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First National Financial - August 8th, 2011
August 8, 2011
9:32 am
Jenna
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As of August 8th, 2011, First National Finanical offers the following rates:

5 years: 3.79% (fixed/closed)
10 years: 4.99% (fixed/closed)

So, the 5-year rate is more competitive than any of the big banks, PC Financial and ING Direct…but not better than First Calgary Savings (still 3.49%). Their 10-year mortgage rate is tied with other institutions, including ING Direct, but it can be beat by PC Financial (currently 4.94%).

Here are some of the mortgages that First National Financial offers. It is noteworthy that they also offer mortgages for self-employed individuals and others who may not be able to verify income in the traditional manner:

1. Option 60 (5-year fixed rate option) – a reduced interest rate, full prepayment option available, up to 95% financing for a purchase, and 85% for a refinance, extended amortizations available, 60 day rate guarantee.

2. Flexdown Borrowed (Borrowed Down Payment) – this option allows you to borrow the 5% down payment from other sources such as a line of credit or credit card.

3. Insured Stated Income (for self-employed people, such as consultants and contractors) – up to 90% financing available for a purchase or 85% for refinance, qualification is based on income as stated by the borrower.

4. Conventional Stated Income (for self-employed or contract workers with a
down payment) – up to 75% financing available for a purchase or refinance, qualification is based on income as stated by the borrower.

5. Rental Programme (for people who wish to own an investment property) – up to 80% financing for purchases and refinances, maximum 1-4 units, non-owner occupied.

6. Mortgage Transer to First National – appraisal, legal and processing fees are paid by First National, First National does not charge any fees (check to see if the bank you are moving from does, though), you may be able to add up to $1000 in fees charged by your existing lender to your mortgage and the principal amount is transferable. Note, if you want to increase the mortgage amount, then you will need to pay for legal and appraisal costs.

August 8, 2011
10:29 am
Lars J
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What's up with all this mortgage talk? Is this not a site for savings accounts?

August 8, 2011
10:31 am
Peter
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Lars J said:

What's up with all this mortgage talk? Is this not a site for savings accounts?

Relevant for some, but not for others. That's why it's in a separate "mortgage" sub-forum. Are you getting this in an RSS feed? If so, I could exclude this forum from the general feed.

August 8, 2011
10:57 am
Lars J
Guest
Guests

Thank you Peter, yes I do get it in a feed and last week or so nothing but mortgage related from one poster in particular. I do understand some people are interested in mortgages but I went to this site a few months ago due to some very good tips regarding savings rates, hence the name of the site "Canadian High Interest Savings Bank Accounts"
Again Thank you

August 8, 2011
11:31 am
Peter
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This sub-forum is now excluded from the main feed.

August 8, 2011
12:08 pm
88kanaka
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Lars J said:

Thank you Peter, yes I do get it in a feed and last week or so nothing but mortgage related from one poster in particular. I do understand some people are interested in mortgages but I went to this site a few months ago due to some very good tips regarding savings rates, hence the name of the site "Canadian High Interest Savings Bank Accounts"
Again Thank you

I agree....this site should be for saving .... not spending!!! lol

August 8, 2011
12:10 pm
Me Confused
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Jenna said:

As of August 8th, 2011, First National Finanical offers the following rates:

5 years: 3.79% (fixed/closed)
10 years: 4.99% (fixed/closed)

So, the 5-year rate is more competitive than any of the big banks, PC Financial and ING Direct...but not better than First Calgary Savings (still 3.49%). Their 10-year mortgage rate is tied with other institutions, including ING Direct, but it can be beat by PC Financial (currently 4.94%).

Here are some of the mortgages that First National Financial offers. It is noteworthy to mention that they also offer mortgages for self-employed individuals and others who may not be able to verify income in the traditional manner:

1. Option 60 (5-year fixed rate option) - a reduced interest rate, full prepayment option available, up to 95% financing for a purchase, and 85% for a refinance, extended amortizations available, 60 day rate guarantee.

2. Flexdown Borrowed (Borrowed Down Payment) - this option allows you to borrow the 5% down payment from other sources such as a line of credit or credit card.

3. Insured Stated Income (for self-employed people, such as consultants and contractors) - up to 90% financing available for a purchase or 85% for refinance, qualification is based on income as stated by the borrower

4. Conventional Stated Income (for self-employed or contract workers with a
down payment) - up to 75% financing available for a purchase or refinance, qualification is based on income as stated by the borrower

5. Rental Programme (for people who wish to own an investment property) - up to 80% financing for purchases and refinances, maximum 1-4 units, non-owner occupied

6. Mortgage Transer to First National - appraisal, legal and processing fees are paid by First National, First National does not charge any fees (check to see if the bank you are moving from does, though), you may be able to add up to $1000 in fees charged by your existing lender to your mortgage and the principal amount is transferable. Note, if you want to increase the mortgage amount, then you will need to pay for legal and appraisal costs.

Jenna....how about putting the same efforts to SAVINGS???

August 8, 2011
12:26 pm
Jenna
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Me confused, any suggestions? :)

August 8, 2011
12:39 pm
Peter
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It could be argued that spending less is a form of saving:
- For new home buyers, not having to pay so much interest over the lifetime of a mortgage is a form of saving.
- For existing home owners, renewing a term for a better rate can be considered saving.

Many of us appreciate Jenna's contributions so far, and for those who aren't interested (which is completely fine!), all mortgage-related posts will be confined to this sub-forum, and they are no longer appearing in the main RSS feed.

If anybody is interested in continuing the discussion on the usefulness of having a mortgage sub-forum, please open a separate thread. I will remove any further discussion on that topic that occurs in this thread.

August 8, 2011
11:12 pm
Doug
British Columbia, Canada
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I am in agreement with Jenna and Peter. I have no issues with a mortgage sub-forum and, yes, I agree to exclude it from the RSS feed. It could be argued that paying less interest on one's mortgage is a form of saving by paying down your mortgage (a necessary expense) faster. I don't want to see so-called all-in-one accounts included in the chart, mind you, but a discussion forum is fine. :)

Thanks for sharing this information, Jenna!

Cheers,
Doug

P.S. Besides, I don't see you guys complaining when djino and others discuss the best "cashback rewards" credit cards. It could be argued that is more frivolous spending and consumption than something as critical as a mortgage (one's shelter expense). Peter may be a saver, but I have no doubt he and his new wife either have a mortgage or are planning a home purchase in the future and, as such, will likely require at least some mortgage. ;)

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