Your mortgage loan moved
Learn more about the transfer of your mortgage loan from iA Financial Group to National Bank.
We’re here for the next phase of your home financing
Welcome to National Bank for your mortgage! Following the purchase of mortgage loans belonging to iA Financial Group, your mortgage loan was transferred to National Bank on September 1, 2020. We’re glad to support you in the next steps of your home ownership project.
What the transfer means for you
Your loan conditions
The majority of the conditions of your mortgage loan are maintained. Your interest rate, the amount and frequency of your payments, as well as the end date of your term are not changing.
Two annual statements for 2020
During fall 2020, you have received a statement for the period of January 1 to August 31, 2020 from iA Financial Group. In January 2021, we have sent you your annual statement for the period of September 1 to December 31, 2020. Remember to add up these two statements in your income tax return.
Monthly adjustments of variable rates
If you have a mortgage loan with a variable rate, take note that variable rates will be adjusted once a month and not each payment. See the “Answers to your questions” section at the bottom of this page for more details.
Advantageous early repayments
Your repayment conditions were changed to allow you to repay your loan faster if you wish to do so, while avoiding early repayment fees if conditions are met. See the table below for all the details.
Repaying your loan in full
Fees could apply if you repay your mortgage loan in full before the end of your term. These fees are calculated according to the method that most benefits you: either the one used by iA Financial Group outlined in your loan contract, or National Bank’s.
Managing your taxes
For 2020, iA Financial Group took care of paying your municipal tax bill, if it was known to them. Consult your September 1, 2020 iA Financial Group statement for more information about your tax payments and your tax balance reserve.
At National Bank, you can take advantage of our online bank feature to plan tax payments1 and organize your periodic savings.
Early repayment: your new conditions
What won’t change
Additional principal repayments
- Possibility of increasing the amount of your payments
- Up to 15% of the principal amount borrowed per year
Increasing payment amounts
- Possibility of increasing the amount of your next payments
- For a defined period or until the end date of your loan
What’s new
Additional principal repayments
- Possibility of making one or more additional payments per year, within the limit of 15% of the principal amount borrowed per year
- Repayment applicable on the day of the request on business days (applicable on the next business day if it’s a holiday or weekend)
Increasing payment amount
- The amount of the increase can reach a maximum equal to your regular payment (for example, if your current payment is $1,000, the maximum increase is $1,000 for a total payment amount of $2,000)
- The increase can be changed or canceled at any time
Calculate your prepayment fees
Prepayment fees may apply if you repay your mortgage loan before the end of your term. Get an estimate of the fees now.
Reinvestment rates (%) as of
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These rates are used to calculate the prepayment fees for fixed rate loans. |
|
Term |
Value |
12 months |
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2 years |
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3 years |
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4 years |
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5 years |
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Rates are determined daily based on the rates in effect on the previous business day. The reference rate is the bond market rate.
Your online bank makes it even easier
Your online bank
Sign up to our online services to view your loan balance, make a prepayment, make an additional payment and much more.
National Bank app
Manage your mortgage loan thanks to the National Bank mobile app, available on Android and iOS.
Answers to your questions
Why is my mortgage being transferred to National Bank?
National Bank acquired personal mortgages held by iA Financial Group (Industrial Alliance Insurance and Financial Services Inc.). All of the clients involved will have their mortgage loan transferred automatically to National Bank.
We are always on the lookout for acquisitions that allow us to consolidate our presence in the mortgage market.
What are the impacts of my mortgage transfer to National Bank? Do I have to do something?
Your mortgage was transferred automatically on September 1st.
Most of the terms of your mortgage will remain the same, such as your interest rate and the amount of your payments.
As a National Bank client, you’ll be able to take advantage of competitive rates on your mortgage renewal and favorable mortgage conditions.
You’ll also have the opportunity to take advantage of National Bank’s banking solutions, in addition to receiving support from one of our advisors to meet your goals.
I have a question about my mortgage loan, who should I contact?
Our dedicated advisors will be happy to support you. Call us at 514‑985‑8705 or at 1-877-330-3012.
I have a variable rate mortgage loan. How will the interest rate be adjusted?
With iA Financial Group, when the variable rate changes, the new rate is applied to your next payment.
At National Bank, if the rate varies, the change won’t always be applied to your next payment. Rather, it depends on the frequency of your payments.
The new rate is applied when the one-month term is renewed. That means it is revised for each payment if you have monthly payments, and every four weeks if you have payments every week or every two weeks.
Can I carry out online transactions relating to my mortgage loan?
Yes. To access the different features on offer, you have to create your account in your online bank.
If you already have signed up for your online bank, you can:
- View your loan balance
If you have a National Bank chequing account, you can also:
- Repay borrowed capital
- Schedule an additional payment
The transferred balance that appears on my first National Bank statement does not match my final balance with iA Financial Group. What should I do?
These amounts should be identical. If you notice a discrepancy, contact us immediately at 514-985-8705 or at 1-877-330-3012.
I want to share my dissatisfaction with the transfer of my mortgage loan to National Bank. Who can I contact?
If you are dissatisfied with an experience, please see our Complaint settlement section to learn about the online and in-person resources at your disposal.
For more information on the process to follow in case of dissatisfaction, see our brochure [PDF].
For 2020, iA Financial Group took care of paying your municipal tax bill, if it was known to them. Consult your September 1, 2020 iA Financial Group statement for more information about your tax payments and your tax balance reserve.
However, you will have to pay your school taxes, as previously communicated by iA Financial Group at the start of 2020.
Here’s what will happen to your tax reserve:
Surplus balance
Your tax reserve balance may have been in surplus on September 1, 2020. If so, we have simply refunded that balance to your usual bank account in September 2020.
Balance in deficit
Your tax reserve balance may have been in deficit on September 1, 2020. If this is the case, your payments to National Bank will continue to include an amount for municipal taxes until they are fully reimbursed. Thereafter, you will see a reduction of your mortgage payment amount.
For 2021, access your National Bank online bank and use the feature that allows you to:
- Plan your payments from your tax accounts;1
- Calculate the amounts you need to save during the year, at your desired frequency; and
- See your upcoming payments in the "Bills" section of your online bank and modify them if necessary.
Little details that matter
iA Financial Group is a business name and trademark of Industrial Alliance Insurance and Financial Services Inc.
1. This online banking feature allows you to independently manage the payment of your municipal and school tax bills by providing you with tools. This is not a tax management service offered by the National Bank through a property tax deposit account.
