Compare National Bank Mortgage Rates in Canada

As one of Canada’s Big 6 Banks, National Bank is the sixth largest financial institution in the country. This article delves into National Bank mortgage options and rates offered, including current and historical interest rates, stock performance, and information on prepayment options for their customers.

Key Highlights

  • National Bank is the 6th largest bank in Canada.
  • Based in Montreal, Quebec, with branches across Canada.
  • Offers a wide range of mortgages and other lending products to consumers in Canada. Rates are reasonably competitive.

Compare National Bank Mortgage Rates

When purchasing a home, check out National Bank mortgage options for consideration. By comparing these options to those offered by other leading banks in Canada, you may find the best fit and potentially save a significant amount of money throughout the loan. When comparing lenders, looking for special deals and comparing multiple interest rates is recommended. Ultimately, the goal should be to find the lowest rate from a lender that you trust.

Compare Big Bank & Lender Rates

It can be time-consuming and frustrating to compare rates by yourself. With us, you can find everything you need in one convenient location. Also, ensure that you consider the mortgage product term length and type when comparing rates. For instance, if you are in the market for a fixed-rate mortgage, it is essential to examine the range of terms given by various banks, such as three-year and five-year offerings, and not just the interest rate.

How to Compare Bank Rates from Big Banks

When shopping for a mortgage, one of the most important steps is to compare rates and terms with different banks. National Bank offers a range of mortgages and rates, some of which are available for viewing online. 

Additional information can be obtained by reaching out to their customer service reps through branch visits or phone calls. To make your search easier, our rate comparison tool is a simple and effective way to compare National Bank’s mortgages with those from other leading banks in the industry quickly and easily. By taking advantage of the rate comparison tool, you can be sure that you’re getting the best deal when making such a big financial decision.

National Bank Overview & Stock Information

National Bank of Canada, headquartered in Montreal, Quebec, is the sixth largest commercial bank in the country. It has millions of personal clients and is considered a conventional, A-lender, and is a common choice for mortgages. The bank has branches across Canada, and its stock is traded on the Toronto Stock Exchange under the symbol NA.

NBC Prime Rate

Central banks commonly use the prime rate as the foundation for various financial products such as mortgages, credit lines, and credit cards. The prime rate is the lowest interest rate commercial banks offer customers with minimal risk. Banks may adjust the prime rate with a positive or negative spread, depending on the level of risk associated with the lending product.  

National Bank 5-Year Fixed and Variable Rate History

National Bank’s 5-Year Fixed and Variable Rate has always mirrored the trends of other major Canadian lenders. For example, the bank saw a significant decrease in its rates during the height of the COVID-19 pandemic, in line with the Bank of Canada’s rate cuts, which reached historic lows. Afterward, there was a sharp rise in the prime rate as measures were taken to curb rising inflation, demonstrated by the Bank of Canada’s rate hikes and subsequent high-interest rates at National Bank. 

National Bank Mortgage Products

The National Bank offers a diverse selection of options for individuals looking to borrow for a residential property, including standard National Bank mortgage options such as fixed and adjustable rate loans, loans for purchasing additional properties, and a credit line based on the equity of one’s home. 

All-In-One home equity line of credit

The All‑In‑One™ Home Equity line of credit offered by National Bank, you can borrow up to 65% of the property’s value as a line of credit. To qualify for this product, a minimum down payment of 20% is required, and the remaining financing must be in the form of a National Bank mortgage loan.

National Bank Second Property Mortgage

Are you in the market for another property? National Bank has a range of options to assist you, including specialized products and National Bank interest rates. For example, financing may be available for up to 95% of the property value if your potential purchase is a full-time residence. However, if it’s a vacation home such as a cottage or lake house, you can still secure financing for up to 90% of the value. Additionally, you can choose between a fixed, variable, or reduced-rate loan and spread out your payments over 25 years.

Mortgage for Self-Employed Workers

If you’re self-employed or a business owner unable to provide the standard proof of income that’s required to qualify, National Bank offers this mortgage solution for those with 2 years of sound financial and credit management. With this mortgage, you can put as little as 10% down and refinance up to 80% of the value of your property.

National Bank Mortgage Payment Increases

Mortgage prepayment involves a borrower paying off some or all of their loan early, either with a lump sum payment or by increasing their monthly payments. Every bank in Canada has different prepayment amounts you can pay each year, and some come with more appealing prepayment options. 

Prepaying your National Bank mortgage means paying off a portion or the entirety of your loan before the scheduled repayment date. This can be achieved by making a large payment or increasing your monthly payments. Each bank in Canada has its own set of rules for prepaying mortgages, and some may have more beneficial options available. In addition, there are a specific variety of choices available to assist in paying off your National Bank mortgage sooner. These include:

The National Bank offers the option to make extra payments on your mortgage on each payment date. 

Additionally, by switching to more frequent payments, such as weekly or bi-weekly, you can decrease the amount of interest accumulated throughout your loan. This is because more frequent payments keep your mortgage balance in check, resulting in less interest accrual.

National Bank Annual Mortgage Prepayment

You can make annual lump sum payments of up to 10% of your National Bank mortgage principal. This is a relatively low amount compared to other Canadian banks, as shown in the comparison table.

Renewal Process with Big Banks

When renewing your National Bank mortgage, they will typically send you a notice of renewal a few months before the end of your term, with the interest rate for your renewal included, assuming your financial situation has stayed the same. Remember that when your term with National Bank expires, you can renew with any other bank or mortgage provider. If you’re considering restoring your National Bank mortgage with another lender, comparing different mortgage rates is a good idea.

Frequently Asked Questions

Here are the most frequently asked questions about National Bank’s mortgage products and rates in Canada this year.

Are National Bank interest rates lower than other big banks?

National Bank is widely known for its competitive rates, making it a popular choice among customers of the Big 6 Canadian banks.

How do I get a mortgage with National Bank?

National Bank has your back if you’re looking to purchase a home and apply for a mortgage loan! With an array of services specifically developed to assist new homeowners with their application process, obtaining approval is made easy. From online tools available on their website – or the more hands-on approach by setting up an appointment with one of National’s expert advisors – getting access to all required documents will be no problem.

Final Thoughts

Are you in the market for a new mortgage or looking to renew your current loan? Look no further than National Bank – one of Canada’s largest and most reputable banks and the only one of the “Big Six” to offer competitive rates on a wide range of residential mortgage products.