Mortgages

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Resident:

• At RBC, as a resident, you can obtain a mortgage for the purpose of purchasing an owner occupied residential property, including: townhouses and condominiums.
• Up to 90% financing is available (as Mortgage Indemnity Insurance is available for amounts in excess of 80%); therefore a minimum downpayment of 10% 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). Options include weekly, bi-weekly and monthly payments.

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.
• Financing is available for up to 90%, therefore a minimum downpayment of 10% 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). Options include weekly, bi-weekly and monthly payments.

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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 a monthly blended installment of principal and interest.
• 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). Options include weekly, bi-weekly and monthly payments.

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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 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). Options include weekly, bi-weekly and monthly payments.

EXAMPLE:

Assume you have a property with an original valuation of $500,000 in 2007.
Existing mortgage facility is $400,000 @ 10% for 20 years, original down payment was $100,000
Mortgage balance is $360,000 in 2012

Scenario 1:
What is the available equity in 2012 that can be utilized assuming the original value of the property remains the same?

Answer:

Scenario 2:
If in 2012 the property has increased in value to $560,000, what is the new available equity?

Answer:

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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 a non 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).

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Purchase of residential property and residential land:

Collateral:

• Assignment of Home Owner's Insurance cover over the property
• Registered first mortgage of a continuing nature over property being financed

Documents:

• Agreement of Sale
• Deed for property
• Valuation Report (to be requested by our Mortgage Specialist)

Construction/Renovation:

Collateral:

• Assignment of Home Owner's Insurance cover over the property
• Registered first mortgage of a continuing nature over property under construction

Documents:

• Copy of Builder's/Contractor's estimate
• Approved building plans and copy of site plan 
• Quantity surveryor's report
• Land and building tax receipt

For further details please refer to the Residential Mortgage Checklist

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