National Bank Mortgage RatesRates updated:
Below you will find current National Bank's posted 5-year fixed and variable mortgage rates. Use RateHub's comparison chart to evaluate other banks, brokerages and lenders against National Bank and ensure you get the best mortgage rate!
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National Bank mortgage rates overview
National Bank of Canada (NBC) is one of the fastest growing financial institutions in the mortgage market and offers a full suite of mortgage options for the Canadian consumer. NBC has a wide range of terms for their closed fixed rate mortgage terms that extend from 1-year, all the way up to 10-years. Upon choosing a National Bank fixed rate mortgage, you will have the peace of mind knowing that your rate will not change during the chosen term.
NBC also allows you to take advantage of three prepayment options, which apply directly to the principal, thereby reducing the amount of interest you owe and shortening the length of your mortgage.
- Make an additional payment each payment date, up to 100% of your current payment
- Make a yearly lump sum payment up to 10% of your principal
- Increase the size of your payment every year, up to twice the original payment amount
NBC also offers a 5-year variable mortgage rate and a 1-year fixed open mortgage rate that is comparable to Canada’s other big banks.
Special to NBC is their All-in-One mortgage which functions like a home equity line of credit (HELOC) and chequeing account wrapped into one. Unlike a traditional HELOC, the All-in-One allows you to combine the line of credit portion with your other banking accounts, taking into account your total balance to temporarily offset your debt for interest rate calculations.
The line of credit can be used to help finance other projects, from home renovations to investments to a college fund. Also with the National Bank All-in-One mortgage, many banking transactions are free of charge such as withdrawing cash, issuing cheques, and transferring funds between accounts.
Accessing National Bank mortgage rates
National Bank mortgage rates are updated daily on Ratehub.ca. To access and learn more about NBC rates, fill out an online form or call 1-888-477-3693.
National Bank mortgage pre-approval
To start your mortgage pre-approval with National Bank, fill out the online application and a representative will contact you within 3 business days. A mortgage pre-approval increases your negotiating power when shopping for a new home. A National Bank mortgage pre-approval guarantees your interest rate up to 90 days, protecting it from rate fluctuations.
National Bank mortgage application checklist
To fill out your mortgage application properly, you will need to have the information ready below. This information is in addition to your annual income, employment information, existing assets and liabilities and financial history.
- Mortgage amount
- Reason for mortgage (e.g purchase, refinance, transfer)
- Purchase price
- Confirmation of down payment (e.g. recent documentation of savings or investments, RRSP withdrawal form, gift letter)
- Property Information (e.g. property type, address, annual property taxes, builder if applicable)
More on National Bank of Canada
The National Bank of Canada (NBC) was founded in 1859 in Montreal. Currently, it is the sixth largest bank in Canada and the leading bank in Quebec. National Bank also offers a full array of services such as retail, corporate and investment banking and services 2.4 million clients. As of the first quarter (Q1) of 2012, they have $29.2 billion dollars under their mortgage books. National Bank has 448 branches with 893 banking machines across Canada.