Mortgage Reviews
First National Fixed Mortgage Consumer Reviews
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(17 reviews)
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They make it very complicated to make additional payments and pay off your mortgage sooner...
When we signed on with First National they said the penalty was 4 months interest but it turns out they have a catch that they can base it on the rate differential of the mortgage - whichever is greater so instead of $4000 it’s 14000. These guys are terrible!
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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.
This company was terrible to deal with and caused so much stress. They were still asking for new paperwork on the closing day even though the mortgage was arranged 6 weeks before closing.
We arranged bridge financing for 4 days and I was shocked at all of the hidden fees. $250 just because; $100 to register a mortgage on the old property; $100 to release the mortgage on the old property; $150 in extra legal fees plus interest. It was the most expensive 4-day loan I could imagine.
They changed the mortgage conditions twice 3 days before the closing date.