Buy a Home

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Mortgage calculators

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At National Bank you can renew or transfer your mortgage loan easily and according to your needs.

Renewal

You can renew your mortgage up to 3 months before the end of your term. By doing so, you can lock in at current rates and protect yourself against rate hikes.

To see which options are available to you:

Consult our Mortgage Financing Solutions

or

Apply:

Early Renewal

If you're no longer satisfied with your mortgage repayment options, you can change the terms and conditions at any time. If your loan is for a closed term however, penalties may apply.

Call your Advisor who'll review your situation and suggest a range of options.

Transfer your mortgage loan

Are you thinking about transferring your mortgage loan from another financial institution to National Bank?

All you have to do is meet with an advisor who'll suggest a financing solution that suits your needs, and who'll make all the arrangements to ensure a quick and easy transfer1.

To see all options available to you:

Consult our Mortgage Financing Solutions

or

Apply:

1 Legal and transfer fees may apply.

Renovate Your Home

Do you want to do major repairs on your home? Maybe you just want to spruce it up.

No matter how big or small your renovation project, National Bank can help. We provide financing solutions geared to your renovation needs.

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Our solutions for your renovations

The tables below provide information on our financing solutions1.

MAJOR RENOVATIONS
 

National Bank
All-In-One BankingTM1

Mortgage Loan

Advantages

Flexible repayment options.

Access the funds at any time2 via:

  • cheque
  • ABM
  • in-branch withdrawal
  • electronic banking3
  • Interac® direct payment

Get a single amount that can be used to finance all your renovation work.

Finance your renovations using your mortgage loan, but under separate repayment terms.

Repayment

Repay at your own pace. Minimum monthly payment is interest (and insurance premiums where applicable).

Fixed payments are automatically debited from your account on a set date (weekly, bi-weekly or monthly).

You can select your repayment period to suit your budget and cash inflows.

Loan amount

You can borrow up to 80% of the value of your property (minimum loan is $25,000).

You can borrow up to 80% of the value of your property4 (minimum loan is $5,000).

Eligibility

You must be the owner of the property.

You must have 20% equity in the property.

You must be the owner of the property.

You must have at least 20% equity in the property.

Small and Medium-Sized Renovations
 

Home Improvement Line of Credit

Personal Flex Line

Personal Loan

Avantages

You can access the funds at any time via2:

  • cheque
  • ABM
  • in-branch withdrawal
  • electronic banking3
  • Interac® direct payment

Flexible repayment options.

Obtain a single amount that can be used to finance all your renovation work.

You can select your repayment period based on your budget and cash inflows.

Repayment

You have the option of deferring payments for up to one year.

However, the interest will continue to accrue.

Repay at your own pace. Minimum monthly payment is interest (and insurance premiums where applicable).

Fixed payments are automatically debited from your account on a set date (weekly, bi-weekly or monthly).

Loan amount

Minimum loan: $5,000.

Eligibility

Based on your:

  • ability to repay
  • financial worth credit record

Looking to borrow less than $5,000?

If you don’t plan on spending more than $5,000 on renovations, MasterCard credit card solutions can help you carry out your projects. Various types of cards are available.

Insure your future

For just a few dollars more each month, you can have the peace of mind that comes with knowing that if you become critically ill or disabled or die5, your loan will be repaid and your family will not be saddled with a financial burden. For more information, see our Loan insurance section.

1 These solutions are subject to credit approval by National Bank.
2 Subject to fund availability and applicable fees.
3 Certain browser versions are required to access National Bank’s Internet Banking Services. Please see the section “Browser Requirements for Internet Financial Services” in the ABCs of Security at www.nbc.ca.
4 If the loan amount exceeds 65% of the property value (cottage), the loan must be insured with Genworth
5 Various types of coverage are offered depending on the type of loan chosen. Certain conditions apply, including requirements for loan insurance eligibility.
National Bank All-In-OneTM is a trademark of National Bank of Canada.
Interac® is a registered trademark of Interac Inc.

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If you have a closed-term mortgage and you decide to sell your home1 before the end of the term, prepaying your mortgage loan may trigger a mortgage penalty.

National Bank can reimburse all or part of your mortgage penalty if you make use of one of the following strategies:

Roll-Over Mortgage

A roll-over mortgage involves transferring the terms and conditions of your existing mortgage loan (balance, interest rate and residual term) to a new mortgage loan taken out at National Bank for the purchase of another home. This transaction will enable you to recover all or part of your mortgage penalty when the new mortgage loan is disbursed.

If the amount of the new mortgage loan is higher than the amount of the existing mortgage loan, you can also take advantage of the Multi-Choice option. The Multi-Choice option enables you to split your new mortgage loan into two portions:

  • The first portion is made up of the existing mortgage loan balance and has the same terms and conditions as your existing loan.
  • The second portion is made up of the additional mortgage financing; the interest rate and term are agreed on with your advisor.

Attention

To take advantage of this solution, you must obtain a new mortgage loan within 90 days of the date you close your existing mortgage loan.

If the amount of the new mortgage is less than the balance of the existing mortgage loan and/or its rate and remaining term are less than those of the existing mortgage loan, a penalty may be charged.

Buyer Referral

In certain cases, you may not be required to pay a mortgage penalty if the Bank grants the buyer of your home a mortgage loan with an amount, rate and term equal to or greater than those of your existing mortgage loan. The buyer’s mortgage financing must be granted within 90 days of your mortgage loan being closed.

Double mortgage

Buying a bigger home? There is one more option available to you.

If you or your buyer obtain a closed mortgage loan for an amount equivalent to at least twice the balance of your existing mortgage loan, the mortgage penalty triggered by prepayment of your closed-term loan may be reimbursed. The new financing must be obtained within 90 days of prepayment of your original mortgage loan.

1The strategies set out in this text are conditional on the approval of new mortgage financing within 90 days of prepayment of the original mortgage loan.
All these strategies apply only to new mortgage financing. All other types of financing are excluded (All-In-One, personal Line of Credit, personal loan, etc.). Other conditions may apply.