| Term | Less then 20% | 20% or More | Rental Property | Refi | |
| 1 Year Fixed | 6.25 | 6.25 | 6.4 | 6.25 | |
| 2 Year Fixed | 4.39 | 5.69 | 5.84 | 5.69 | |
| 3 Year Fixed | 4.64 | 4.89 | 5.2 | 5.05 | |
| 4 Year Fixed | 5.1 | 5.1 | 5.24 | 5.1 | |
| 5 Year Fixed | 4.39 | Below | 0.00 | ||
| 5 Year Fixed Special 2.75% penalty | 4.24 | NA | NA | NA | |
| 5 Year Variable | 4.55 | 4.8 | 5.35 | 5.35 | |
| 10 Year Fixed | 5.94 | NA | NA | NA | |
| 5 Year Fixed <65% | NA | 4.54 | NA | NA | |
| 5 Year Fixed 65% to 70% | NA | 4.64 | NA | NA | |
| 5 Year Fixed 70% to 75% LTV | NA | 4.69 | NA | NA | |
| 5 Year Fixed 75% to 80% LTV | NA | 4.74 | NA | NA | |
| 5 Year Variable <65% LTV | NA | 4.6 | NA | NA | |
| 5 Year Variable 65% to 70% LTV | NA | 4.7 | NA | NA | |
| 5 Year Variable 70% to 75% LTV | NA | 5.20 | NA | NA | |
| 5 Year Variable 75% to 80% LTV | NA | 5.20 | NA | NA | |
Grande Prairie Mortgage Lender First National Financial LP
First National Financial LP is one of the top lenders in Canada and gives Whalen Mortgages Grande Prairie the top lowest mortgage rates. They’ve been in business for 30 years.
First National Financial LP doesn’t have posted interest rates like the big banks because they offer a wide range of products to people with all types of credit and offer the actual rate upfront no hidden fees or negotiating to get the best rate they offer it upfront. Conversely, their mortgage prepayment penalties are a fifth that of large firms. If a Big Bank charges a $22,000 penalty for paying out a $500,000 mortgage early, then First National Financials penalty is more like $4000.
First National Financial has very low rates when you renew your mortgage they are very aggressive and ensure they retain their book of business by offering the lowest rates. The rates they can offer you are almost always lower than the big banks. Notably, they can offer relatively low rates for those with past credit issues now rectified and good credit for the last few years. If you need to borrow your down payment or part of a down payment, First National Financial allows you to use a line of credit you have which is called flex down mortgage and not offered by many lenders. This does require a minimum 650 credit score and good work history.
First National Financial LP has full prepayment options such as a 15% monthly “top up” on mortgage payments and 15% annual lump sum payments, it is a good way to pay down your mortgage quicker oppose to just using accelerated bi-weekly payments which only equals an extra monthly payment annually. They also allow you to double up your payments. This allows you to pay your Grande Prairie mortgage down way quicker with First National Financial.
First National Financial is unique in that it offers home encompass warranty free for the first year as a thank you gift. This warranty covers unexpected breakdowns of the heating, air conditioning, plumbing and electrical systems. You can continue the coverage after the end of that year at a small monthly fee if you choose to. It covers repair bills up to $10,000 a year. This warranty is a perk offered if you use them as your Grande Prairie mortgage lender.
You will need to talk to the Whalen Mortgages Team your trusted Grande Prairie mortgage broker, since First National Financial requires excellent credit for its best rates and can only be accessed through the broker channel they do not have a physical branch like banks, there is no overhead therefor they can offer lower rates then the banks. They may be the best choice as they are flexible. For example, they’re willing to use the data for this year’s employer and last year’s employer under their “2 year rule” as long as it is the same line of work this also applies to self-employed clients where most lenders require 2 years at the same employer or 2 years self-employed. They won’t penalize you for quitting one job to accept a better paying job, though some lenders will see the job change as a risk and not allow overtime or bonuses to be used. Call us today to get started 780-357-3993 or apply online now!