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RBC Pre-Construction Mortgage

Buying a New Home from a Builder?

Often, a new-construction house or condo can be a long process from signing the agreement with a new home builder at pre-construction, to the final move-in date – but you can be confident that RBC will be there for you every step of the way.

Connect with an RBC Mortgage Specialist

Mortgages Designed for Buying a New Home from a Builder

Once approved, you’ll stay approved

Your new house or condo could take months or even years to complete. You and your builder want to be certain that your financial institution is committed to your financing from start to finish. At RBC, we offer a firm approval to match the closing date provided by the builder. Once approved, you stay approved until your closing date.1

Guaranteed capped rate

With a firm approval from RBC, you could also lock in a competitive rate. If you’re offered a special rate at approval, it will stand until you close the purchase – even if rates go up. Plus, if interest rates go down, you may be eligible to reapply for a lower rate within 120 days prior to your closing date.

Financing for upgrades

We know that upgrades are part of the building process and are an important element of making your new house a home. You may be able to include financing for certain upgrades you select as part of your mortgage loan.

Purchasing an energy efficient home?

With the RBC Green Home Mortgage Program, you may have the option to extend the amortization period to up to 35 years (compared to traditional amortization periods, which are typically a maximum of 30 years).2 Assuming all other factors (e.g., principal amount, term, interest rate, etc.) were the same, a longer amortization period could potentially result in a lower payment amount for your mortgage’s regular payments.

As well, depending on the individual building certifications, energy-efficient homes typically have an energy performance considerably better than traditionally built homes, which may lead to lower utility costs for your home. The home should have all or most of the following features for high energy performance standard and reduced greenhouse gas emissions:

  • High R-value insulation
  • High-efficiency windows and doors
  • Smart and energy-efficient lighting
  • Onsite renewable energy generation, such as a solar panel system
  • A programmable and high-efficiency heating and cooling system

Speak with an RBC Mortgage Specialist for more information on this program.

Protection for your new home – and your family

HomeProtector® critical illness, disability and life insurance3 coverage protects your home and family by providing a financial safety net for your mortgage. You can apply for coverage at the same time as you apply for your mortgage. Coverage begins on the date your HomeProtector Application is approved. Premiums begin when your mortgage is advanced and benefits are paid when funds have been fully advanced.