RBC Royal Bank

About RBC Royal Bank

RBC Royal Bank is one of the largest banks in Canada and the world based on market capitalization with multiple large subsidiaries. As one of the largest banks in North America, they provide personal and commercial banking, insurance, investment and capital market products and services, and wealth management on a global scale.

They operate in over 35 companies all over the world with over 16 million clients serviced by over 80,000 employees.

RBC Royal Bank Mortgage Product Rates

RBC Royal Bank provides their current mortgage rates on their website and updates them regularly. You can find the available rates for specific products on their products pages.

RBC Royal Bank Mortgage Products

RBC Royal Bank provide both standard fixed and variable rate mortgages that can be customized with a number of options, such as:

  • Amortization periods of 5-30 years.
  • Payment schedules of weekly, accelerated weekly, bi-weekly, accelerated bi-weekly, monthly, and semi-monthly.
  • Prepayment options, such as doubling monthly payments, making principal payments, and increasing monthly payments.
  • The ability to skip a payment once every 12 months.

Among their standard mortgage options are:

  • Fixed rate mortgage: A fixed rate mortgage that provides security, ease of mind, and will undoubtedly allow you to pick from the lowest available rates. Special offer rates are available for 2, 3, and 5-year terms.
  • Variable rate mortgage: RCB Royal Bank variable rate mortgage payments stay at a fixed amount. If the rate goes down, more of your payment goes to your principal and vice versa. A variable mortgage term can be converted at any time.

Among their special offer mortgage products:

  • RBC Homeline Plan: This product provides you with an account to settle all your manage all your personal credit in one place. You need at least 20% equity in your home via either ownership or a down payment. This plan combines a Royal Credit Line with a Royal Bank mortgage product. It’s meant to consolidate your debt as well as save on interest charges. You can also split your mortgage payments into fixed and variable payments.
  • Cashback mortgage: A minimum down payment of 5% is required to qualify for this mortgage product. You can get up to a maximum of either 7% or $20,000 cash back.
  • RBC Energy Saver loan: You can get a 1% discount on your loan or $100 for the purchase of eligible energy-efficient products. It comes with all the other customization options that apply to other mortgage products.
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Other RBC Royal Bank Products

As a fully licensed financial institution, RBC Royal Bank offers a wide variety of financial services. Among their other products are banking accounts, credit cards, loans, investments, and wealth management products. They provide services for both personal and business reasons.

RBC Royal Bank Mortgage Pre-Approval

You can pre-apply for a mortgage online from the RBC Royal Bank website. Pre-approval is straightforward and RBC bank claim it can be done in less than 5 minutes.

You will need to provide basic financial history, current income, and personal information on both yourself as well as your co-applicant. RBC Royal Bank will then get back to you with your approval status and information on how to proceed.

RBC Royal Bank Mortgage Application process

The exact application process will not only include all of the above information but a lot extra too including information specific to the mortgage such as the:

  • Mortgage amount
  • Purchase price
  • Property type
  • Builder (if applicable)
  • Annual property taxes
  • Purpose (e.g. purchase, refinance, transfer)
  • Down payment
  • Dwelling style
  • Property address

The specific requirements will also depend on whether you are applying for a new mortgage or refinancing an existing one.

Find out more Canadian mortgage lenders: National Bank of Canada, Mortgage Intelligence, Meridian, MCAP, Manulife Bank and others.