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Mortgage Basics

Besides the actual type of mortgage you select, there are other important characteristics of your mortgage that determine exactly how much you will pay - both monthly and over the life of your mortgage.

Mortgage Down Payment Options

From a low down payment mortgage to using your Registered Retirement Savings Plan (RRSP) as a source of funds, buying a home has never been easier.

 

Closed, Open and Convertible Mortgages

Can't decide between a closed, open or convertible mortgage? There are many factors to consider such as your financial goals and how soon you want to pay off your mortgage.

 

Variable and Fixed Rate Mortgages

From the security of a fixed rate mortgage to the flexibility of a variable rate mortgage, you have several choices when it comes to interest rates.

 

Mortgage Amortization

Choosing the length of your amortization period is an important decision that can affect how much interest you pay over the life of your mortgage.

 

Mortgage Prepayment Charges

One factor about a mortgage that most people need help better understanding is mortgage prepayment charges – when it’s required, how it’s calculated, how you can avoid it and what you should consider when you are choosing between different types of mortgages.

 

Mortgage Glossary

 
 

Start Your Online Mortgage Pre-Approval

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.

Start Your Pre-Approval

 
 

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