First National Mortgage Renewal Guide — Monoline Renewal Mechanics (2026)

First National is Canada's largest non-bank residential lender. Its renewal process is faster and more transparent than a bank's — but the retention desk works very differently. Here's the playbook.

First National is a monoline lender — it originates mortgages exclusively through mortgage brokers and holds them on its own balance sheet or through securitization. There are no retail branches, no cross-sell products, and no readvanceable line of credit. That structural simplicity shapes every part of the renewal experience.

How First National delivers your renewal offer

First National mails and emails the renewal 60–90 days before maturity — earlier than any Big 6 bank. The renewal notice includes a menu of term options at rates that are usually very close to First National's public rate sheet. There is no 'first offer / retention offer' gap: First National publishes essentially one rate, and the retention desk has narrow discretion.

You can also log into My Mortgage at firstnational.ca to view the renewal offer and accept online.

Standard-charge advantage

First National mortgages are registered as standard charges. Switching to another lender at renewal is cheap — usually $300–$500 all-in with a switch program at the receiving lender.

How to negotiate at First National

Because First National's rates are close to sheet, negotiation is limited. The real leverage is to work with a broker (First National only accepts broker-submitted applications) who can shop your file across First National, MCAP, Strive, Community Trust and Scotia — often producing a better rate than First National's own retention offer, even from First National itself as a new-file rate rather than a renewal rate.

Not sure how this applies to your renewal?

Jay Klair — FSRA Level 2 mortgage agent — will personally review your offer for free. One business day reply.

Where to find your First National mortgage details

Log into My Mortgage at firstnational.ca. All details — balance, maturity, rate, prepayments made, amortization remaining — are in one dashboard. You can also request a payout statement in-app.

Real example

Kitchener homeowner, $412,000 balance, First National 5-year fixed maturing February 2027. First National renewal offer: 4.49%. Broker re-shopped the file: MCAP came in at 4.34%, Strive at 4.29%. Legal cost to switch: $475 (Strive covered under switch program). Homeowner moved to Strive for the 0.20% rate advantage and Strive's better annual prepayment terms.

Official First National renewal resources

First National's My Mortgage portal is at firstnational.ca. Customer service is at 1-888-488-0794.

Frequently asked

Can I renew directly with First National without a broker?

Yes — you can accept First National's renewal offer directly through My Mortgage. But you cannot originate a new First National mortgage without a broker, which means shopping is broker-only.