Convert your adjustable rate mortgage

Convert from an adjustable to a fixed rate mortgage

There is often confusion about what is involved in converting from an adjustable to a fixed rate mortgage. Many borrowers misperceive the process as complex, and require clarity regarding changes to their mortgages, payments and privileges. If you are considering a switch or want to improve your understanding of the process and implications, you can use the information here to build your knowledge and confidence.

Understand the process of converting from an adjustable to fixed rate

Mortgage Payment Calculator

Get a better idea of your monthly mortgage costs by estimating your potential payments.

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With the variability of rates, when you choose to switch is important.
Once you decide that you’re ready to switch your rate type, the process is easy.

Select your term and rate

Log in to My Mortgage (if you haven’t registered yet, it’s easy), select the term and rate you want to convert and request a conversion agreement.

Sign in and send back

All titleholders must sign the conversion agreement. Once fully signed, send the agreement back through My Mortgage

Be aware of your new payment date

We will process your conversion agreement and will set your new payment date according to the date indicated on the first page of the conversion agreement.

If you have questions about converting your rate type, log into My Mortgage to chat with a customer service representative or contact us at 1.888.488.0794.

Some important facts about converting

You can choose to convert from an adjustable to fixed rate mortgage at any time during your mortgage term. There is no fee involved. Other important facts to know include:

Converting to a fixed rate mortgage means that your payments will no longer fluctuate according to changes in the prime rate. They will remain the same until the end of your term.
You do not lock into your adjustable rate - instead you convert to a fixed rate.
The duration of your new fixed rate term is determined based on the amount of time you already completed in your adjustable rate term (equal to or greater than five years). For example, if you signed for a 5-year adjustable rate mortgage term and had it for two years, you can lock in for three or more years at a fixed rate.
You will see changes in your payments. Estimate your new payment using the Payment Calculator.
You will see changes to your maturity date.
Your payment privileges will change. Any ongoing privileges will cease to apply, and you will need to proactively request new privileges based on your new payment amount.
You cannot convert back from a fixed rate to an adjustable rate mortgage.

Rates

The latest rates that First National offers for qualified residential mortgages.

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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.

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