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RBC Mortgages: An Overview

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.

1 Default insurance required for all financing over 80% of appraised value of vacation home and in some cases, depending on the property type and other factors, for financing over 65% of the appraised value of vacation home. Default insurance premiums apply. Personal lending products and residential mortgages are offered by Royal Bank of Canada and are subject to its standard lending criteria. Some conditions and exceptions apply. Ask for details.

2 Cash back is paid on the date the mortgage is advanced. If the mortgage is not advanced, no cash back will be paid. If you choose to break your mortgage commitment for any reason prior to maturity, you will be charged the cash back amount pertaining to the remaining term of the mortgage.

Personal lending products and residential mortgages are offered by Royal Bank of Canada and are subject to its standard lending criteria. Some conditions apply.