Managing Your RBC Mortgage
Whether you want to consolidate debt or need funds to renovate your home, we make it easy to use the equity in your home to help achieve these goals.
Refinancing to Use the Equity in Your Home
If you need access to additional funds, using the equity in your home can be a lower cost way to borrow the money than taking out a traditional loan. For example, you can use your home equity to:
- Renovate your home
- Buy an additional property
- Invest in stocks
- Buy a car or boat
Another common reason for refinancing a mortgage is to consolidate debt such as higher interest credit card balances and loans. By consolidating these debts into your mortgage at a lower interest rate, you can save money and have all your debt in one place. Plus, our pre-payment options give you the flexibility to pay off your loan more quickly.
Getting a Home Equity Line of Credit or Loan
You've worked hard to build equity in your home. That equity should work hard for you.
If you own a home, using the equity you have built up may be one of the most cost-effective ways to lower your borrowing costs. In many cases, home equity loans and lines of credit can offer you a lower interest rate as compared to other types of loans while providing you with access to credit for unexpected expenses or home improvement projects. It's yours to use however you wish!
You may be planning to undertake a major renovation to improve the appearance, comfort or resale value of your home. You may want to take advantage of a home equity loan to:
- make a substantial investment
- make an important purchase
- commit to your children's education
- consolidate higher interest rate debt
When you use RBC Royal Bank's mortgage add-on option…Read More about Mortgage add-on