At Garth Financial, we are proud to partner with First National Financial LP, Canada’s largest non-bank lender. With over 30 years of experience, First National has built a reputation for reliability, offering some of the lowest rates and exceptional security, backed by strong investor relationships—including investments from one of Canada’s major banks.

Choosing First National means working with a lender that combines the flexibility and transparency of a non-bank institution with the stability of a trusted financial partner.

Key Benefits of First National Mortgages

  1. No Posted Rates = Lower Penalties
    One of the biggest advantages of First National is their transparent penalty structure. Unlike big banks, they do not calculate penalties using inflated posted rates, which can result in significant savings if you need to break your mortgage early.

    • Example: On a $500,000 mortgage, breaking a fixed-term mortgage two years into a five-year term at a big bank could result in penalties of $22,000–$25,000. With First National, the penalty for the same scenario would only be $3,500–$4,500—a fraction of the cost.

  2. Lowest Rates at Renewal
    First National provides the lowest available rate upfront at renewal, without requiring you to negotiate or meet specific credit score criteria. Unlike big banks, where your credit score can influence the renewal rate, First National offers full transparency and eliminates the hassle of negotiating.

  3. Flex Down Mortgage for Borrowed Down Payments
    First National offers the Flex Down Mortgage, allowing you to borrow up to 5% of the purchase price for your down payment. This is a fantastic solution for buyers who don’t have a full down payment saved.

    • Important Details:

      • The borrowed funds must be included in your debt-service ratio, which may reduce your maximum purchase price.

      • A minimum credit score of 650, strong credit history, and stable job tenure are required.

      • We recommend saving $3,000–$5,000 to cover additional costs, such as legal fees and home inspections.

    Call us today to see if this option is the right fit for you!

  4. Generous Prepayment Options
    First National offers flexible prepayment privileges to help you pay down your mortgage faster:

    • Increase your monthly payments by up to 15%.

    • Make annual lump-sum payments of up to 15% of the original mortgage balance.

    • Double-up Payments: Make extra payments equal to your regular payment amount throughout the year.

  5. Home Encompass Warranty
    First National provides an exclusive Home Encompass Warranty for the first year of your mortgage, covering unforeseen breakdowns in:

    • Air Conditioning

    • Heating

    • Plumbing

    • Electrical

    This warranty offers up to $10,000 of coverage annually, with a $50 service fee for each call. After the first year, you can continue the coverage for just $17.95/month. While this isn’t a reason to choose First National, it’s a valuable bonus that provides peace of mind for new homeowners.

Why First National?

First National is known for its logic-driven approach to mortgage approvals. They take a practical view of your financial profile, offering flexibility in scenarios where other lenders may not:

  • Using a Two-Year Average for Income: Even if you’ve changed employers, First National will consider a two-year income average if it’s logical and consistent (e.g., overtime or bonuses).

  • Flexibility with Overtime and Bonuses: Unlike many lenders, First National can include these earnings without requiring two full years with the same employer.

While First National’s approval criteria can be more stringent—they require strong credit, savings, and net worth—they are worth pursuing if you meet their lending standards. Their competitive rates, lower penalties, and logical underwriting make them one of the best choices for qualified borrowers.

Let Garth Financial Help You Secure Your First National Mortgage

As your Powell River trusted mortgage brokers, we have strong relationships with First National, allowing us to offer some of the lowest mortgage rates on the market. We’ll walk you through their unique products and ensure you find the best fit for your needs.

Call us today or apply online to get started on your journey to homeownership. With Garth Financial and First National, you’re in excellent hands.

Why Choose First National Financial LP with Garth Financial?