National Bank Mortgage review
Best for: Borrowers who want promotional rates on 2 to 7-year fixed terms, a capped variable option and an extra payment on any payment date.
#6 in our mortgage lenders ranking. See how we rank
May differ above a 25-year amortization; posted rate is 6.14%
Promotional variable rate not listed; figures on the page conflicted
Of the principal borrowed, per calendar year; extra payment up to one regular payment
Fixed: higher of 3 months’ interest or 1 month’s interest (max $500) plus the interest differential
Rates may differ above 25 years; a first-time buyer promotion requires 30
The bottom line
National Bank lists a 5-year fixed promotional rate of 5.04% against a posted 6.14%, with promotions on 2, 3, 4 and 7-year terms too. Its 5-year variable is posted at prime, 4.45%, and a capped variable sits at 4.70% with a 5.45% cap. Prepayment is limited to 10% of the principal a year plus extra payments, and its pages don’t cover porting or maximum amortization.
Pros & cons
Pros
- Promotional rates on 2, 3, 4, 5 and 7-year fixed terms
- Capped variable rate that never goes above 5.45%
- Extra payment of up to one regular payment on any payment date
- Cash back of up to $4,000 on a transfer until November 3, 2026
- 120-day rate guarantee with pre-approval
Cons
- Lump-sum prepayment limited to 10% a year
- Portability and maximum amortization not stated
- Promotional rates may differ above a 25-year amortization
- Some figures on its rates page conflicted when we checked
Worth comparing if you want a discounted fixed term or a capped variable. Confirm porting, maximum amortization and the current variable discount with National Bank, since its pages leave these out.
Suits you if
- You want a promotional 7-year fixed rate.
- You want a variable rate with a ceiling.
- You like making an extra payment now and then.
Look elsewhere if
- You plan to prepay more than 10% a year.
- You may need to port your mortgage.
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National Bank mortgage rates on offer
National Bank lists promotional rates on most closed fixed terms, a high-ratio promotional rate and posted rates. We read these figures on October 14, 2026, from the rate data built into National Bank’s rates page. Rates change often.
National Bank’s APR example assumes $350,000 borrowed over a 25-year amortization, a $5 monthly admin fee and a $350 appraisal, and the bank says rates may differ if the amortization is over 25 years. Open terms are posted at 9.75% for 6 months and 9.65% for 1 year.
- 5-year fixed: 5.04% promotional (APR 5.08%), 6.14% posted
- 5-year fixed high ratio: 4.69% promotional (APR 4.73%), shown as fixed page text rather than live rate data
- 2-year fixed: 4.99% promotional, 5.24% posted
- 3-year fixed: 4.94% promotional, 6.09% posted
- 4-year fixed: 5.04% promotional, 6.05% posted
- 7-year fixed: 5.34% promotional, 6.40% posted
- 1-year fixed: 5.49%, both promotional and posted; 10-year fixed: 6.80% posted, no promotion
Variable and capped rates
Prime was 4.45% when we checked, and the posted 5-year variable equals prime. The rates page also shows a 5-year variable promotion, but its formula and headline figure didn’t match, so we haven’t listed a rate; ask National Bank for its current variable discount. The 5-year capped-rate mortgage is prime plus 0.25%, or 4.70%, and the rate never goes above the 5.45% cap.
Prepayment privileges
On closed mortgages, you can prepay up to 10% of the principal borrowed each calendar year without fees. You can also make an extra payment of up to your regular payment amount on any payment date. National Bank’s pages don’t state a limit for permanently increasing your payment, so ask if that matters to you.
Penalties and portability
Breaking a fixed-rate mortgage costs the higher of 3 months’ interest or 1 month’s interest (maximum $500) plus the interest differential. Variable-rate mortgages cost 3 months’ interest. We found no portability terms on the pages we read, so ask whether you can take the mortgage with you if you might move during the term.
Cash back, features and how to apply
A pre-approval comes with a 120-day rate guarantee. National Bank’s cash-back promotion pays up to $3,500 on a purchase, or up to $2,750 for first-time buyers, and up to $4,000 on a transfer. Combined with loan insurance and new investments, it can reach $8,750. The offer runs until November 3, 2026, on 3-year or longer fixed terms or a 5-year variable of at least $100,000.
The All-In-One home equity line of credit is priced at prime plus 1%, and energy-efficient homes can get 25% back on the insurance premium, up to $5,000. National Bank doesn’t state a maximum amortization, though its first-time buyer insurance promotion requires a 30-year amortization.
Other mortgage lenders we review
- Desjardins Mortgage5-year fixed: 4.69% special
- Tangerine Mortgage5-year fixed: 4.69% preferred (clients)
- Meridian Mortgage5-year fixed: 4.74% special
- nesto Mortgage5-year fixed: 4.79% (20% down)
- Alterna Mortgage5-year fixed: 5.04% (20%+ down)
- BMO Mortgage5-year fixed: 5.14% Smart Fixed special
- RBC Mortgage5-year fixed: 5.14% special
- CIBC Mortgage5-year fixed: 5.34% special
- TD Mortgage5-year fixed: 5.34% special
- Scotiabank Mortgage5-year fixed: 6.19% posted
Frequently Asked Questions
Does National Bank offer a capped-rate mortgage?
Yes. National Bank lists a 5-year capped-rate mortgage at prime plus 0.25%, or 4.70% when we checked. The rate never goes above the 5.45% cap. The regular 5-year variable was posted at prime, 4.45%.
How is National Bank’s fixed-rate break fee worked out?
National Bank charges the higher of 3 months’ interest or 1 month’s interest (maximum $500) plus the interest differential. On a variable-rate mortgage, the charge is 3 months’ interest. Ask for a written estimate before you break a term.
Can I make extra payments on a National Bank mortgage?
Yes. You can make an extra payment of up to your regular payment amount on any payment date, and prepay up to 10% of the principal borrowed each calendar year without fees. National Bank doesn’t state a limit on permanent payment increases.
Does National Bank offer a 5-year variable discount?
Its rates page shows a 5-year variable promotion, but the figures on the page didn’t agree when we checked, so we haven’t listed one. The posted 5-year variable was 4.45%, equal to prime. Ask National Bank to confirm its current variable rate in writing.
What is National Bank’s 7-year fixed mortgage rate?
National Bank listed a 7-year closed promotional rate of 5.34% (APR 5.37%) when we checked, against a posted 6.40%. Promotional rates may differ if your amortization is over 25 years.
How much cash back does National Bank offer first-time buyers?
The purchase offer is up to $3,500, or up to $2,750 for first-time buyers. Transfers earn up to $4,000, and combining the offer with loan insurance and new investments can bring it to $8,750. The promotion runs until November 3, 2026, with a $100,000 minimum.
What rate does National Bank charge on its All-In-One line of credit?
National Bank lists its All-In-One home equity line of credit at prime plus 1%. Prime was 4.45% when we checked, and the line moves with it.
Sources
Rates and terms come from National Bank Mortgage’s own site, checked October 14, 2026. Mortgage rates change often and your rate depends on your down payment, credit, property and whether the mortgage is insured, so get a quote before you decide. See our methodology.