Key Features
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Flexible Mortgage Terms. With RBC Mortgage, clients have the flexibility to choose from a variety of mortgage terms tailored to their needs. Whether opting for short-term or long-term mortgages, clients can select terms that align with their financial goals and budgetary constraints.
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Personalized Advice from Mortgage Specialists. RBC Mortgage provides access to knowledgeable mortgage specialists who offer personalized advice throughout the mortgage process. These specialists guide clients through their options, helping them understand the implications of various mortgage products and terms.
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Diverse Mortgage Products. RBC offers a diverse range of mortgage products to cater to different financial situations and objectives. From traditional fixed-rate mortgages to variable-rate mortgages, clients have the flexibility to choose the product that best suits their preferences and risk tolerance.
How to Get an RBC Mortgage in Timmins?
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Evaluate Your Financial Situation. Before applying for an RBC Mortgage, assess your financial situation, including your income, expenses, and credit history. Use RBC's True House Affordability tool to estimate how much you can afford and determine the type of mortgage that best suits your needs.
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Explore Mortgage Options. Familiarize yourself with the various mortgage products offered by RBC, such as fixed-rate mortgages, variable-rate mortgages, and the RBC Homeline Plan. Consider your preferences, risk tolerance, monthly payment variations, and long-term financial goals when selecting a mortgage product.
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Speak to a Mortgage Specialist. Contact an RBC Mortgage specialist by phone or video to discuss your options and receive personalized advice. Mortgage specialists are available to assist clients in provinces where electronic signatures are permitted, making it convenient to discuss and finalize mortgage applications remotely.
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Gather Documentation. Prepare the necessary documentation required for your mortgage application, including proof of income, assets, and Canadian credit history. Be ready to provide information about the property you intend to purchase or refinance.
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Apply for Pre-Approval. Take advantage of RBC's pre-approval process to determine your eligibility for a mortgage and receive a clear understanding of your purchasing power. Complete an online application or speak to a mortgage specialist to initiate the pre-approval process.
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Complete the Mortgage Application. Once you've found the right mortgage product and received pre-approval, proceed with completing the full mortgage application. Provide accurate information and documentation to ensure a smooth application process.
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Review and Finalize Terms. Review the terms and conditions of the mortgage offer provided by RBC, including interest rates, mortgage terms, and any applicable fees. Seek clarification from your mortgage specialist on any aspects of the offer that you do not fully understand.
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Fund Your Mortgage. If you're satisfied with the terms of the mortgage offer, fund your mortgage by opening or using an eligible RBC bank account enrolled in the Value Program. Ensure that your mortgage is funded by the specified deadline to take advantage of any applicable promotional offers.
Requirements and Conditions
Requirements
Eligibility Criteria. Borrowers must meet RBC's standard lending criteria for residential mortgages, including creditworthiness, income verification, and Canadian residency status. Non-personal clients, commercial/investment properties, and properties not owner-occupied are excluded.
Documentation. Borrowers are required to provide documentation of income, assets, and Canadian credit history when applying for an RBC Mortgage. Documentation may include recent pay stubs, tax returns, bank statements, and credit reports.
Principal Amount. The principal amount of the mortgage must meet specific thresholds to qualify for the cash offer component. Eligible mortgages range from $100,000 to $1,000,000 or more, with varying cash amounts based on the principal amount.
Funding Deadline. Clients must ensure that their mortgage is funded within 120 days from the start of the rate commitment and no later than the specified deadline to qualify for the cash offer and points offer components.
Conditions
Interest Rate Guarantee. RBC offers an interest rate guarantee for up to 120 days from the application date. This ensures that clients have peace of mind knowing their interest rate is secured during the mortgage approval process.
Cash Offer Component. Eligible clients may qualify for a cash offer component when applying for an RBC Mortgage between specific promotional periods. Cash amounts vary based on the principal amount of the mortgage, ranging from $500 to $3,500, depending on the mortgage segment.
Points Offer Component. In addition to the cash offer, clients may also qualify for bonus RBC Avion points, valued at up to $1,100. To qualify, clients must meet specific criteria, including having an eligible personal deposit account enrolled in the RBC Value Program.
Online Banking Convenience. Clients can conveniently manage their mortgages online through RBC's secure online banking platform. This allows for easy access to account information, making payments, and tracking mortgage progress from anywhere at any time.
Flexible Mortgage Terms. RBC offers flexibility in mortgage terms, allowing clients to choose from various options tailored to their financial needs and goals. Terms range from short-term to long-term, providing clients with the flexibility to customize their mortgage.
Additional Resources
- Royal Bank of Canada Review
- Royal Bank of Canada Account Review
- How to PayOff Royal Bank of Canada
- Royal Bank of Canada Mobile App
