If you’re looking to buy a new home or pay off your existing mortgage early, you have a number of options.
Pay off your mortgage early
When selling your current home, you may choose to pay off your mortgage entirely.1 Paying off your mortgage early can be a smart decision if you have a "fully open" mortgage with no prepayment charges. We also offer a number of ways to help you pay down your mortgage faster, to build home equity and save money over the life of your mortgage.
Take your mortgage with you
At RBC Royal Bank®, we offer eligible existing home owners the flexibility to port your mortgage when you move from one home to the next.1 This can help you save money if your existing rate is lower than current rates.
Allow a buyer to assume your mortgage
You can offer your mortgage to a prospective buyer of your existing home. If they qualify for an RBC Royal Bank mortgage, they can assume your mortgage with the purchase of your home.1
Rent out your home as investment property
The RBC® Investment Property Mortgage may be a good choice for you if you’re considering acquiring a rental portfolio of one or more properties to build income and equity, converting your existing home to rental property to generate regular rental income, or keeping the property for your child to live in.
Speak to your mortgage lender or mortgage specialist to see if any of these options might make sense for you and your specific situation.