National Bank Mortgage Review 2025
National Bank: Our quick take
National Bank is a good choice if you want a traditional mortgage with a familiar brand.
Who is a National Bank mortgage best for?
A mortgage from National Bank could make sense for home buyers with good credit.
As a Big Six bank, it has a big footprint (particularly in Quebec) and many types of mortgages available.
Who's eligible for a National Bank mortgage?
To qualify for a prime mortgage with National Bank, as with any lender or brokerage, you’ll need to meet certain eligibility requirements. These include:
Minimum credit score: Typically 680, though National Bank pegs the number at 670.
Down payment amount: At least 5% for a home under $500,000. For homes between $500,000 and $1,499,999, you need 5% of the first $500,000 and 10% of the amount above $500,000. For a home that costs $1.5 million or more, you’ll need 20% of the purchase price.
Debt service ratios: Your gross debt service ratio should not exceed 39%; your total debt service ratio should not exceed 44%.
What type of mortgages does National Bank offer?
Like all Big Six banks, National Bank has a mortgage for nearly every need:
Convertible mortgages.
Renewals and refinances.
Mortgages for newcomers to Canada.
Investment property, vacation and second home mortgages.
Farm mortgages.
Mortgages for self-employed individuals.
There is one type of mortgage you may have trouble finding at National Bank: bad credit mortgages. If you have a lower credit score and need a mortgage, you'll want to see if B Lenders can help.
How do National Bank's mortgage rates compare?
Review of National Bank mortgage features
We've sifted through lender websites for features borrowers are interested in and summarized how each lender compares to its competitors with the labels "limited," "standard" or "excellent."
To see the details that led to each summary, expand the box below each entry.
Special offers available
EXCELLENT
National Bank shares more special rates online than its Big Six peers.
Why this might matter for you: Special rates can be a window into the types of rates you'll actually get from a lender. It's frustrating when one lender clearly displays them online and another doesn't.
Why this might not matter: If you work with a mortgage broker, they're the ones who will gather rate information. Also, because every mortgage offer is unique to the applicant, a special rate you see may not reflect the rate a lender will offer you.
Expand for details
National Bank advertises special rates for:
1 year closed fixed
2 year closed fixed
3 year closed fixed
4 year closed fixed
5 year closed fixed
5 year closed variable
5 year fixed high ratio
Term length options
EXCELLENT
National Bank advertises many term lengths online. These range from standard (five-year fixed rate) to uncommon (three months).
Why this might matter for you: Some borrowers need financing for an unusual amount of time (six months, six years or 25 years, for example).
Why this might not matter: If you intend to get a standard three- or five-year term, having access to less common terms doesn't matter as much.
Expand for details
National Bank advertises the following terms on its website:
3 month
6 months
6 months (open)
1 year
1 year (open)
2 year
3 year
4 year
5 year
5 year variable
5 year fixed high ratio
5 year capped rate
6 year
10 year
Prepayment limit
LIMITED
National Bank's lump-sum prepayment limit of 10% lags behind the 20% offered at multiple Big Six banks. If you have the cash, you can make a prepayment to reduce your mortgage balance. Unlike some other Big Six banks, you can spread this lump-sum payment over multiple payments. Your lender limits how much you can pay off in any year. Exceed the limit and you'll face stiff penalties.
Why this might matter for you: Paying off a mortgage early is a goal many homeowners have. The bigger your lender's lump-sum prepayment limit, the more flexibility you'll have.
Why this might not matter: If you don't expect to have funds available for prepayments, this limit is irrelevant.
What it's like to apply at National Bank
National Bank offers online mortgage prequalifying and pre-approval. Find out how each process works below.
Expand to preview online application
When you click on “Mortgage Pre-approval,” you’ll have the option to get pre-qualified or pre-approved.
1. From the pre-approval page, scroll down until you see the following graphic and choose “Get started.”
2. Enter your income, down payment amount, monthly debt obligations and home expenses such as taxes and heating costs. You should receive a pre-qualification estimate as soon as you hit the “Calculate” button.
1. Begin on the same page shown in the pre-qualified instructions. Choose “Get preapproved.”
2. Enter your personal contact information to create a profile.
3. Enter some general details about the home you hope to buy
4. Provide details regarding your income.
5. Confirm the information you’ve entered, agree to the bank’s terms and conditions and consent to a credit check. You’re all done.
About NerdWallet mortgage reviews
When we review mortgage lenders, we look for the options it offers customers, transparency in advertising, ease of application and flexibility it offers mortgage-holders.
Of course, a mortgage is a highly personalized product. The offer you receive depends on the details of your financial situation. A lender may have a less-than-transparent website but offer you a great rate.
Use this review to familiarize yourself with this mortgage lender. To get the best mortgage rate, work with a mortgage broker or negotiate directly with multiple lenders.
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