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Mortgage Squad Advisors
First National logo First National · Monoline lender

First National mortgage rates — and how to beat the posted rate.

First National’s broker-channel rate is typically 15-30 bps below the rate you’d see walking into a branch. We access it as an FSRA-licensed brokerage — and compare it against 100+ lenders so you get the best fit, not just one bank’s sheet.

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Rates as of Oct 9, 2026 · source: live network feed. Personalized rate depends on your file. O.A.C.
Lender type
Monoline lender
Headquarters
Toronto, ON
Established
1988
Products
5+ types
5-year fixed
4.14%
Best in our network
5-year variable
3.44%
Best in our network
3-year fixed
3.99%
Best in our network

How First National’s broker-channel pricing works

Most Canadian lenders, First National included, run two rate sheets: a posted/branch rate quoted to walk-in customers, and a wholesale broker-channel rate offered through licensed mortgage brokers. The broker rate is usually 15-30 bps lower because the broker handles origination, document collection and file packaging — work the lender would otherwise pay branch staff to do.

You can’t access the broker rate by walking into a First National branch — only a licensed brokerage can submit to their broker desk. We do exactly that, then put the same file in front of 100+ other lenders so First National’s offer is benchmarked against the whole market. On a $600,000 mortgage, 20 bps is roughly $1,200 a year in interest — real money over a 5-year term.

Where First National is strong
  • Prime insured pricing
  • Excalibur uninsured alt-prime
  • Commercial lending desk
  • Fair-IRD penalties
Products First National funds
PurchaseRenewalRefinanceCommercialInvestment
Full First National reviewBest 5-yr fixed Full live boardPayment calculator

First National mortgage rates — FAQ

What are First National's mortgage rates today?
Lenders run two rate sheets — the posted/branch rate and the broker-channel rate. As an FSRA-licensed brokerage we access First National's broker-channel pricing, typically 15-30 bps below their posted rate. Your exact rate depends on your file (income, credit, LTV, property).
What's the difference between First National's posted rate and the broker rate?
The posted (or "special offer") rate is what you see advertised or quoted in a branch. The broker-channel rate is the wholesale pricing First National offers through licensed brokers — usually 15-30 bps lower because the broker does the origination work. You can only access it through a broker; we submit your file directly to First National's broker desk.
Is First National a good mortgage lender?
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.
Can I get a lower rate than First National's rate?
Sometimes. First National is strong for certain files, but another of our 100+ lenders may price your specific situation better. We compare First National against the whole network on one application — you get First National's best and the market's best, then choose.
Can I switch to First National at renewal?
Yes — switching to First National at maturity is usually penalty-free, and a straight transfer (same balance, same amortization) skips the stress test. We handle the paperwork and confirm First National's renewal/switch pricing against the rest of the market so you don't auto-renew at a higher rate.
Does First National offer rate holds?
Yes — like all major Canadian lenders, First National offers rate holds (typically 90-120 days) for pre-approved borrowers. We can submit your file to First National for a real underwritten pre-approval.
How do I apply for a First National mortgage?
Through a licensed broker you reach First National's broker channel directly. Start a no-obligation application with Mortgage Squad Advisors (FSRA #13737) and we'll submit to First National — and compare it against the rest of the network — with no bureau pull to begin.

Get First National’s best rate — and 100+ others.

One application, no bureau pull to begin. We submit to First National and shop the whole network for your file.

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