Before choosing a mortgage, it’s important to know your current financial situation, your financing goals and preferences, and how much you have available for a down payment.

Here’s a brief overview of three RBC Royal Bank® mortgage products to consider as you explore your options.

RBC Royal Bank® Fixed Rate Mortgage

  • Offers you security and peace of mind by locking in your interest rate for the term of the mortgage
  • You know exactly what your regular mortgage payment amount will be and how long it will take to pay off
  • For new loans, your interest rate will be guaranteed up to 120 days before the closing date even if rates go up
  • Choice of a closed, open or convertible mortgage

RBC Royal Bank® Variable Rate Mortgage

  • Typically offers the lowest mortgage rate available and can therefore potentially save you thousands of dollars in interest costs over the life of your mortgage
  • Interest rate fluctuates with changes in the prime rate
  • Your payment amount remains fixed for the term of the mortgage
  • Choice of a closed, open or convertible mortgage

RBC Homeline Plan®

  • Offers an easy way to manage all your credit needs under one plan (requires 20% equity in your home or a 20% down payment)
  • Enjoy the benefits of mortgages and a line of credit in one plan
  • Allows you to consolidate existing debt to potentially save on interest charges
  • Lets you split your mortgage between variable and fixed rates

Specialty Mortgages

Thinking about buying a rental or vacation property or need cash to help with the costs of buying your first home? RBC® offers three specialty mortgages that could provide the financing you need. Here’s a quick rundown of the options:

RBC® Investment Property Mortgage

  • Ideal if you’re thinking about buying an investment property or converting your current home to a rental property
  • Offers competitive rates and a range of terms
  • Can provide financing for up to 80% of the appraised value of your rental property

RBC® Vacation Home Mortgage

  • A great choice if you’re looking for a vacation property or second home to use year-round or for weekend getaways
  • Canada’s first mortgage solution that may enable you to finance up to 95%1 of the value of your vacation home

RBC® Cash Back Mortgage2

  • Ideal for first-time home buyers in need of cash to help pay their moving costs
  • Typically requires a minimum down payment of 5%

Speak with a mortgage specialist to discuss all the mortgage options available to you and your particular situation.

If you are ready to make a decision, start your online mortgage pre-approval now.