Mortgages

Mortgages

Let RBC Royal Bank make your dreams of home ownership - a reality. Our dedicated account managers will guide you through the mortgage process while ensuring all your needs are met.

 

 

 

We offer a range of mortgage financing options including:

  • Purchase of residential property
  • Purchase of residential lots
  • Construction or renovation
  • Utilization of equity for investments, emergencies, expenses, debt, education, medical etc.
  • Purchase, construct or refinance a non-owner occupied residential property for investment purposes

 

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Residents

  • At 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.
  • A minimum down payment 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).
  • 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).

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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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