Mortgages


Our dedicated mortgage specialists will guide you through the mortgage process while ensuring your needs are met.

We offer a range of mortgage financing options including:

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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.
  • 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 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).

Purchase of Residential Lots

  • 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).

Contact us to find out more.

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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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Purchase of residential property and residential land:

Collateral:

  • Registered First Mortgage

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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Purchase of residential property and residential land:

Collateral:

  • Registered First Mortgage

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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FAQs

Expand - XYZ For what purpose can I apply for mortgage financing?

Expand - XYZ What are the basic requirements for obtaining mortgage financing?

Expand - XYZ What are some of the basic documents required?

Expand - XYZ How long does the entire process take?

Expand - XYZ What are the benefits of mortgage financing?

Expand - XYZ Can I apply for a mortgage with another person?

Expand - XYZ Can I make lump sum payments towards my mortgage loan?

Expand - XYZ How can I pay less interest to the bank over the period of the mortgage?

Expand - XYZ What types of insurance are available when it comes to mortgage financing?

Expand - XYZ Are there penalties for early liquidation of my mortgage loan?

Expand - XYZ Where do I go to apply for a mortgage?

  
 

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