Royal Bank of Canada, or RBC, is one of the biggest banks in Canada and operates multi-nationally under the RBC brand. The bank has branches in Canada, the USA, and the Caribbean, and its services are accessible internationally. The company is committed to providing top-notch financial services to all of its customers and providing aid for communities. Their financial services include personal and commercial banking, insurance, mortgage services, wealth management, investments, etc. In this article, we will be looking into their mortgage services, such as RBC mortgage rate, RBC mortgage affordability, and more.
Mortgage Offers at RBC
Royal Bank of Canada offers a variety of mortgage services so that all of its customers can find exactly what they need with the bank. RBC offers a variety of options for customers to decide on the best mortgage types, interest rates, amortization periods, etc.
First Time Home Buyer
RBC recognizes the gravity of the decision and provides services that help customers through every step of buying a new home and securing a mortgage on it with various tools.
The RBC Affordability Calculator helps customers determine how much they can afford to pay for a mortgage. Customers can then use the RBC True House Affordability tool to pre-qualify for a mortgage. RBC also offers budgeting advice and mortgage education for first-time home buyers and gives customers tips and resources regarding home planning and their tax benefits as first-time home buyers.
With RBC’s Neighborhood Explorer tool, you can find the ideal neighborhood for all of your needs. You can search for institutions in the vicinity, such as schools and restaurants, and have a good idea of what to expect from the community. RBC also assists customers with making offers for homes before offering them their mortgage options. Customers can rely on RBC to provide sound advice on what sort of professional assistance they may need, the documentation required to make an offer, and help every step of the way to closing day. RBC also offers home insurance services for first-time home-buyers to ensure they get the best from their new homes.
Experienced Home Buyers
For customers looking to move into new homes, RBC provides assistance, advice, and a variety of mortgage choices. The RBC website offers resources for customers who want to sell their present homes to purchase new ones. Their Home Value Estimator tool helps customers determine the value of their home before putting it on the market. They also offer advice relating to pricing and help customers get personalized calculations for their home prices, as well as how much equity they could get.
RBC offers customers an insight into the housing market so they can sell and buy homes with ease. They also provide assistance and support for customers who want to build their own homes with tips from builders. When customers choose what home to buy, RBC helps them get pre-approved for mortgages. Customers can find the RBC mortgage interest rate that suits them best from RBC’s options of both fixed and variable rates.
Home Renovations
RBC has options for customers who want to renovate and need financial assistance for the project. Their renovation financing services are dependent on the type and cost of renovations that customers wish to undertake. Their services can be divided into whether your renovation is a large project, medium project, or small project. For each of these, there are a few options for financing that a customer may choose from. The full details of the options for renovation can be found on RBC’s official website.
Buying Investment Properties
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RBC offers Investment Property Mortgages that can finance up to 80% of your rental property’s appraisal value. RBC has specific requirements for customers looking to secure an Investment Property Mortgage. These services extend to people who want to convert their homes to rental properties, acquire rental portfolios to build an income, or purchase properties for family members to live on.
RBC will require some documentation from you if you want to apply for an Investment Property Mortgage, as well as a down payment of at least 20%, good credit history, rental income, and sufficient non-rental income.
Buying Vacation Properties
The RBC Vacation Home Mortgage offers financing options for people who want to buy a second home or a vacation home. The Vacation Home Mortgage provides financing for up to 95% of your vacation home price and is the first mortgage solution in Canada to offer that much funding. You can choose an RBC variable rate mortgage or a fixed mortgage for your second home, depending on your financial capabilities.
Mortgage Renewal
Once your mortgage has reached the end of its term, RBC mortgage renewal services are available to assist with the renewal process. You can use their mortgage calculator to understand what your new mortgage rates may look like or take advantage of the 120-day early renewal option to renew your mortgage with no penalties. RBC provides customers with expert advice during the renewal process as they review their finances and mortgage options. They also offer a 30-day renewal rate guarantee that provides customers with the best interest rates during their renewal.
Mortgage Refinancing
RBC mortgage refinancing helps customers find better mortgage deals to reduce their payments, find lower interest rates, consolidate debts, and more. With a mortgage refinance from RBC, you can access your home equity if you need extra cash or find a better mortgage deal for your home. When you consider refinancing your mortgage, there will be some fees involved that RBC will inform you of. You will also get expert advice on the benefits and risks of mortgage refinancing and a detailed guide on how to go about refinancing your mortgage and what mortgage plans are available to you.
Switching to RBC
For customers that want to switch from other banks to RBC for mortgage services, RBC offers a range of benefits and assisting tools. Switching to RBC is an easy process because RBC does the work for you. RBC helps customers by communicating with their previous lenders to arrange the switch. They also cover the switching fees and offer flexible payments for new customers who have just made the switch. RBC Mortgage Experts are accessible by phone or video to provide advice and guidance throughout the switching process.
RBC Mortgage Rates
RBC’s most popular mortgage rates for both fixed and variable are as follows:
2-year fixed – 3.9%
5-year fixed – 4.62%
5-year variable – 2.83%
The RBC Prime Rate is 3.2%
For RBC’s special, posted, and limited-time offer rates, you can visit their website.
Conclusion
RBC offers a wide range of mortgage services for their customers, no matter their needs. If you are interested in securing a mortgage with RBC, you will find the best deals. RBC also offers advice, tips, and professional assistance for your home-owning needs.
Frequently Asked Questions
How Can I Pay Off My Mortgage Faster With RBC?
RBC offers options for customers who want to pay their mortgage quicker. These options include increasing the payment frequency or amount, double-up payments, etc. You can discuss this with an RBC mortgage professional for your choices.
How Do I Know RBC Is Offering Me The Best Mortgage Rates?
At RBC, they take off a client loyalty discount from your prime rate to determine your interest rate. RBC also ensures that your interest rate reflects your mortgage term meaning that lower terms have lower interest rates and vice versa.
Can I Renew My Mortgage Online?
Some mortgage services with RBC may require you to visit physical branches, but many services, mortgage renewal services included, can be carried out entirely online.
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