If you’re looking to buy a new home or pay off your existing mortgage early, you have a number of options.
When selling your current home, you may choose to pay off your mortgage entirely.1 Paying off your mortgage early can be a smart decision if you have a "fully open" mortgage with no prepayment charges. We also offer a number of ways to help you pay down your mortgage faster, to build home equity and save money over the life of your mortgage.
At RBC Royal Bank®, we offer eligible existing home owners the flexibility to port your mortgage when you move from one home to the next.1 This can help you save money if your existing rate is lower than current rates.
You can offer your mortgage to a prospective buyer of your existing home. If they qualify for an RBC Royal Bank mortgage, they can assume your mortgage with the purchase of your home.1
The RBC® Investment Property Mortgage may be a good choice for you if you’re considering acquiring a rental portfolio of one or more properties to build income and equity, converting your existing home to rental property to generate regular rental income, or keeping the property for your child to live in.
Speak to your mortgage lender or mortgage specialist to see if any of these options might make sense for you and your specific situation.
This article offers general information and should not be regarded as a complete analysis of the subject matter discussed. It is not intended as legal, financial or other professional advice. Consult a professional advisor regarding your specific situation.
Personal lending products and residential mortgages are offered by Royal Bank of Canada and are subject to its standard lending criteria. Some conditions apply.