You are on: Features and Benefits
The RBC Self-Employed Mortgage could be ideal whether you are a business owner or self-employed.
If your most-recent Notice of Assessment shows sufficient income to qualify, you can borrow up to 80% of the purchase price or value of the property with no default insurance, or up to 95% with default insurance.
Or, if you need to access additional income from your business in order to qualify, and, if you have a good credit history, you may be able to finance up to 80%(28) of the appraised value of your home when refinancing and 90% of the home you are purchasing using our Self-Employed Mortgage, described below.
You are on: Payment Options
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 up to 25 years for default insured mortgages and 30 years if you have a down payment of at least 20%. Your amortization is the length of time it will take to pay off your mortgage.
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:
You are on: Rates and Terms
The RBC Self-Employed Mortgage is available with a variety of rates and terms. Below are several of our current special offers:
|Term||Posted Rate||Special Offers(2)||APR(3)|
Your most recent Notice of Assessment and documentation to confirm of your self-employed status may be sufficient to support your application; however, additional documentation may be required, based on the structure of the application. Contact us for a complete list of other documents that can be used.
1. Interest rate is an annual rate and is compounded half-yearly, not in advance. Interest rates are subject to change without notice at any time. Applicable to residential mortgages only and subject to Royal Bank of Canada lending criteria for residential properties.
2. Special Offers are discounted rates and are not the posted rates of Royal Bank of Canada. Specials Offers may be changed, withdrawn or extended at any time, without notice. For mortgages approved on or before December 31, 2015 funds must be advanced within 120 days of date of application in order to qualify for the Special Offer rate.
3. 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.
Lock your rate and know exactly how much home you can afford. Start your pre-approval online and an RBC® mortgage specialist will be in touch within 24 hours to help you complete your pre-approval application.
Lock your rate, and know exactly how much home you can afford:
Secure the future with HomeProtector life and disability or critical illness insurance on your RBC mortgage.