We Can Help You Make the Right Financing Choice
You've found the perfect cottage, condo or vacation property. Now, all you need is the right borrowing solution to make it yours.
At RBC Royal Bank, we offer options to meet all your needs. Together, we can explore the different possibilities and help you choose the one that best suits the repayment term you want and the cost of your vacation property. We can also help you decide whether or not to leverage the equity in your existing home in order to make your purchase.
Find out about the different ways to finance a vacation property here, or contact one of our credit specialists today.
| Royal Credit Line® |
RBC Royal Bank Mortgages |
| Secured or unsecured revolving credit that puts you in control. |
Mortgage solution that lets you finance up to 95%1 of the value of your vacation home. |
Credit limit from $5000 to as much as 75% of the equity in your home, less any prior outstanding mortgages.
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Ideal for higher-priced properties, giving you up to 40 years to pay2.
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Royal Credit Line
When you use a Royal Credit Line Secured home equity line of credit to purchase a vacation property, you're in complete control. Your credit limit could be as much as 75% of the equity in your home, with interest rates as low as Prime. And borrowing is easy and convenient. Just write a cheque, use RBC Royal Bank Banking Machines, Telephone Banking or Online Banking.
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RBC Royal Bank Mortgages
Choose a short or long-term mortgage, open or closed terms fixed or variable interest rates or rates linked to Prime, with the ability to cap them if they start to rise.
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For help in making the right choices, talk to a credit specialist about your vacation property today. |
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1 Default insurance required for all financing over 75% of appraised value of vacation home and in some cases, depending on the property type and other factors, for financing over 65% of the appraised value of vacation home. Default insurance premiums apply. Mortgages are subject to RBC Royal Bank lending criteria. Some conditions and exceptions apply. Ask for details
2 Some conditions and exceptions apply. Depending on the property type and other factors. Ask for details.
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