The RBC Cash Back Mortgage could be ideal if you are a first-time home buyer with a minimum down payment of 5% (a higher down payment percentage may be required depending on the purchase price).
How Much Cash Can You Get?
The amount of money you receive is based on the size and term of your mortgage — up to 7% of its value up to a maximum of $20,000. For illustration purposes, the following chart shows how much you can get based on different cash back levels:
|On a mortgage of||4% cash back||5% cash back||7% cash back|
When Do You Get Your Payment?
Your cash back is paid on the date your mortgage is advanced — just in time to help you cover immediate expenses, expected or otherwise! The money you receive is yours to keep so long as you hold your mortgage to the end of its negotiated term.
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.
If you ever need to free up cash for another purpose, you can also skip a mortgage payment once every 12 months:
HomeProtector® Mortgage Insurance
It allows you to not only safeguard yourself and your family's lifestyle, but also your assets and net worth.
Personal lending products and residential mortgages are offered by Royal Bank of Canada and are subject to its standard lending criteria. Some conditions apply.