Mortgages

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Residents

 

  • RBC, as a resident, you can obtain a mortgage for the purpose of purchasing an owner occupied residential property, including: townhouses and condominiums.
  • A minimum down payment is required.
  • 100% financing - through Fondo di Garantia available.
  • Amortized monthly payments of principal and interest can be granted for up to 30 years (maximum term and age of client not to exceed government age of retirement).

 

Non residents

 

  • At RBC, as a non-resident, you can obtain a mortgage to purchase, improve (or any combination of these) owner occupied properties.
  • Up to 70% financing is available; therefore a minimum down payment of 30% is required.
  • Amortized monthly payments of principal and interest can be granted for up to 15 years (maximum term and age of client not to exceed government age of retirement).

 

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    • At RBC you can obtain a mortgage to purchase residential lots in government approved subdivisions for the purpose of eventually constructing an owner occupied home.
    • Up to 80% financing is available; therefore a minimum down payment of 20% is required.
    • Amortized monthly payments of principal and interest can be granted for up to 15 years (maximum term and age of client not to exceed government age of retirement).

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      • RBC offers financing to build or undertake major renovations for owner occupied residential property.
      • This type of mortgage is set up as an interest only facility during the stages of construction.
      • During the period of construction (maximum of 1 yr), the client can draw down balances in pre-determined phases as needed up to the approved limit. Upon completion, the final amount will be converted to a residential property mortgage with monthly blended installment of principal and interest.
      • Amortized monthly payments of principal and interest are granted for up to 30 years (maximum term and age of client not to exceed government age of retirement).

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        • At RBC you can utilize the equity that has been built up in your property for your goals including: Home Improvements, Debt Consolidation, Investments, Educational, or Medical expenses with the supporting collateral being a mortgage over the property.
        • RBC financing is available for up to 80% of the value of the property.
        • Amortized payments of principal and interest are granted over the term of the debt.
        • Maximum term of loan is 30 years (not to exceed government age of retirement).

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          • At RBC, you can obtain a mortgage to finance the purchase of a non owner occupied residential property for investment purposes, to build or undertake major renovations or to refinance a mortgage on an owner occupied property.
          • Up to a maximum 66.7% financing is available; therefore a minimum down payment of 33.3% is required.
          • Amortized monthly payments of principal and interest can be granted for up to 20 years (maximum term and age of client not to exceed government age of retirement).
          • A minimum down payment is required.
          • Amortized monthly payments of principal and interest can be granted for up to 15 years (maximum term and age of client not to exceed government age of retirement).

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            Purchase of residential property and residential land:

            Collateral:

            • Registered First Mortgage
            • Guarantee from FNDG (where applicable)

            Documents:

            • Agreement for Purchase/Sale
            • Current Valuation Report

            Construction/Renovation:

            Collateral:

            • Registered First Mortgage
            • Contractors' All Risk Policy
            • Assignment of Life Insurance for the mortgagor(s)

            Documents:

            • Copy of Builder's/Contractor's estimate
            • Approved building plans and copy of site plan
            • Quantity surveyor's report

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              Expand - FOR WHAT PURPOSE CAN I APPLY FOR MORTGAGE FINANCING? For what purpose can I apply for mortgage financing?

              Expand - WHAT ARE THE BASIC REQUIREMENTS FOR OBTAINING MORTGAGE FINANCING       What are the basic requirements for obtaining mortgage financing?

              Expand - WHAT ARE SOME OF THE BASIC DOCUMENTS REQUIRED?       What are some of the basic documents required?

              Expand - HOW LONG DOES THE ENTIRE PROCESS TAKE?       How long does the entire process take?

              Expand - WHAT ARE THE BENEFITS OF MORTGAGE FINANCING?       What are the benefits of mortgage financing?

              Expand - CAN I APPLY FOR A MORTGAGE WITH ANOTHER PERSON?       Can I apply for a mortgage with another person?

              Expand - CAN I MAKE LUMP SUM PAYMENTS TOWARDS MY MORTGAGE LOAN ?       Can I make lump sum payments towards my mortgage loan?

              Expand - HOW CAN I PAY LESS INTEREST TO THE BANK OVER THE PERIOD OF THE MORTGAGE?       How can I pay less interest to the bank over the period of the mortgage?

              Expand - WHAT TYPES OF INSURANCE ARE AVAILABLE WHEN IT COMES TO MORTGAGE FINANCING?       What types of insurance are available when it comes to mortgage financing?

              Expand - ARE THERE PENALTIES FOR EARLY LIQUIDATION OF MY MORTGAGE LOAN?       Are there penalties for early liquidation of my mortgage loan?

              Expand - WHERE DO I GO TO APPLY FOR A MORTGAGE?       Where do I go to apply for a mortgage?

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