National Bank Mortgage
Editorial Score
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Compare & Apply →The National Bank Mortgage provides reliable home financing options for Canadians amid a prime rate of approximately 7.20% in 2026. With variable rates tied to prime and potential welcome bonuses like cashback (check current offer), now is a prime time to compare mortgages as rates fluctuate and competition heats up from other lenders. This review breaks down its features, pros, cons, and more to help you decide if it fits your CAD homebuying needs.
Key Features
- Variable rates as low as prime - 0.50% (around 6.70% based on 7.20% prime)
- Fixed-rate terms from 1-10 years, starting at 5.89% for 5-year closed (rates vary by term and credit)
- Amortization periods up to 30 years for uninsured mortgages or 25 years insured
- Prepayment privileges up to 20% of original principal annually without penalty
- Online pre-approval and mortgage calculator tools via National Bank app
- Fees vary (e.g., $300-$500 appraisal; legal fees $1,000+); welcome bonus cashback up to $3,900—check current offer
Pros & Cons
- Competitive rates for strong-credit borrowers (Equifax score 720+)
- Flexible prepayment and cashback options for refinancing
- Seamless integration with National Bank chequing/savings at standard rates
- Strong in-person support, especially in Quebec with 400+ branches
- FCAC-regulated with positive customer service ratings
- Rates often higher than discount brokers like nesto or Pine
- Limited branches outside Quebec (fewer in BC/ON)
- Fees vary and can include discharge penalties up to 3 months' interest
- Stricter underwriting than some online lenders
How It Compares
| Feature | National Bank | RBC Mortgage | Scotiabank Mortgage |
|---|---|---|---|
| Variable Rate (est.) | Prime - 0.50% | Prime - 0.60% | Prime - 0.40% |
| 5-Year Fixed (est.) | 5.89% | 5.79% | 5.99% |
| Cashback/Welcome Bonus | Up to $3,900 (check offer) | Up to $3,500 | Up to $2,000 |
| Prepayment | 20% | 20% (with Homeline Plan) | 15-20% |
Note: Rates approximate for 2026; compare via FCAC mortgage comparator.
Who It's For
The National Bank Mortgage suits existing customers, Quebec residents leveraging local branches, or those wanting bundled banking services with standard earn rates on linked accounts. It's available nationwide, including BC and ON where online tools shine despite fewer branches—ideal for creditworthy buyers (680+ Equifax score) seeking stability over rock-bottom rates from fintechs.
How to Apply
- Visit nationalbank.ca/mortgage or app for pre-approval (5-min online tool checks eligibility).
- Gather docs: 2 gov't ID, 2 years tax returns/NOC, paystubs, Equifax/TransUnion credit pull consent.
- Submit full application online, by phone (1-888-835-6281), or in-branch.
- Complete appraisal (fees vary), legal review, and close within 90-120 days.
FAQ
What are the current National Bank Mortgage rates?
Rates vary daily; variable around prime - 0.50% (7.20% prime = ~6.70%), fixed 5-year from 5.89%. Use their rate checker or FCAC tool for live CAD quotes.
Can newcomers to Canada get a National Bank Mortgage?
Yes, with permanent residency or 1+ year work permit, 6 months' employment history, and 680+ credit score. Consult a mortgage specialist for details.
What credit score do I need?
Minimum 600 via Equifax/TransUnion, but 720+ unlocks best rates and terms. Free credit check available online.
Are there prepayment penalties?
Closed mortgages have Interest Rate Differential (IRD) up to 3 months' interest; open variable has none. 20% annual prepay free on most.
Is it available in BC and Ontario?
Yes, fully available province-wide via online/ phone; branches limited but advisors cover all via FCAC standards.
Not financial advice. Rates and offers change. Read provider terms.
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Compare & Apply →Our Methodology
BGR evaluates Canadian mortgage products using a 6-factor model based on CMHC and FCAC guidelines, updated quarterly.
Data sources: FCAC, CMHC, issuer websites, Equifax Canada, TransUnion Canada. Last audit: June 2026.