Frequently Asked Questions
We know how important it is to find the best rate when it comes to your mortgage. Your interest rate will consist of the prime rate minus a special client loyalty discount. Interest rates will vary depending on the term you select. Generally speaking, the lower the term is, the lower your interest rate will be. As a loyal RBC client, the special client loyalty discount is based on a criteria that is already pre-determined.
On the “Select Mortgage” step, we have some simple questions that can guide you to choose the term that is best for you. You also have the option to contact us anytime at 1-866-245-6737 if you need more help.
This is the term that we recommend for you based on the questions you’ve answered on the “Select Mortgage” step.
When trying to decide between Variable Term versus Fixed Term there are a couple of things you may want to consider. The Variable Term option offers an interest rate that may fluctuate throughout the term of your mortgage, with the prime rate; whereas with a Fixed Term the interest rate is locked in throughout the term of your mortgage.
We have many options that can help you pay off your mortgage faster. You can start by changing your payment frequency to an accelerated option- this includes bi-weekly or weekly payments. Another option is increasing your regular payment amount. For other payment options like anniversary payment or double-up payments, please contact us anytime at 1-866-245-6737.
Please call 1-866-245-6737 if you have any questions regarding your mortgage renewal.
You have the ability to save your selections after the “Review Selection” step. Once you get to that step, we’ll save your term selection and your rate until the effective date to protect you from the potential of changing rates.
You’ll be able to resume your mortgage renewal process by logging into your Online Banking and selecting the mortgage renewal offer from the Mortgage Details page or Offers page.
Upon the effective date of the mortgage renewal, an electronic copy of the Early Renewal Agreement will be available either in your Online Banking Message Centre or by mail. You’ll also receive a Confirmation of Renewal letter by mail.
You don’t have to go to the branch to sign your mortgage renewal. By clicking “I Accept” on the “Terms & Conditions” step, you’ll be signing and agreeing to the terms of this renewal.
The new term will start on the effective date of the renewal. You’ll see your renewal effective date on the “Review Selection” step and also in your Early Renewal Agreement. The new payment amount information can also be found on the “Review Selection” step.
We can help you with that! Either contact us at 1-800-769-2511 or visit any branch.
You can cancel your existing insurance coverage at any time. All borrowers and guarantors of the mortgage must contact RBC Insurance Services Inc. at 1-800-769-2523, or in writing at the following address:
Insurance Service Centre
P.O. Box 53, Postal Station A,
Mississauga, ON L5A 2Y9
Your written request must be signed by all borrowers and guarantors. Your final premium will be adjusted to reflect insurance costs up to and including the date your request is received.
Insurance Service Centre
P.O. Box 53, Postal Station A,
Mississauga, ON L5A 2Y9
Your written request must be signed by all borrowers and guarantors. Your final premium will be adjusted to reflect insurance costs up to and including the date your request is received.
Sometimes technical issues can cause a session to freeze or stop working. Please be patient and try your request again. If you continue to experience problems, you can give us a call at 1-866-245-6737.