Choose a country
Canada
Choose a city
Choose a city
Choose a language
English
Select country
Choose a country
Canada
Canada
España
México
Philippines
United States
Việt nam
Казахстан

Royal Bank of Canada Mortgage of february 2023

Apply for Mortgage from RBC verified by our specialists. On 08.02.2023 you have access to 4 home loans with a low rate. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 4

Updated
01.02.2023
11:59
Vacation Home Mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Investment Property Mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Variable Rate Mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$1 000 000
Rate
i

Effective interest rate on the product

6.280% APR
Term
i

Loan term for the financial product

25 years

Get 1% cashback on your mortgage value (Up to $9,250*) mortgage cashback

Fixed Rate Mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$1 000 000
Rate
i

Effective interest rate on the product

5.690%
Term
i

Loan term for the financial product

25 years

Calculate the mortgage
Loan amount
i

Specify the desired loan amount

CAD
CAD
USD
50000 C$
4000000 C$
Loan amount
i

Loan amount

CAD
CAD
USD
50000 C$
4000000 C$
Down payment
i

Specify the percentage of the down payment

%
C$
5
50
Your loan amount
C$
Loan term
i

Specify the loan term for the calculation

years
months
1
30
Interest rate
i

Choose the interest rate on the loan

0.2 %
6 %
Type of payments
i

Specify the type of payment for calculating

Online application for a mortgage

Mortgage amount:
200000 C$
2500000 C$
Term:
5
30 years
Online application for a mortgageOnline application for a mortgageOnline application for a mortgageOnline application for a mortgageOnline application for a mortgage
Your data is securely protected. Will not affect your Credit Score.
Loan amount
0 C$
Loan term
0 months
Monthly payment*
40 383 C$
More

Types of mortgage loans

GoDay
1.6
JUDGEV
JUDGEV
26.05.2022 at 15:46
the application is easy and takes less then 5 mins to fill out. but the funding time is quite long. if looking for instant funding then its not here...
Review
Royal Bank of Canada Mortgage of february 2023

Types of RBC mortgages

Royal Bank of Canada provides a range of mortgage solutions to cover a variety of clients’ needs:

  • Financing the purchase of your first or next home;
  • Financing home renovation projects with credit cards, personal loans, lines of credit, or RBC Homeline Plan that combines mortgage and home improvement line of credit under one plan;
  • Financing the purchase of an investment property;
  • Financing the purchase of a vacation property;
  • Renewing your mortgage to save money with the right options for your current circumstances;
  • Refinancing your mortgage to reduce your payments and interest rate, consolidate debt, or fund other goals;
  • Switching to RBC bank from other financial institution.

How to apply for an RBC mortgage?

The first step to getting started with an RBC mortgage is getting pre-qualified. You can proceed with the pre-qualification process online by filling in the form on the RBC website. This mortgage pre-approval tool will help you get an idea of how much you can afford, and what your rate will be. Upon the pre-approval form completion, an RBC mortgage specialist will get in touch with you and guide you through the further process. When filling in the pre-qualification form, be ready to provide the following information:

  • Whether you want to purchase your first home or next home;
  • Your first name and last name;
  • Your address;
  • Your email;
  • Your phone number;
  • Your date of birth;
  • Your address;
  • Your consent to the terms and conditions of the mortgage pre-qualification process (in particular, that RBC will check your credit score).

Alternatively, you can apply for any of the mortgage solutions by RBC in person, at one of your local branches. The existing RBC clients can schedule an appointment with an RBC financial advisor either through RBC Online Banking or through the RBC Mobile app.

Requirements

When applying for a mortgage, have the documents verifying your identity, income, and employment at hand. If you are looking to purchase an investment property, RBC will check whether you meet the following requirements:

  • Have a good credit history;
  • Have a proven sufficient rental income;
  • Have enough non-rental income to meet the obligations of the mortgage.

When switching your mortgage to RBC Bank, you will need to provide not only income and employment verification but also information about your current mortgage — maturity date and mortgage account number.

Pros and cons

Why go for a mortgage from RBC? Here are the advantages of their mortgage solutions:

  • A wide range of options for different needs;
  • Mortgage tools, calculators (payment calculator, value estimator), and useful guides are available on the RBC website;
  • The quick and easy pre-qualification process;
  • Access to exclusive home perks from RBC partners;
  • An opportunity to get a cash bonus and switch fees covered when switching your eligible mortgage to RBC.

As for the cons, note that RBC doesn’t work as a mortgage brokerage. So, they will strive to promote the solutions that are profitable for them. Next, in certain cases, RBC may charge you for the mortgage prepayment. To check the potential charges for making a prepayment, use Mortgage Prepayment Charge Calculator from RBC. Finally, the credit check during the pre-qualification process can be a drawback for borrowers whose credit record is far from perfect.

How to make a payment?

RBC offers flexible mortgage payment schedules – pay monthly, semi-monthly, bi-weekly, or weekly. If you want, you can stick to an accelerated bi-weekly or accelerated weekly basis. Once a year, you can use your right to skip your mortgage payment. 

FAQ

What are the interest rates?

According to the website, the APR for a 2-year fixed-rate mortgage is 4.900%, and a special offer rate is 4.840%. For a 5-year fixed-rate mortgage, the APR and a special offer rate are 5.570% and 5.540%, respectively. For a 5-year variable-rate mortgage, the APR and a special offer rate are 4.480% and 4.450%, respectively, and the RBC Prime Rate of 0.250%.

Can I pay off my mortgage faster?

RBC offers several ways to pay down your mortgage faster. First, they allow you to choose the payment schedule that works best for you — monthly, semi-monthly, bi-weekly, weekly, accelerated bi-weekly, or accelerated weekly. Moreover, you can choose the day of the week or date of the month your mortgage payment is due.

Second, you can make double-up mortgage payments applied directly against the principal balance of your mortgage. Doubling up your payments helps reduce the life of your mortgage and save interest costs.

Third, RBC enables you to make annual principal payments to cut down the life of your mortgage and save interest costs.

Are there any special offers for mortgages?

If you switch your mortgage to RBC between July 1st, 2022, and August 31st, 2022, you can count on a cash bonus of up to $3,000 plus your switch fees covered. You can check for promotions on the RBC website.

In addition, with the RBC Homebuyer Advantage program, you can unlock the exclusive perks from RBC partners — home supply providers, car truck services, design agencies, and more.