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Personal Banking > Mortgages > Renew Your Mortgage

Mortgage Renewal Options

Benefits of Renewing Your RBC Royal Bank Mortgage

  • Expert advice : Renewal time is an opportunity to review your current financial situation - and our goal is to make sure you select the right mortgage options for your particular circumstances. We'll call you before your renewal date to talk about your interest rate preferences, your future plans (home renovations, a move, etc.) and more. You can also call us first or visit your branch whenever you're ready.
  • 120-day early renewal option : Take advantage of our 120-day early renewal option, which allows you to renew early without any penalties(1). This could save you in interest costs if rates rise before your regular renewal date.
  • 30-day renewal rate guarantee : When you renew your mortgage at maturity, you are protected from an increase in interest rates, for the interest type and term you selected, in the 30-day period prior to your regularly scheduled renewal date. And, if the interest rate changes before your actual mortgage renewal date, you'll automatically receive the lower rate for the term and type you chose.
  • Convenience : Unless you renew early, about three weeks before the end of your current term, you'll receive a renewal form in the mail detailing your payment options and your 30-day rate guarantee. If you have questions, simply call us or visit your local branch.
  • No re-qualification required : If you're renewing an RBC Royal Bank mortgage, you don't have to re-qualify at renewal time. If your mortgage is held by another financial institution, we can make it easy to switch to RBC Royal Bank(2). Find out more
 

1) Some restrictions apply.
2) Subject to credit approval.

You are on: How Renewal Works

Renewing Your Mortgage - How it Works

Renewing your RBC Royal Bank mortgage is simple! Here's how it works and a quick summary of some things you can do to make it even easier:

 

Step 1 : Start thinking about your needs and goals.

If you're close to renewal, now is a great time to review your financial goals and your plans for the future. You might want to consider the following types of questions:

  • Has your financial situation changed since your last renewal?
  • Are you planning any home renovations or will you need additional funds?
  • Will you be moving within the next year?
  • Do you prefer fixed or variable rates, or are you unsure?
Try the following tool for help choosing the right options:
Which Type of Mortgage is Right for Me?

Renewing for the first time? Have questions?

Call us anytime day or night at 1-800-769-2511 or visit your local branch.
 

Step 2 : Consider renewing early!

We'll contact you about 120 days out from your renewal date to discuss your current mortgage needs. (You can also call or visit us.) You can renew early at this point (or any time up to your renewal date), or you can wait and consider your options.

If you renew early, you'll be able to lock in at current interest rates even sooner - which could save you thousands of dollars in interest if rates rise before your renewal date.

 

Step 3 : Time to renew if you haven't already!

About three weeks before your renewal date, we'll send you a renewal letter in the mail. If you have questions about your renewal rate and term, you can give us a call or visit your branch. Otherwise, all you need to do is review your renewal documents, select your renewal option, and sign and return the documents to us before your renewal date.

When you renew your RBC Royal Bank mortgage at maturity, you are protected from an increase in interest rates, for the interest type and term you selected, in the 30-day period prior to your regularly scheduled renewal date. And, if the interest rate changes before your actual mortgage renewal date, you'll automatically receive the lower rate for the term and type you chose.

It's that simple!

You are on: Featured Rates

Renewal Rate Information

When you renew, there are a variety of mortgages with varying terms and rate types to choose from. Whether you are looking for the security of a fixed rate term, or the potential savings of a variable rate term, we offer a wide range of mortgage terms at competitive rates. Visit our Mortgage Rates page to review the current interest rate offerings.

View Mortgage Rates




Whether you decide to take advantage of early renewal or you wait to renew closer to your actual mortgage renewal date, you can rest easy knowing that you'll receive a competitive rate for the mortgage term you select for your mortgage renewal.

 

Take the Next Step Toward Renewing Your Mortgage

Talk to a Royal Direct® representative by phone, 24 hours a day, 7 days a week to renew your mortgage with RBC Royal Bank. They can help explain your options, offer advice, and lock in a competitive rate for your mortgage renewal.

 
 

Take Action

Call us or visit your branch to explore your options and lock in a competitive rate for your mortgage renewal.

 
 

Transfer Your Mortgage to RBC

We make it easy to switch your mortgage to RBC Royal Bank.

Find out more