
- Rate-sensitive borrowers wanting 10-25 bps below Big-6
- Insured first-time buyer files with full doc
- Insurable transfers from a Big-6 at renewal
- Borrowers comfortable with broker-only access (no branch)
Probably not the right fit if
- Borrowers who require in-branch service
- Files with non-standard income (most monolines stick to clean files)
- Newcomers without 3+ months Canadian credit history
- Complex refinances needing in-person review
Not sure where your file fits? Start a free pre-qualification and we’ll check your fit across 99+ lenders — no credit check to begin.
What kind of lender is First National?
First National sits within the a-lender monolines tier of Canada's mortgage market. Broker-channel non-bank funders. Typically 10-25 bps below the Big-6 on insured + insurable purchases.
Working across 99+ Canadian lenders, our brokerage knows First National's underwriting appetite — what they say yes to, what they push back on, and what file structure gets a clean approval the first time. First National is broker-channel only, meaning the only way to access their rate sheet is through a licensed mortgage brokerage like ours.
How does First National price its mortgages today?
These are First National's lowest current rates across 625 broker-channel products in our live feed. Your exact rate depends on your file, term, down payment and insurance.
What mortgages does First National offer?
First National funds 5 mortgage types. We can access its full broker-channel menu.
- Purchase
- Renewal
- Refinance
- Commercial
- Investment
Should you go to First National directly or use a broker?
First National sells only through brokers, so a licensed brokerage like ours is the way in. We’re not employees of First National. We’re an independent FSRA-licensed brokerage that sends your file to First National when it’s the best fit — and to a different lender when it’s not.
Going direct to First National vs. through us
| Aspect | Direct with First National | Through Mortgage Squad Advisors |
|---|---|---|
| Rate sheet | Broker-channel only — no direct retail access | Direct broker-channel access — our day-one cost |
| Lenders shopped | Just First National | 99+ lenders incl. First National |
| If declined | Application ends; reapply elsewhere | Re-route to next-best lender same day |
| Cost to borrower | $0 — bank pays its own staff | $0 — lender pays our compensation |
| Underwriting strategy | First National's lens only | We structure your file to First National's preferences before submission |
| Renewal benchmarking | First National sends a single offer; you accept or counter | We benchmark across 99+ lenders 120 days before renewal |
Same First National loan documents. Different shopping power. Start a pre-qualification to see what your file looks like across 99+ lenders.
How we work with First National
- Discovery
A 5-minute call about your income, credit, down payment, home and timeline. No credit check to start.
- Match
We compare your file with 99+ lenders, not just First National. If First National fits best, we go there.
- Submit
We send a full package to First National's broker desk, set up the way their underwriters like it.
- Funding
Approval, conditions, lawyer, funding. We manage every step.
Other a-lender monolines we shop alongside First National
Same tier, often similar rates. We compare First National with these every time.
First National mortgage broker — major Canadian cities
We place First National files across Canada. Pick your city for local market context.
Don’t see your city? Browse all Canadian markets — we lend nationally.
First National — common questions
Don’t see yours? Ask Maya.
What are First National's current mortgage rates in Canada?
How do I qualify for a mortgage with First National?
Is First National a good mortgage lender?
Can I switch to First National at renewal?
Does First National work with self-employed borrowers?
How long does First National take to approve a mortgage?
What's the difference between First National branch rates and broker rates?
Does First National offer pre-approvals?
What prepayment privileges does First National offer?
What if First National declines my mortgage application?
Pillar guides relevant to First National files
Our most comprehensive first-time-buyer guide. Pre-approval to closing day, the FHSA + RRSP Home Buyers' Plan stack, 30-year insured amortization for first-time buyers, the stress test in plain English, and closing-day costs.
Your bank's first renewal offer is an opening bid. This playbook covers the 21-day federal notice rule, the lender early-renewal window (often up to 120 days), and how to compare your bank's offer against the market instead of auto-renewing.
Refinancing isn't always a win. This guide gives you the break-even method we use: penalty + fees vs. monthly savings, with three illustrative scenarios (rate drop, debt consolidation, equity take-out).
The mortgage-side guide for Canadian real estate investors. Rental income offset vs. add-back, CMHC MLI Select, BRRRR-friendly lenders, portfolio limits, DSCR-style products, and how to keep your file qualifying as you scale.
Related lenders
Same broker. Different lender appetite.
Browse other lender tiers
Editorial commitment
This page is an editorial profile written from our brokerage’s perspective. We are not employed by First National and receive no payment from First National for this content. We compensate-disclose: on A-lender files the lender pays our brokerage compensation, and we earn the same regardless of which A-lender funds your file — so our recommendations are rate-agnostic. Rates and program details are reviewed quarterly; last reviewed May 13, 2026.
Get the best-fit lender for your file.
A 5-minute pre-qualification. No credit check to begin. We compare 99+ lenders — including First National — and recommend the right one.
Questions first? Chat with Maya, our AI assistant, or call us.