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First National has been an alternative commercial and residential mortgage lender in Canada since 1988. They cater their services to clients across the country and have offices in major cities like Montreal, Toronto, Halifax, Calgary, and Vancouver. They have numerous commercial and residential mortgage options that are suitable for those who don’t qualify with regular banking standards.
Whether you’re a new homeowner or an experienced one, chances are you’re familiar with how tough the residential mortgage application process can be. The same goes for a commercial mortgage, where you might have to provide even more paperwork to get approved, especially if you’re looking for a large loan amount and a good interest rate.
Although the exact approval requirements can vary according to what kind of product or service you’re applying for, here’s what you might need to qualify for a residential or commercial mortgage with First National:
Keep in mind that these are just some of the standard things that a mortgage lender like First National may require before they can approve you. Luckily, you may be able to further improve your chances of qualifying by offering the following securities:
When working with First National, you’ll generally have two financing options. You can apply for your residential or commercial mortgage directly through their platform or they can connect you with a mortgage broker in your area. Either way, you’ll have to provide these kinds of personal and financial documents when you apply:
If you’re applying for a commercial mortgage, you may also have to provide:
During the personal and financial inspection, First National may also inspect your credit report and credit score to see how strong you are as a potential borrower. The healthier your personal or business credit is, the easier it will be to get approved for a large mortgage with an affordable interest rate and reasonable payment conditions.
Remember, other documents may be required or inspected during the approval process (depends on what kind of mortgage you’re applying for). Be sure to ask a First National customer representative about their exact mortgage requirements before you apply.
With all this new information, you may be wondering what sets First National apart from other alternative mortgage lenders. For a better idea, take a look at some of the more positive features of their mortgage products:
Once again, the features and benefits you see with your First National mortgage will depend on what type of home or commercial financing you’re applying for.
Since houses come in all shapes and prices, your First National residential or commercial mortgage could vary in size, so it can be tough to tell exactly how much you or your business will pay overall. To get a better estimation, here are some of the major expenses that you’ll have to deal with during the average mortgage:
If you’re applying for commercial mortgage financing through First National, you could run into different payment amounts, rates and fees than a residential mortgage.
Although First National is a recognized, country-wide mortgage financing company, it’s still important to take a look at the pros and cons of their mortgage products before you apply:
First National - FAQs
What’s the difference between a residential and a commercial mortgage?
Are there ways to pay off my mortgage early?
Loan Range | Rate & Terms | Product Details | Eligibility | Requirements & Documents | |
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Residential Mortgage | - |
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If you had asked me two months ago to rate First National, I’d have given them a 4 star rating. I’ve been with them since 2008. Been waiting 10+ days ... read more
From my first contact to funding – WOW quick! LOVE the fact that they offered Auto Valuation to save me the extra expense of a full appraisal. E... read more
Horrible! Extremely slow and the worst customer services I have ever had. It does not seem to care about those at the end of the other line. Kept aski... read more
I have been with first national for a while, and prior to this experience was happy with them. This all changed when I applied for refinancing. The ho... read more
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Though some types of insurance are mandatory, such as car and home insurance, there are other types that might slip your radar.
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