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Royal Bank of Canada – RBC Mortgage Rates

From the flexibility of a variable rate mortgage to the security that comes with a fixed rate mortgage, the Royal Bank of Canada (RBC) offers several choices and great rates for your peace of mind. Fixed rate mortgage offers an interest rate that’s locked in for the term of the mortgage which means you won’t have to worry about future rate fluctuations for the period. RBC’s variable rate mortgages provide you with the flexibility to take advantage of falling rates while allowing you to convert to a fixed rate mortgage any time.

The Royal Bank of Canada (RBC) also offers other specialty mortgage products which include a Self-Employed mortgage product, the RBC Homeline Plan, a Cash Back Mortgage, the RateCapper Mortgage, the Vacation Home Mortgage, and the Energy Saver Mortgage. Looking at the different mortgage products offered by RBC, you realize that the bank offers a financial solution for vacation homes, business owners, self-employed individuals, investment properties, as well as rebates on home energy audits.  Read on to find out more about RBC’s mortgage products from RBC.

The RBC Self-Employed Mortgage is available for anyone who is either self-employed or in business and can’t obtain competitive mortgage rates or find it challenging to get a mortgage for renovating, refinancing or buying a home.

RBC’s Homeline Plan, on the other hand, is a smart way of managing all your personal credit, whether it’s your outstanding balances on loans or your mortgage. The product offers you an excellent way of consolidating all your existing debts in your line of credit thereby allowing you to save money.

Buying a new home can be a cumbersome and overwhelming experience especially when it comes to covering and taking care of all the different expenses. RBC’s Cash Back Mortgage is an exceptional product that allows you to access to the money you need to cover closing costs, lawyer’s fees, land transfer tax and other expenses. This product, however, gives you a cash back payment based on your mortgage term or size, up to seven percent of its value.

If you’ve been looking for a way to finance your vacation home, RBC has got you covered. The Vacation Home Mortgage from RBC is a financial solution that allows you to enjoy that experience sooner that you even thought. Buying a vacation home or property is something special everyone wants to do for their family. This product helps you to finance up to ninety-five percent of the value of the vacation property thereby helping you get there sooner.

RBC offers another mortgage option that gives you the flexibility to take advantage of a low prime rate while still locking in a guarantee you’ll never have to make payments higher than the “capped rate” over the mortgage term. The option is referred to as the RateCapper Mortgage. Do you know what this means to you? You’re protected from any increases no matter how much the mortgage rate rises beyond the maximum “capped rate.”

RBC’s Energy Saver Mortgage is an innovative financing solution that helps Canadians to create an energy-efficient home while allowing them to save on borrowing costs. This product features easy payment options, flexible terms, unique savings, now early prepayment charges and skip-a-payment option. 

Well, the Royal Bank of Canada offers all these financing solutions and provides other useful guides that can help you make an informed decision on your mortgage. It’s, however, important that you compare RBC’s rates with mortgage rates from other providers. Chances are you’re looking for the best mortgage rate for your needs and comparing different solutions could be helpful. Let’s look at other important and useful information on RBC’s mortgage rates.

How Can I access RBC mortgage rates and what do I need to Know about the pre-approval process?

The Royal Bank of Canada updates information and details about their mortgage rates on their website. An easier way of accessing these rates could be contacting one of the organization’s agents at 1-800-769-2511 or visiting a local branch. You may as well fill out an online mortgage application from the Bank’s website.

When it comes to the pre-approval process, you don’t have to worry about anything since the application process won’t take more than five minutes. All you need to gather is your background information which includes your existing assets and liabilities, annual income, information on your employment, and financial history. With this information, you’re good to go.

However, it’s important to note that there are questions the bank will ask you. RBC will be interested in knowing more about your-

  • Assets and liabilities
  • Projected expenses such as heating costs, taxes, and condo fees
  • Existing property
  • Details and information describing the home or property you’re buying
  • Do you intend to use the property for income generation?
  • They’ll need to verify your employment details and confirm your down payment

How Can I Reduce My Mortgage Payments?

First, it’s important to understand how you can estimate your RBC mortgage payments. Estimating your payments involves entering the values of the renewal amount of your mortgage or rather the amount of money you’re paying for the property, your down payment amount (if you’re buying a new home), the mortgage rate, and the amortization period. That means you’ll need to gather all these information before you can have an estimate of your RBC mortgage payments.

