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National Bank of Canada (NBC) mortgage rates

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National Bank of Canada (NBC) mortgage information

The National Bank of Canada (NA on TSX) or also known as National Bank, was founded in 1979 and is the sixth largest commercial bank in Canada. Their head office is located in Montreal, Quebec and they serve clients in almost every Canadian province. Most of National Bank’s revenue is earned through the commercial and personal banking division, but it has also seen growth in its wealth management and financial market service. More than 60% of National Bank’s business comes from Quebec.

Some of their services include:
  • Mortgage
  • Credit cards
  • Accounts
  • Personal and commercial lending
  • Savings and investments

A financial institution number is a unique 3 digit number assigned to each specific bank or financial institution. This number is used during interbank transactions and can help identify the institution, branch location, and customer account. The National Bank financial institution number is 006.
National Bank mortgage rates are competitive when compared to other banks, but not necessarily other lenders. Rates tend to vary depending on a multitude of factors such as down payment and Loan to Value, term length, and intention for the property, rather than bank to bank. It’s important to shop around and compare mortgage rates from multiple lenders so you can find the best mortgage rate for you.
National Bank fixed rate mortgages

Nation Bank offers fixed rate mortgages so that you can lock in your interest rate for the term of your mortgage. The pros of a fixed rate mortgage is the predictability. Your monthly mortgage payments will be consistent for the duration of your term regardless of which way rates move, offering stability when it comes to budgeting. If you are getting a new mortgage, your National Bank mortgage rate can be guaranteed for up to 90 days before the closing date of your home, so if interest rates do go up during those 90 days, you will still get the lower rate. Talk to your mortgage advisor to learn whether a National Bank fixed rate mortgage is for you. 

National Bank variable rate mortgages

National Bank offers variable rate mortgages which have historically been known to save borrowers money. Variable mortgages offer a predictable penalty fee if you choose to break your mortgage before the end of the term, since it will always be equal to 3 months interest. With a National Bank variable rate mortgage, your payment amount stays fixed for the term, but the interest rate will fluctuate based on the National Bank prime interest rate. If the prime rate goes up, more of your payments will go towards interest and vice versa if the interest rates fall. Talk to your mortgage advisor to learn whether a National Bank variable rate mortgage is for you.
A change in the prime rate will only affect your mortgage if you have a variable rate, which is quoted to you as prime +/- a percentage. So if National Bank’s prime rate falls, more of your mortgage payment goes to the principal. If it rises, then more of your payments will go to the interest. The monthly payment remains the same.
A mortgage rate hold is when your lender locks in your quoted rate for a specific length of time. It’s similar to a ‘guarantee’ of that rate if you qualify for it. National Bank has a rate hold of 90 days.
Factors that can affect the rate you obtain would include:
  • The type of transaction (purchase/transfer/refinance)
  • Occupancy of the property (owner living there or rental/investment)
  • The down payment amount (insured vs conventional) which also affects the mortgage amortization.
You can view National Bank mortgage rates through our rates comparison tool which will always provide you with the most up to date published National Bank rates.
With National Bank, you can request a renewal up to 6 months before the end of your mortgage term. It’s advised that you start looking at your renewal options six months before the end of your term, that way you can determine whether you will need to make any changes, such as your term length, payment frequency or rate options. Don’t be afraid to look at other options if your mortgage isn’t working for you anymore. You might be able to negotiate for a lower rate, however you will need to be well qualified and have a solid credit history. It’s best to speak with your mortgage advisor and get their opinion on which mortgage renewal option is best for you.

You can get a mortgage from National Bank by contacting the bank directly or work with one of their mortgage advisors.

A mortgage broker is a licensed professional who helps you connect with lenders and find the best mortgage offer based on your financial situation and goals. They’ll help you compare mortgage rates and products between different lenders, and also give you the opportunity to speak with an independent mortgage expert. Some lenders might not work with brokers but it might be beneficial for you to speak with one to see what else is available in the market.

You can review the details of your mortgage, along with your bank loans and credit lines from National Bank online. When you log in, choose “Overview” and then select “Download my eStatement” at the bottom of the account summary page.
Porting your mortgage is when you take your existing mortgage, including all of its terms and current rate, from your previous home to your new home. The option of moving your mortgage gives you the flexibility to keep your current rate and term while avoiding any prepayment charges. To find out if your National Bank mortgage is portable, it’s best to speak with your mortgage advisor or contact the bank directly to learn more. 

In the process of buying a home? Check out Perch’s Guide to Buying a Home at any step of your home buying process to get access to free tools and resources that will help you before and after your closing date. You can also sign up today for a Perch profile to connect with a real estate agent or mortgage advisor today.

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