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Before choosing a mortgage, it’s important to know your current financial situation, your financing goals and preferences, and how much you have available for a down payment.
Here’s a brief overview of three RBC Royal Bank® mortgage solutions to consider as you explore your options.
RBC Royal Bank® Fixed Rate Mortgage
- Offers you security and peace of mind by locking in your interest rate for the term of the mortgage
- You know exactly what your regular mortgage payment amount will be and how long it will take to pay off
- For new loans, your interest rate will be guaranteed up to 120 days before the closing date even if rates go up
- Choice of a closed, open or convertible mortgage
RBC Royal Bank® Variable Rate Mortgage
- Typically offers the lowest mortgage rate available and can therefore potentially save you thousands of dollars in interest costs over the life of your mortgage
- Interest rate fluctuates with changes in the prime rate
- Your payment amount remains fixed for the term of the mortgage
- Choice of a closed, open or convertible mortgage
RBC Homeline Plan®
- Offers an easy way to manage all your credit needs under one plan (requires 20% equity in your home or a 20% down payment)
- Enjoy the benefits of mortgages and a line of credit in one plan
- Allows you to consolidate existing debt to potentially save on interest charges
- Lets you split your mortgage between variable and fixed rates
Speak with a mortgage specialist to discuss all the mortgage options available to you and your particular situation, and for help choosing the right one.
If you are ready to make a decision, start your online mortgage pre-approval now.
All residential mortgages and lending products are provided by Royal Bank of Canada and are subject to its standard lending criteria.