If you want to reduce your mortgage payments, you’ll have to speak to a mortgage broker. As already indicated earlier, it’s important that you find the best mortgage rate and that’s exactly what a mortgage broker will help with. Mortgage brokers compare mortgage rates from different providers including RBC and can help you find the best rate for your needs.

Alternatively, you may consider increasing the amortization period of your or the size of your down payment to reduce your mortgage payments.

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RBC Mortgage Rates

Royal Bank of Canada (RBC) is a financial institution in Canada, which is also referred to as RBC Financial Group or RBC Royal Bank. Founded in 1864, the bank’s headquarters is at Toronto, Ontario, Canada.

Going by market capitalization, RBC Royal Bank is one of the biggest financial services companies in North America. The bank also features on the list of the largest banks in the world based on the same criteria.

Today, RBC Royal Bank has more than 78,000 employees (both part- and full-time) and over 16 million clients. You can get the bank’s public sector, personal, institutional and business services in Canada, America, and 39 more countries across the world.

The French name for RBC Royal Bank in Canada is RBC Banque Royale.

Compare Royal Bank of Canada (RBC) Mortgage Rates

It is important when choosing the right mortgage you understand the scope of features and options available, as well as your budget, circumstances and goals and the key is to be able to differentiate between all the options.  Whether you're buying your first home, another property or purchasing a home for retirement and need guidance, CompareMyRates.ca has a list of mortgage brokers who have solid experience in working with RBC and will assist you in deciding the best option for you.  CompareMyRates.ca has provided you with the tools and ease of use for you to compare mortgage rates with RBC versus other banks. 

Provinces It Services

The Royal Bank of Canada (RBC) is available nationwide, although most of the branches and ATMs are concentrated in the more southern provinces that include Alberta, Saskatchewan, Manitoba, Quebec, Ontario, and Nova Scotia.

RBC Mortgage Types

RBC Fixed Rate Mortgage

If you want to avoid the hassles of fluctuating interest rates, this is the type of mortgage to pick. Here are the rates as offered by RBC Royal Bank.

  • 4 year mortgage for 4.30% posted rate and 4.42% APR
  • 5 year mortgage for 4.64% posted rate and 4.66% APR
  • 7 year mortgage for 5.3% posted rate, 3.44% special offers, and 3.46% APR

RBC Variable Rate Mortgage

  • 5 year closed mortgage for RBC prime rate+0.000% and 2.87%APR
  • 5 year open mortgage for RBC prime rate+1.000% and 3.87%APR
  • *RBC prime rate at the time of writing this was 2.85%

RBC Homeline Plan

  • 4 year fixed rate closed term mortgage at 4.39% posted rate and 4.42% APR
  • 5 year fixed rate closed term mortgage at 4.64% posted rate and 4.66%APR
  • 5 year variable rate closed term mortgage RBC prime rate+0.000% and 2.87APR

Energy Saver Mortgage

  • 4 year fixed rate closed term mortgage at 4.39% posted rate and 4.42% APR
  • 5 year fixed rate closed term mortgage at 4.64% posted rate and 4.66%APR
  • 7 year fixed rate closed term mortgage at 5.3% posted rate, 3.44% special offer and 3.46%APR
  • 5 year variable rate closed term mortgage at RBC prime rate+0.000% and 2.87%APR

Cash Back Mortgage

This mortgage is ideal for first time homebuyers who are comfortable with 5% minimum down payment. Cash back can go up to $20,000.

Self Employed Mortgage

  • 4 year fixed rate closed term mortgage at 4.39% posted rate and 4.42APR
  • 5 year fixed rate closed term mortgage at 4.64% posted rate and 4.66% APR
  • 7 year fixed rate closed term mortgage at 5.3% posted rate and 3.46% APR

Vacation Home Mortgage

  • 4 year fixed rate closed term mortgage at 4.39% posted rate and 4.42APR
  • 5 year fixed rate closed term mortgage at 4.64% posted rate and 4.66% APR
  • 7 year fixed rate closed term mortgage at 5.3% posted rate and 3.46% APR

 

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