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Personal Banking > Mortgages > Home Buyer Resources > Mortgage FAQs

Mortgage Questions and Answers

Below are answers to the most common questions asked about mortgages at RBC Royal Bank®. Don't see your question? Call 1-800-769-2511 to talk with a mortgage specialist.

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Getting Started

Expand How do I know which mortgage is right for me?

Expand How much can I afford?

Expand Should I get pre-approved for a mortgage before I look for a home?

Expand What can a mortgage specialist do for me?

Expand How is a mortgage specialist different from a mortgage broker?

The Mortgage Down Payment

Expand What is a mortgage down payment?

Expand Where can I find money for my mortgage down payment?

Expand How can I buy a home with less than a 20% down payment?

Expand How can I use my RRSP to help buy my first home?

Mortgage Types

Expand What is a fixed rate mortgage?

Expand What is a variable rate mortgage?

Expand What's the difference between closed, convertible and open mortgage terms?

Expand How does the RBC® Cash Back Mortgage work?

Closing Costs and Other Expenses

Expand What are the costs associated with buying a home?

Expand Will my home purchase be subject to the Harmonized Sales Tax (HST)?

Expand What are the monthly costs of owning a home?

Mortgage Payments, Amortization and Term

Expand What will my mortgage payments be?

Expand What is the difference between the amortization period and the mortgage term?

Expand How will the amortization I choose affect my payments and the total interest costs I pay?

Expand Is a longer or shorter mortgage term better for me?

Expand How can I pay off my mortgage sooner?

Expand Why is there a difference in Amortization maximums?

Managing Your Mortgage

Expand Am I able to renew my mortgage early?

Expand How can decreasing my amortization period reduce my interest costs?

Expand How often can I refinance my mortgage?

Expand Can consolidating my debt save me money?

Expand Should I renegotiate my fixed rate closed mortgage?

Expand Can I take my mortgage with me if I move?

Expand Can the person buying my home take over my mortgage?