Choosing the right financing option

If you own a home, using the equity you have built up may be one of the most cost-effective ways to finance a home improvement project. And in many cases, home equity products can offer you a lower interest rate as compared to other types of loans.

RBC Royal Bank^® offers both home equity loans and secured lines of credit to meet your renovation needs:

• RBC Homeline Plan^®

Manage your mortgage and personal credit under one plan, and use the equity in your home to help finance your renovations

• Built in Add-On Mortgage Option

• RBC Royal Bank mortgages advanced after April 15, 1996 automatically include this money-saving feature, allowing you to avoid the legal costs usually associated with adding onto your mortgage.
• As long as your mortgage balance never exceeds your original mortgage amount, you can use the built-in add-on option to add onto your balance as many times as you choose. For Quebec, this feature is only available if the application is approved and the advance of additional funds is made on or before July 31, 2019.

• Royal Credit Line^® (Secured)

Revolving credit that puts you in control. Ideal if the renovations will be done over time and you don’t need all the money at once – or if you plan to reuse your line of credit after paying it off.

• Refinancing your home

Refinance your existing RBC Royal Bank Mortgage, with all its features. Best suited for large renovations, giving you up to 35 years to repay.

Two popular methods of financing mid-size to large renovation projects include home improvement loans and lines of credit such as Royal Credit Line^® and personal loans. In addition to a quick and easy approval process, each has its advantages:

• Royal Credit Line (Unsecured)

  Revolving credit that puts you in control. Ideal if the renovations will be done over time and you don’t need all the money at once – or if you plan to reuse your line of credit after paying it off.

• RBC Royal Bank Personal Loans

  Flexible repayment terms to suit your needs – with your choice of fixed or variable rates. Ideal when funds are needed all at once, with the added flexibility of being able to pay more or in full at any time without penalty.

Learn how an RBC Royal Bank Credit Card or cash can simplify paying for materials or even an entire small renovation project.

• Credit Cards