First National Mortgages, Explained
First National is one of Canada’s largest mortgage lenders — and it’s broker-only. There’s no First National branch to walk into; the only way to get one is through a mortgage broker like us. Here’s how it works and where it shines.
First National’s 5-year fixed over time
Here’s the monoline advantage in one chart. Unlike a big bank — whose posted rate is an inflated sticker price — First National’s rate sits close to the actual contract rate you’d sign. This is roughly what borrowers have really paid on a 5-year fixed:
Since you can only get First National through a broker, the number that matters is the one we secure for you — and monoline pricing like this is exactly why it’s worth comparing before you sign with a branch.
Who is First National?
First National Financial is one of Canada’s largest mortgage lenders and its largest non-bank lender, with over $150 billion in mortgages under administration. It originates residential, commercial and multi-family mortgages — but it does so entirely through the mortgage-broker channel. No retail branches, no chequing accounts, no cross-selling: just mortgages.
What is a monoline lender?
A monoline lender does one thing — mortgages. It funds them largely through mortgage securitization rather than deposits, keeps overhead low without a branch network, and reaches borrowers only through brokers. The upshot for you is often sharper pricing and straightforward, mortgage-only servicing. Read our full explainer on monoline lenders →
First National’s mortgage line-up
| Product | What it is | Best for |
|---|---|---|
| Fixed-rate mortgage | Rate locked for the whole term | Predictable payments and peace of mind |
| Variable-rate mortgage | Rate moves with prime | Buyers comfortable with some rate movement |
| Rental / investment | Financing for rental and investment properties | Landlords and investors |
| Excalibur (alternative) | Broader underwriting for non-prime files | Self-employed or bruised-credit borrowers |
| High-ratio (insured) | Less than 20% down, with mortgage insurance | First-time buyers with a smaller down payment |
What is Excalibur, First National’s alternative program?
Excalibur is First National’s alternative-lending line. It uses broader underwriting than prime — think self-employed income, newer credit, or a story that needs common-sense review — and generally carries a higher rate than prime in exchange for that flexibility. It’s a solid landing spot for borrowers who don’t quite fit the big-bank box but are stronger than a private-lending situation.
How a Calgary mortgage broker helps with First National
First National is broker-only, so a broker isn’t optional here — it’s the only door in. Here’s what we add:
- We access First National’s near-contract monoline pricing and hold it while you shop.
- We know when First National is the right fit — and when a bank, credit union or another monoline beats it.
- We line it up against 30+ lenders on rate and penalty structure.
- It’s free, with no credit hit to start and no obligation.
Mortgage Application
Get First National’s best rate — and every alternative — in one place
- 2-minute form
- No credit check to start
- Bank-level encryption
- No obligation
Frequently asked questions
Can I get a First National mortgage directly?
Is First National a bank?
What is First National’s Excalibur program?
Are First National’s rates competitive?
Does First National finance rental properties?
Curious whether First National is your best fit?
We’ll price your file with First National and every lender that competes with it, then show you the winner on rate and terms. Apply online in about two minutes, or book a no-pressure discovery call.
Free · No credit check to start · No obligationThis article is general information, not financial, mortgage or legal advice. Lender products, rates, features and penalty structures vary, are subject to change and depend on lender approval. First National is not affiliated with Mortgages for Less and no endorsement is implied. Please speak with a licensed mortgage professional about your specific circumstances. Mortgages for Less with INDI Mortgage.