Mortgage Reviews
First National Fixed Mortgage Consumer Reviews
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(17 reviews)
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This is the worst place to get a mortgage. First, they agreed on a down payment amount and fixed interest rate.
Then after a week that we signed the papers with them, they said we had to increase our down payment by $16,000 (????) because of the “stress test”. But we had agreed already on a down payment amount! We don’t have that kind of money laying around. Then they said that we had to change to a variable interest rate in order to keep the down payment we had agreed on. Like seriously they say one thing and a week after they are asking us for money we don’t have!!!
Also, they kept asking for so many documents every single day. And for a letter of employment at least 4 times. Not a good company. Very unorganized. Do not recommend it!
We have had no issues with this lender. We have a 5-year term fixed-rate mortgage from 2016 with them that will renew this year. Initial paperwork, setup and advance went smoothly. We made use of double-up payments and payment increases. At one point in the second year, we made a lump sum payment. That all worked fine, all done through their MyMortgage portal.
Some people complaining about fees for breaking early ought to read the terms of their mortgage. If you are on a fixed rate you will always be charged the greater of 3 months interest or the interest rate differential calculation, plus whatever other admin fees apply.
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I thought they were great at first but I'm now 1.5 years in and I wish I went with someone else. They've made so many mistakes. I just took off an extra payment I had coming out on each regular payment date and now my amortization is back up to 24 years and 7months. How is that possible when I'm 1.5 years into a 25-year amortization and I've made extra payments. My interest per payment has also increased. The extra payments would be great if they worked properly. I took off the extra payments because the amount of time and money saved with them didn't make sense when I compared it with a few mortgage calculators. When I messaged them about it they ignored me the first time and the second time they dodged the question. That is only my most recent problem. I don't have time to list them all. So if you enjoy being on hold for 1-2 hours and never having the full issue resolved then First National is for you.
Before I signed up for my mortgage I inquired about penalty rates when it came to selling as I was thinking of selling in the coming year. They informed me it was a 3 months interest rate plus $75 administration fee. I thought it was pretty standard information. All set and done my penalty should have been around $750. However, once I sold my place I realized they charged me $2800! I have a fair amount of experience in real estate and have never experienced such a grotesque fee. I called their customer service and the agent said there's nothing they will do and he informed me they can change their rules/regulations anytime they choose. Contracts mean nothing. I am shocked at how unethical this financial institution is. Stay away!
Hello there all, This company provide low mortgage rates, true. I'm happy for that because I live in Vancouver and let's face it, if your rate is low then you may be able to buy something here. I give this company 3/5 because of their lack of flexibility with change in payment schedule. I asked to plan ahead and change my payment schedule from monthly to bi weekly in August. It is currently April. The answer I got was that I should wait until August and call 5 days before my August payment. I was told about interest adjustments, fine. I was still told to call back 5 days before the payment I wanted to change. I was not rewarded for thinking ahead and planning. Not customer based at all, not user friendly at all. If you are a first time home buyer I would say, use this company for the lower rate BUT, if you want a hassle-free experience please consider some other company. They make enough money from our mortgages, First National should consider improving their flexibility around payment and customer centred care.
This company is currently offering very low interest rates to new customers during Covid-19, which is great for those new customers. But anyone who is forced to sell during this time is finding that their penalties for ending their term early are being jacked WAY up to make up for the low interest rates being offered to new customers.