Mortgages

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Residents

• At RBC, as a resident, you can obtain a mortgage for the purpose of purchasing an owner occupied residential property, including: townhouses and condominiums.
• A minimum down payment is required.
• Amortized monthly payments of principal and interest can be granted for up to 30 years (maximum term and age of client not to exceed government age of retirement).

Non residents

• At RBC, as a non-resident, you can obtain a mortgage to purchase, improve (or any combination of these) owner occupied properties.
• Up to a maximum 65% financing is available; therefore a minimum down payment of 35% is required.
• Amortized monthly payments of principal and interest can be granted for up to 15 years (maximum term and age of client not to exceed government age of retirement).

• Contact us to find out more.

Purchase of Residential Lots

• At RBC you can obtain a mortgage to purchase residential lots in government approved subdivisions for the purpose of eventually constructing an owner occupied home.
• Up to 80% financing is available; therefore a minimum down payment of 20% is required.
• Amortized monthly payments of principal and interest can be granted for up to 15 years (maximum term and age of client not to exceed government age of retirement).

• Contact us to find out more.

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• RBC offers financing to build or undertake major renovations for owner occupied residential property.
• This type of mortgage is set up as an interest only facility during the stages of construction.
• During the period of construction (maximum of 1 yr), the client can draw down balances in pre-determined phases as needed up to the approved limit. Upon completion, the final amount will be converted to a residential property mortgage with monthly blended installment of principal and interest.
• Amortized monthly payments of principal and interest are granted for up to 30 years (maximum term and age of client not to exceed government age of retirement).

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• At RBC you can utilize the equity that has been built up in your property for your goals including: Home Improvements, Debt Consolidation, Investments, Educational, or Medical expenses with the supporting collateral being a mortgage over the property.
• RBC financing is available for up to 80%of the value of the property.
• Amortized payments of principal and interest are granted over the term of the debt.
• Maximum term of loan is 30 years (not to exceed government age of retirement).

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• At RBC, you can obtain a mortgage to finance the purchase of a non owner occupied residential property for investment purposes, to build or undertake major renovations or to refinance a mortgage on an owner occupied property.
• A minimum down payment is required.
• Amortized monthly payments of principal and interest can be granted for up to 20 years (maximum term and age of client not to exceed government age of retirement).
• Up to a maximum 66.7% financing is available; therefore a minimum down payment of 33.3% is required.
• Amortized monthly payments of principal and interest can be granted for up to 20 years (maximum term and age of client not to exceed government age of retirement).

• Contact us to find out more.

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Purchase of residential property and residential land:

Collateral:

• Registered First Mortgage

Documents:

• Agreement for Purchase/Sale
• Valuation Report (to be requested by our Mortgage Specialist)

Construction/Renovation:

Collateral:

• Registered First Mortgage
• Contractors' All Risk Policy
• Assignment of Life Insurance for the mortgagor(s)

Documents:

• Copy of Builder's/Contractor's estimate
• Approved building plans and copy of site plan
• Quantity surveyor's report

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