Buying a new home can feel overwhelming and you may be wondering how you're going to cover all the different expenses. With the RBC® Cash Back Mortgage(1) you can get the cash you need to help pay your land transfer tax, lawyer's fees, moving costs, closing costs and other expenses.
The RBC Cash Back Mortgage could be ideal if you are a first-time home buyer with a minimum down payment of 5% (a higher down payment percentage may be required depending on the purchase price).
The amount of money you receive is based on the size and term of your mortgage — up to 7% of its value up to a maximum of $20,000. For illustration purposes, the following chart shows how much you can get based on different cash back levels:
|On a mortgage of||4% cash back||5% cash back||7% cash back|
Your cash back is paid on the date your mortgage is advanced — just in time to help you cover immediate expenses, expected or otherwise! The money you receive is yours to keep so long as you hold your mortgage to the end of its negotiated term.
When you first set up your mortgage, you can choose from several payment options, including monthly, semi-monthly, bi-weekly, weekly, accelerated bi-weekly and accelerated weekly payments.
At RBC Royal Bank, you can select an amortization period between 5 and 30 years. This is the length of time it will take to pay off your mortgage if the interest rate does not change.
You can also reduce the number of years it takes to pay off your mortgage and enjoy substantial savings by:
If you ever need to free up cash for another purpose, you can also skip a mortgage payment once every 12 months: