| Term | Less then 20% | 20% or More | Rental Property | Refi | |
| 1 Year Fixed | 6.63 | 6.63 | 6.78 | 6.63 | |
| 2 Year Fixed | 5.92 | 5.92 | 6.07 | 5.92 | |
| 3 Year Fixed | 5.24 | 5.24 | 5.34 | 5.24 | |
| 4 Year Fixed | 5.24 | 5.24 | 5.39 | 5.24 | |
| 5 Year Fixed | 5.84 | Below | 0.00 | ||
| 5 Year Fixed Special 2.75% penalty | 4.39 | NA | NA | NA | |
| 5 Year Variable | 5.05 | 5.45 | 6.04 | 5.45 | |
| 10 Year Fixed | 5.80 | 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 | 5.95 | NA | NA | |
| 5 Year Variable 65% to 70% LTV | NA | 5.95 | NA | NA | |
| 5 Year Variable 70% to 75% LTV | NA | 5.95 | NA | NA | |
| 5 Year Variable 75% to 80% LTV | NA | 5.95 | NA | NA | |
Red Deer Lender First National Financial LP
First National Financial LP has been in business for 30 years as of 2018. They’re a surprisingly flexible lender, though many don’t know about their amazing terms. They simply know that First National Financial LP is one of the largest mortgage lenders in the country, and they’re the largest non-bank mortgage lender in Canada.
First National Financial LP won’t post their rates the way the big banks do because they can negotiate rates, and they certainly aren’t going to list the ultra-low rates that only those with the best credit will receive. This can feel like a bait and switch for those with poor credit. They offer all clients they approve the rate for the term and does not increase the rate due to credit being poor.
First National Financial LP has very low interest rates. Their mortgage prepayment penalties are one fifth that of big banks. That adds up when you have a large mortgage. For example, prepayment fees on a $500,000 mortgage can hit $20,000-25,000 with a big bank while First National Financial LP would charge more like $3,000-4,000.
First National Financial LP stands out among lenders for its willingness to loan part or all of a home down payment. This is called a “flex down” mortgage. Securing a Red Deer mortgage like this does require at least a 650 credit score and stable employment.
Talk to team Whalen Mortgages today your Red Deer Trusted mortgage brokers to see if First National Financial LP is right for you if you want to pay down your mortgage aggressively. This lender offers 15% monthly top up mortgages, double payments, and 15% annual lump sum payment mortgage prepayment privileges.
What makes First National Financial LP unique is their “home encompass warranty”. This is an all-inclusive home warranty that they pay for during the first year you own your home as a thank you gift. You can take over the warranty for a modest monthly fee after that point. The warranty covers HVAC, electrical and plumbing repairs up to $10,000 assuming the issue is for unforeseen break downs not wear and tear, you only pay the first $50 dollar consultation fee each call out.
First National Financial LP has low interest rates, but what makes them unusual is their flexibility. For example, they are willing to reinterpret the two year rule regarding wages to use your wages from a prior job and wages from your current job to get an average as long as it is in the same line of work this also applied to self-employed clients. Other lenders would see a job change like this and need 2 years at the current employer to use overtime or bonuses.
First National Financial LP offers both commercial and residential mortgages. Call us today to get your Red Deer Mortgage, we work for you Not the banks! We are Red Deer’s mortgage specialists with a team of experts to get you placed at the right lender for your needs. Call us today 587-315-3525 or apply online now!