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.
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.
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
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 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.
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 Vacation Home 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|
|4 Year||4.390%||Call for details||4.420%|
|5 Year||4.640%||Call for details||4.660%|
|7 Year||5.300%||Call for details||5.320%|
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 Specials Offers may be changed, withdrawn or extended at any time, without notice.
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.
For mortgages approved on or before July 31, 2016 funds must be advanced within 120 days of date of application in order to qualify for the Special Offer rate.
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.