Who qualifies for an RBC Royal Bank of Canada Mortgage?
Any person who has the capacity and ability to repay will normally qualify for mortgage financing. You must be 18 years or older, and your age, when added to the number of years of your mortgage must not exceed 65.
How big a mortgage should you get?
Monthly mortgage payments plus property taxes, all risk insurance, other loan payments
(including credit card payments) and household monthly expenses (including utility and hire purchase
payments), should not exceed 40% of your gross monthly household income. Our
mortgage specialists can help you decide what amount you should be borrowing.
What are the costs?
There is a negotiation fee of 0.50% of the amount of the mortgage loan and a commitment fee
of 1% per annum on a pro rata basis and is charged from 120 days after acceptance until final
disbursement.
Other costs involved in obtaining a mortgage could include:
A fee for property appraisal and site visits
Legal fees for title search and registration of mortgage
Creditor life insurance premiums
Comprehensive all risk property insurance and coverage
One-time mortgage indemnity insurance premium
By paying off your mortgage sooner, you can save yourself thousands of dollars in interest costs over the life of the mortgage!
Let us help you choose a mortgage that’s right for you! Call us today!.
