Managing Your Mortgage

Converting your adjustable-rate mortgage to a fixed-rate mortgage.

Life can change, shifting your financial priorities. If having predictable mortgage payments better suit your budget, you can convert from an adjustable-rate to an eligible fixed-rate mortgage at any time during your term. And you can do it right in My Mortgage® in a few simple steps.

Convert to a fixed-rate mortgage in four easy steps

When you’re ready to convert to a fixed-rate mortgage, the process is simple – four easy steps, done entirely online in My Mortgage®.

Review rates

When you convert from an adjustable-rate to a fixed-rate mortgage, you are eligible for the current posted mortgage rate for the remainder of your term.

Check current rates

Choose your term

In My Mortgage®, on the left menu under Mortgage Account, click Convert to a fixed rate. Select your preferred term in the drop-down menu. Once you submit your request, we will send you an electronic Conversion Agreement within 48 hours detailing the new interest rate of your selected term, your estimated payment amount and new start date for your payments to take effect.

Start your conversion in My Mortgage®

Sign and submit

The Conversion Agreement requires electronic signatures from every titleholder within 10 calendar days. Once all titleholders have signed, simply click to submit. All titleholders must electronically sign the agreement before the 10-day expiry date.

You’ve converted

Download or print your conversion agreement for your records. Make note of your new payment amount and start date and take a moment to review the details and features of your new fixed rate mortgage.

HELPFUL TOOLS

Learn more about converting to a fixed rate mortgage

While the process is simple, you may have questions about a specific step or want to get a better idea of your possible payments. We have two resources that can help.

Mortgage videos: learn the difference between a fixed rate and adjustable rate mortgage, so that you can make an informed decision.
Payment Calculator: use your current mortgage details along with our posted rates to estimate your potential fixed rate payment amount.

We are always here to help. Send us a message on My Mortgage^®, chat with one of our specialists online or call 1-888-488-0794.

Rates

Updated October 16, 2026

View all rates

Rates are for single-family residential mortgages. Actual rates may vary. Please contact First National toll-free at 1.888.670.2111, send us a message through your My Mortgage account or speak with your mortgage broker for further information. Rates are subject to change without notice. E. & O. E.

Questions about converting your mortgage to a fixed rate?

There are several questions that come up when customers are considering converting to a fixed-rate mortgage. Here are the answers in one place for your reference.

Why would I consider converting from an adjustable rate to fixed rate mortgage?

Many people consider converting from an adjustable rate to a fixed rate mortgage for greater certainty and predictability in payments. With an adjustable rate mortgage, your payments fluctuate based on changes in First National’s prime rate. Having a fixed rate mortgage means more predictability in your payments for the remainder of your mortgage term.

When I convert to a fixed rate mortgage, do I just lock in my existing rate?

When you convert your adjustable rate mortgage, you are accepting a new fixed rate for the remainder of your term, which is based on the current posted rate.

Do I need to requalify to convert to a fixed rate mortgage?

You do not need to requalify to convert from an adjustable rate to a fixed rate mortgage. Once you sign the Conversion Agreement, the change is complete.

Will I have to pay anything to convert to a fixed rate mortgage?

Fees may apply depending on your mortgage product. Please refer to your mortgage documents for details about your conversion options and any associated costs. For further assistance, connect with a representative through your My Mortgage^®account or by phone at 1-888-488-0794.

What is the difference between converting to a fixed rate mortgage and renewing my mortgage?

Converting to a fixed rate mortgage is an optional feature available to adjustable rate mortgage customers. Renewing is a mortgage milestone that applies to all mortgage types. When you finish one mortgage term, you can renew into a new term.

How do I know which term to choose when I request a conversion agreement on My Mortgage®?

Your My Mortgage^® account will show you the terms available to you, based on how much time is left in your current adjustable rate term. If you’re still thinking about it, you can determine the term you are eligible for by rounding up from your remaining term.

For example, if you have three years and three months left on your term, you round up – making you eligible for a four or five-year term.

How long does it take to convert to a fixed rate mortgage?

When you request a Conversion Agreement in My Mortgage^®, expect to receive it within 48 hours. Once received, you have 10 calendar days for all title holders to sign the agreement and submit it. If the agreement expires, you will not see any changes to your mortgage. If your agreement expires, and you still want to convert, you will need to request a Conversion Agreement again. Since rates are subject to change, without notice, we cannot guarantee you will receive the original rate you were offered when you first requested to convert to a fixed rate mortgage.

Can I convert back from fixed rate to adjustable rate?

You cannot convert back to an adjustable rate mortgage. If, in time, you decide that an adjustable rate mortgage is a better option for you, you can choose that mortgage type when you renew at the end of your mortgage term. Alternately, you could break your mortgage term early, however, you will likely have to pay prepayment charges and administrative fees. Learn more about when and how prepayment charges apply here.

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The simple, stress-free way to manage your mortgage.

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