First National Fixed Mortgage Consumer Reviews

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!

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!

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.