Mortgages

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Residents

• 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).

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.
• 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).
• A minimum down payment 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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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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