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Side HustleFirst National Financial, established in 1988, is a prominent non-bank mortgage lender in Canada. It is known for providing residential, commercial, and sub-prime mortgages through a network of mortgage brokers. Managing over $100 billion in mortgages, First National Financial offers a wide range of mortgage options, including products tailored for self-employed individuals and those with lower credit scores. One distinctive feature is the First National Home Equity Mastercard, a secured credit card backed by home equity.
While First National Financial caters to both good and bad credit applicants, it does not offer online pre-qualification or pre-approval forms. The company’s website provides limited online rate information, with some products available only in specific provinces. For those interested in mortgages for investment properties or home improvement financing, First National offers various options like fixed-rate mortgages, adjustable-rate mortgages, and refinances.
First National Financial’s eligibility requirements include a minimum credit score below 580, flexible debt service ratios, and a down payment of at least 20%. Additionally, applicants must demonstrate a consistent employment history of at least two years. The company’s mortgage rates range from 6 months to 10 years, with options for increasing payments, making lump-sum payments, and porting mortgages to new homes.
Customer satisfaction ratings for First National Financial are generally positive, with a Google rating of 4.5 out of 5 stars based on over 890 customer reviews. While the company is not accredited by the Better Business Bureau, customer service experiences may vary depending on the mortgage broker involved in the process.
For those interested in applying for a mortgage with First National Financial, the company exclusively works with mortgage brokers. Prospective borrowers can find a broker through the company’s website or by reaching out to brokers in their area. Alternatives to First National Financial may offer more customized mortgage rates to suit individual needs.
In conclusion, First National Financial plays a significant role in the Canadian mortgage market, providing diverse mortgage options to a wide range of borrowers. With a focus on working through mortgage brokers, the company offers competitive rates and unique features tailored to different borrower profiles.
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