As a leading bank in Canada, the Royal Bank of Canada is certainly one of the first institutions you should consider for your next Canadian mortgage. We are the best place to access low RBC mortgage rates and find out everything you need to know about the bank. Our extensive bank information page and convenient selection of RBC mortgage products saves you time and helps you qualify for an RBC mortgage with little effort. Read on to find out about RBC mortgages, and choose the product that interests you to get started.
RBC Mortgage Options
Royal Bank of Canada has several mortgage options, some of which are similar to standard mortgage products at other institutions and others that are unique to RBC. You are sure to find a product with the best RBC mortgage rates from this selection of RBC mortgage options:
STANDARD MORTGAGE OPTIONS
• Variable-Rate Mortgage — RBC’s variable-rate mortgage is available in a 5-year term with a closed or open mortgage option. The closed mortgage has a lower interest rate (RBC prime plus 0.20 percent as of June 2012) than the open mortgage option (RBC prime plus 1 percent as of June 2012). In any case, variable mortgage rates from RBC are subject to change from month to month during your loan term, but as they are often lower than fixed mortgage rates, you might prefer a variable-rate mortgage even though your payment may change during your term.
• Fixed-Rate Mortgage — Should you prefer the stability of a payment that never changes, you can choose a fixed-rate mortgage from Royal Bank of Canada. This is a closed mortgage, which means that you cannot pay it off early without a prepayment penalty. 4-, 5- and 7-year terms are available, and the longer your loan, the higher the interest rate.
SPECIAL MORTGAGE OPTIONS
• Self-Employed Mortgage — If you own your own company or do freelance work, a self-employed mortgage from RBC is probably the best product for you. This closed-term mortgage allows you to finance up to 85 percent of your home when you refinance and 90 percent when you buy. Terms of 4, 5 and 7 years are available.
• Energy Saver™ Mortgage — This RBC product is designed to help you finance a home and make improvements that improve energy efficiency. You get a rebate on an energy audit with this mortgage, and you can include the cost of efficiency improvements in your home loan. Choose a 5-year closed term with a variable mortgage rate or a 4-, 5- or 7-year closed term with a fixed rate. With this loan, you qualify for a $300 rebate on a home energy audit.
• RBC Homeline Plan® The RBC Homeline Plan® is a home equity line of credit available at the lowest RBC mortgage rates. If you are buying and have a 20 percent down payment or you own your home and have at least 20 percent equity in it, you can qualify for this loan with a 5-year closed term and a variable or fixed interest rate. This is a great product to reduce the interest rate you are paying on your debt and to access a low-cost loan for large products and services.
• Vacation/Second Home Mortgage — Not every bank offers its best mortgage rates on mortgages for a vacation or second home. With this 5-year fixed-rate mortgage, you can finance up to 95 percent of your purchase at excellent RBC Bank mortgage rates. This is a closed mortgage.
• RBC Cash-Back Mortgage — If you have at least a 5 percent down payment but need cash to make improvements on your home or furnish it, you can benefit from a cash-back mortgage. This is a fixed-rate loan that gives you the equivalent of 4, 5, or 7 percent of your loan principal at your closing. Your interest rate is slightly higher than the rate on a normal fixed-rate mortgage.
Why Should I Choose Royal Bank of Canada for My Mortgage?
As we have already noted, the many special mortgage options offered by RBC make the institution a great choice for those who have unique mortgage needs. It is probably the best bank for you if, for instance, you want to buy a vacation home or are self-employed. The bank also offers a number of prepayment plans that allow you to pay off your closed mortgage before your term ends without incurring a penalty. If you pay off your loan in full early without following one of the following programs, you will incur extra fees, but these options will not force you to pay extra if you use them to pay down your mortgage more rapidly:
• Double-Up® mortgage payments allow you to pay anywhere between $100 and the total of your monthly principal and interest payment in addition to your normal mortgage payment every month that you pay your loan. • Extra mortgage principal payments can be made that total up to 10 percent of your original principal balance each year you pay an RBC mortgage at the current RBC mortgage rates. • Increase your mortgage payment up to 10 percent each year without an administration fee.
Qualifying for an RBC Mortgage
Getting an RBC mortgage is a fairly standard process. First, you should click on the interest rate on this page that you prefer, and you will be taken to the online mortgage application. You will fill in the application, which requires information on the home purchase price, your income and other documentable financial facts. To qualify for a self-employed mortgage at RBC Canada mortgage rates, you need to provide your business license, most recent notice of assessment and articles of incorporation. You may also need to include T1 forms and your business financial statements. Documentation of income, account balances and tax forms are required for all other mortgages. Once you complete your application, you will hear from a mortgage representative who will help you complete the loan process. If you have good credit, you should get approved.
RBC is an institution with a long history, and there are many interesting things that can be said about it. For example:
• RBC was founded in Nova Scotia as Merchants Bank in 1864. • Currently, RBC is the largest bank in Canada in terms of deposits and capitalization. • RBC once had a presence in the United States, but it sold its U.S. interest to PNC Financial Services in 2011. • RBC has branches and offices throughout the Caribbean as well in Beijing, China, and Mumbai, India.
Get Started with RBC Today
If you have decided that RBC is the right bank for you, it is easy to start your mortgage application. Choose the mortgage rate you prefer on this page to apply for an RBC mortgage at the most competitive RBC Canada mortgage rates.
[show-menu menu=24 menu_name=”Best Bank Mortgage Rates”]
At MortgageRates.ca, we believe that all Canadians deserve access to financial tools, education and product comparisons to make more informed financial decisions.
How do we make money? MortgageRates.ca receives compensation when our users connect with providers and/or are approved for products offered on our website.
We strive to offer our users a robust list of the best products available in the market to compare, including those offered by Canada’s leading financial brands. Sometimes you may find products listed on other sites that are not listed on MortgageRates.ca. We have a vetting process and only feature products offered by providers that can offer amazing rates and service to our user base.
The fields to the left of our product comparison tables allow users to input details on their personal financial situation. Once inputted, the tables dynamically update to feature products best suited to the user. Terms and conditions will apply. All mortgages have specific qualification criteria including debt servicing ratios, credit, property value and property details. MortgageRates.ca’s product recommendations are based on the limited information provided by the user.
Your Request Has Been Received.
A licensed mortgage broker in your area will contact you with more information, answer any questions you may have, and make sure you get the right mortgage for your unique needs.
You are on your way to saving thousands of dollars per year on your mortgage. Get the recognition you deserve for comparing the market and getting the best rate. Spread the word on MortgageRates.ca with your friends!