KEEPING YOU INFORMED: COVID-19 information for residential customers & commercial borrowers
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Our residential call centre is experiencing higher than normal wait times.

If you are a residential customer experiencing financial hardship due to COVID-19 and need to request a mortgage payment assistance, please submit a payment assistance request through My Mortgage.

If you are a commercial borrower experiencing financial hardship due to COVID-19, please email our Payments team at commercial.payments@firstnational.ca.

Be assured that we are committed to getting back to all of you who have contacted us.

Your patience is appreciated, and we thank you for your understanding.

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Insurance requirements

What is it?

Commercial Insurance is a contract between an insurance company and a customer for a specified period. The insurance provides protection against risks associated with the physical structure and operating the property as a business.

First National insurance requirements include:

  • Fire insurance
  • Rental insurance (Loss of Income)
  • Boiler and Machinery/Equipment Breakdown
  • Flood and Earthquake insurance
  • Water and Sewer Back up coverage
  • Commercial General Liability insurance
  • All Insurers must have an A.M rating of B+ or better

Why is it important?

Insurance helps to ensure that:

  • The Borrower maintains adequate coverage to protect himself and the Lender

View our other mortgage servicing areas

Financial requirements

On an annual basis, we review financial documents as outlined in the commitment letter to continuously verify the financial health of the property.
Learn more

Undertaking

Post funding, we work with borrowers to meet the specific milestones and obligations outlined in the mortgage contract.
Learn more

Property tax

For borrowers that choose to pay their own property taxes, we work in collaboration with the tax department to show proof of timely and accurate payment.
Learn more

Payments, pre-payments and banking changes

If alterations to verified payment dates or banking information need to be made, we work to verify and implement those changes, so information remains current and execution proceeds smoothly.
Learn more

Mortgage information

For both annual accounting and general mortgage management, we provide three key statements including the Annual Statement, Mortgage Information Statement and Amortization Schedule.
Learn more
commitment-letter

Your commitment letter

The commitment is a contract between First National and the Borrower. First National uses this commitment as the source for all decision making throughout the duration of the mortgage amortization period. The commitment covers everything from payment type (fixed, floating, amortizing, interest only), pre-payment parameters, insurance requirements, type of annual review documents to be collected, undertaking requirements, etc.

Why is it important?

It is important to note that the commitment is attached to the mortgage (rather than the borrower) for the entire amortization period.

  • If the loan is assumed the current Borrower is replaced by the Purchaser of the property.
  • If the loan is renewed the terms and conditions of the commitment are extended for a new term in accordance with the renewal agreement.
  • If the loan is refinanced the terms of the existing commitment is discharged and new terms are registered with the mortgage.
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