Mortgage Reviews
First National Fixed Mortgage Consumer Reviews
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(17 reviews)
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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.
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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.
Beware of this company - they do not honour pre-negotiated rates and contracts that have been sent in. Be EXTRA diligent with every confirmation from their team, and follow up constantly to a point of being annoying. Their customer service is awful, and their company core values are extremely inconsistent. I'm embarrassed for their team and for their inability to understand where accountability and responsibility are needed. Beware.
Application was done through a third party (Local credit union) They just asked me to select the rate and mortgage type and they did the rest for me.
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There isn't much flexibility for payments. They answer quickly but aren't interesting or exciting. The mortgage rate was very attractive on a fixed term.
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.