First National mortgage — a broker's perspective
Largest broker-channel monoline by volume. Excellent on prime insured + insurable files, with consistent execution and predictable underwriting. The Excalibur program is one of the best uninsured alt-prime offerings.
Who is First National?
Largest broker-channel monoline by volume. Excellent on prime insured + insurable files, with consistent execution and predictable underwriting. The Excalibur program is one of the best uninsured alt-prime offerings.
First National sits within the a-lender monolines tier of Canada's mortgage market. Broker-channel non-bank funders. Typically 10-25 bps below the Big-6 on insured + insurable purchases.
From thousands of funded files across 99+ Canadian lenders, our brokerage has placed thousands of mortgages with First National and we know their underwriting appetite intimately — what they say yes to, what they push back on, and what file structure gets a clean approval the first time. First National is broker-channel only, meaning the only way to access their rate sheet is through a licensed mortgage brokerage like ours.
What we send to First National.
From thousands of funded files across 99+ Canadian lenders, here’s what we know about First National’s preferences.
First National rate context — May 13, 2026
We can't publish lender-specific rates by name (lender confidentiality + daily-changing rate sheets), but here’s the live market context for a-lender monolines pricing today. Your actual First National rate depends on file strength, term, insurance status, and product family.
First National funds these mortgage types
As a broker we access First National’s full broker-channel product menu. Explore the relevant product page for your file.
How we work with First National
We’re not employees of First National. We’re an independent FSRA-licensed brokerage that submits files to First National on your behalf when they’re the best fit — and to a different lender when they’re not.
5-minute call to understand your file — income, credit, down payment, property, timeline. No bureau pull to start.
We benchmark your file against 99+ lenders' appetite, not just First National. If they're the best fit, we go there. If not, we go elsewhere.
Full document package to First National's broker desk — structured the way their underwriters want to see it for clean first-time approval.
Conditional approval → conditions cleared → lawyer instruction → funding. We project-manage every milestone end-to-end.
Is First National a good fit for your file?
Honest take from thousands of funded files. We send the right file to the right lender — not the loudest one.
Strong fit for
- ✓Rate-sensitive borrowers wanting 10-25 bps below Big-6
- ✓Insured first-time buyer files with full doc
- ✓Insurable transfers from a Big-6 at renewal
- ✓Borrowers comfortable with broker-only access (no branch)
Probably not the right fit if
- !Borrowers who require in-branch service
- !Files with non-standard income (most monolines stick to clean files)
- !Newcomers without 3+ months Canadian credit history
- !Complex refinances needing in-person review
Not sure where your file fits? Start a free pre-qualification and we’ll diagnose your fit across 99+ lenders — without a bureau pull to begin.
Other a-lender monolines we shop alongside First National
Same tier, often comparable rates. We benchmark First National against these every time.
First National mortgage broker — major Canadian cities
We place First National files across Canada. Tap your city for local market context and start a pre-qualification with your file in mind.
Don’t see your city? Browse all Canadian markets — we lend nationally.
Going direct to First National vs. through us
Same lender, different access points. Here’s what changes when you go through a broker.
| Aspect | Direct with First National | Through Mortgage Squad Advisors |
|---|---|---|
| Rate sheet | Broker-channel only — no direct retail access | Direct broker-channel access — our day-one cost |
| Lenders shopped | Just First National | 99+ lenders incl. First National |
| If declined | Application ends; reapply elsewhere | Re-route to next-best lender same day |
| Cost to borrower | $0 — bank pays its own staff | $0 — lender pays our compensation |
| Underwriting strategy | First National's lens only | We structure your file to First National's preferences before submission |
| Renewal benchmarking | First National sends a single offer; you accept or counter | We benchmark across 99+ lenders 120 days before renewal |
Same First National loan documents. Different shopping power. Start a pre-qualification to see what your file looks like across 99+ lenders.
What are First National's current mortgage rates in Canada?
How do I qualify for a mortgage with First National?
Is First National a good mortgage lender?
Can I switch to First National at renewal?
Does First National work with self-employed borrowers?
How long does First National take to approve a mortgage?
What's the difference between First National branch rates and broker rates?
Does First National offer pre-approvals?
What prepayment privileges does First National offer?
What if First National declines my mortgage application?
Editorial commitment
This page is an editorial profile written from our brokerage’s perspective. We are not employed by First National and receive no payment from First National for this content. We compensate-disclose: on A-lender files the lender pays our brokerage compensation, and we earn the same regardless of which A-lender funds your file — so our recommendations are rate-agnostic. Rates and program details are reviewed quarterly; last reviewed May 13, 2026.
Pillar guides relevant to First National files
In-depth playbooks paired with the product types First National funds. Free, no email required.
The single most-downloaded guide we publish. Pre-approval to closing day, the full FHSA + RRSP HBP + FTHB stack, the stress test in plain English, and the 6 documents you'll actually need to qualify.
70% of Canadians renew with their bank at the rate they're first quoted. This guide is the alternative — a 5-day playbook for 120 days before maturity that, on average, saves clients $4,200 over a 5-year term.
Refinancing isn't always a win. This guide gives you the spreadsheet we use internally: penalty + fees vs. monthly savings + break-even, with three worked scenarios (rate drop, debt consolidation, equity take-out).
The mortgage-side guide for Canadian real estate investors. Rental income offset (50% vs 100%), CMHC MLI Select, BRRRR-friendly lenders, portfolio limits, DSCR-style products, and how to keep your file qualifying as you scale.
Browse other lender tiers
Same broker. Different lender appetite.