Vacation/Second Home Mortgage

You are on: Features and Benefits

Whether you're looking for a second home that can be used for year-round enjoyment-or a cottage for weekend getaways-the RBC Vacation Home Mortgage could be the ideal solution for your borrowing needs.

The Borrowing Solution that's Right for You

We understand that vacation properties are all different, and that your financing needs are unique. That's why the RBC Vacation Home Mortgage gives you the flexibility to choose the specific mortgage features that work best for you.

Get Your Vacation Home Faster

The RBC Vacation Home Mortgage is Canada's first mortgage solution that lets you finance up to 95%⁽²⁹⁾ of the value of your vacation home. That means you could own your vacation home sooner than you think!

You are on: Payment Options

Select Your Payment Schedule

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.

• Choosing Your Mortgage Payment Schedule

Choose Your Amortization Period

At RBC Royal Bank, you can select an amortization period between 5 and 30 years. This is the length of time it will take to pay off your mortgage if the interest rate does not change.

• Choosing Your Mortgage Amortization

Pay Down Your Mortgage Faster

You can also reduce the number of years it takes to pay off your mortgage and enjoy substantial savings by:

• Making Double-Up^® Payments
• Making Principal Prepayments
• Increasing Your Monthly Payments

Enjoy Other Flexible Payment Options

If you ever need to free up cash for another purpose, you can also skip a mortgage payment once every 12 months:

• Skip-A-Payment^®

You are on: Rates and Terms

Special Offers

The RBC Vacation Home Mortgage is available with a variety of rates and terms. Below are several of our current special offers:

Fixed Rate Closed Term Mortgage Rates⁽¹⁾:

Learn More

• Mortgage Down Payment Options
• Closed, Convertible and Open Mortgages
• Variable and Fixed Mortgage Rates
• Mortgage Amortization

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.

5. APR 3.610%. Offer expires May 31, 2013.

The annual percentage rate (APR) is based on a $ 200,000 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.

For mortgages approved on or before May 31, 2013 funds must be advanced within 120 days of date of application in order to qualify for the Special Offer rate.