Great rates and peace-of mind. Our fixed rate mortgage offers you the security of locking in your interest rate for the term of your mortgage.
Whether you're buying your first home, moving to a new home, or renewing an existing mortgage, choosing a fixed rate mortgage means you won't have to worry about future interest rate fluctuations during your mortgage term.
A fixed rate mortgage offers a specific interest rate that is fixed or "locked-in" for the term of the mortgage. That means you'll know exactly what to expect, including:
If you are arranging a new mortgage, your fixed interest rate can be guaranteed up to 120 days before the closing date of your home. If interest rates go up during that time, you'll still receive the lower rate — guaranteed.
And when it's time to renew, RBC will guarantee your mortgage interest rate for 30 days prior to your renewal date.
With your choice of closed, open and convertible fixed rate mortgages from RBC, you can select the term that provides the level of security (and interest rate) that is right for you.
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:
Below are current special offers1 for select fixed rate closed term mortgages:
Personal lending products and residential mortgages are offered by Royal Bank of Canada and are subject to its standard lending criteria. Some conditions apply.
The annual percentage rate (APR) is based on a $ 250,000 mortgage for the applicable term assuming a processing fee of $250 (which includes fees associated with determining the value of the property). If there are no cost of borrowing charges, the APR and the interest rate will be the same.
For mortgages approved on or before January 31, 2017 funds must be advanced within 120 days of date of application in order to qualify for the Special Offer rate. Offer may be changed, withdrawn or extended at any time, without notice.