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Convert your adjustable rate mortgage

Convert from an adjustable rate to a fixed rate mortgage, with no fee

Interested in converting your adjustable rate mortgage to a fixed rate mortgage? Many clients make the switch to simplify their budgeting and money management. With a consistent rate for the entire term, you can avoid any potential payment fluctuations.

First National offers the option of converting, without any fee. However, there are some key considerations and steps to follow to make the process as seamless as possible. 

Key considerations:

  • The rate quoted in the conversion agreement that you receive is based on current mortgage rates, which are subject to change without notice. 
  • Your new fixed rate will alter your payment amount. Estimate your new payment amount using our payment calculator.
  • Your conversion agreement is valid for 10 calendar days from the date of issue. It must be signed by all mortgage titleholders and returned by email or fax prior to the expiry date.
  • Converting your mortgage to a fixed rate will change some of the features of your mortgage including your prepayment privileges as well as your prepayment penalty calculation. The changes will be detailed in your conversion agreement.
  • Once you convert to a fixed rate mortgage, you cannot go back to an adjustable rate mortgage until the term’s completion or unless you break the mortgage and pay the associated penalty.

How to convert from an adjustable rate to a fixed rate mortgage:

  • Choose your desired fixed rate term. View available terms here.
  • The combination of the elapsed time on your current adjustable rate mortgage term and your new fixed rate term must be equal to or greater than five years (i.e. if you have a 5-year adjustable rate mortgage and two years have already elapsed, you must convert into a minimum 3-year fixed term to meet the combined 5-year requirement).
  • If you are uncertain about how much time has elapsed on your current adjustable rate mortgage, log into My Mortgage and check your mortgage details or call customer service at 1.888.488.0794.
  • Submit your conversion agreement request via My Mortgage on the “Convert to a fixed rate” page. You will receive a conversion agreement within 3 business days.
  • Have all mortgage titleholders review and sign the conversion agreement and send the signed agreement to First National via My Mortgage.

Additional information:

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