First National’s Option 60

Last week, First National rolled out a 3.79% 5-year fixed offer called “Option 60.”

It’s a fairly decent rate for a nationally-available full-featured mortgage that includes a:

    • 60-day rate hold [Most competing full-featured mortgages at this rate have only a 30- or 45-day hold.]

    • 15% lump-sum prepayment privilege
    • 15% payment increase option
    • Double-up payment option
    • Online account portal that’s among the best in the industry
    • One-year home warranty plan [restrictions apply; N/A in BC]

What’s more, there are no onerous restrictions (like once-a-year pre-payment limits, refinance restrictions, or crazy penalties).

The Option 60 is available on both high- and low-ratio mortgages (as long as the mortgage meets CMHC guidelines).

First National offers this rate and product to all of its brokers with no status hurdles to meet. Other things being equal, lenders that provide good rates and service to all brokers without volume minimums deserve some extra support.

First National is Canada’s largest non-bank lender, and the third biggest lender in the broker channel (as of Filogix’s Q3 report).

 Toronto Mortgage Broker, have questions? We can help.

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