Royal Bank of Canada (RBC) mortgage rates
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Royal Bank of Canada (RBC) mortgage information
Royal Bank of Canada (RY on TSX) operates under the brand name RBC. It was founded in 1864 and is one of the largest financial institutions in the world. Their head office is located in Toronto, Canada and they serve clients in Canada, the U.S. along with 27 other countries.
Some of their services include:
- Personal and commercial banking
- Wealth management
- Insurance
- Investor services
- Capital markets products and services
What is a financial institution number?
What are the types of RBC mortgages?
Are RBC mortgage rates higher or lower than other banks?
What are the types of RBC mortgages?
RBC offers fixed rate mortgages so that you can lock in your interest rate for the term of your mortgage. This includes locking in the interest rate, amount of mortgage payments, the portion of the payment that goes toward principal and interest, and the amortization of the mortgage. The pros of a fixed rate mortgage is the predictability. Your monthly mortgage payments will be consistent for the duration of your term regardless of which way rates move, offering stability when it comes to budgeting. Some options include closed, open and convertible fixed rate mortgages. Talk to your mortgage advisor to learn whether a RBC fixed rate mortgage is for you.
RBC variable rate mortgages
RBC offers variable rate mortgages which have historically been known to save borrowers money. Variable mortgages offer a predictable penalty fee if you choose to break your mortgage before the end of the term, since it will always be equal to 3 months interest. With a RBC variable rate mortgage, your payment amount stays fixed for the term, but the interest rate will fluctuate based on the RBC prime interest rate. RBC variable rate mortgages can also be converted to another term at any time. Talk to your mortgage advisor to learn whether a RBC variable rate mortgage is for you.
How does a prime rate change affect my mortgage payment?
For example, if prime rates increased on February 6th and your payments are on the 1st of every month, your mortgage payment wouldn’t increase until April 1st.
What are mortgage rate holds?
What factors can affect my RBC mortgage rate?
- The type of transaction (purchase/transfer/refinance)
- Occupancy of the property (owner living there or rental/investment)
- The down payment amount (insured vs conventional) which also affects the mortgage amortization.
Where can I view the latest RBC mortgage rates?
When can I renew my RBC mortgage?
How do I get a mortgage from RBC?
A mortgage broker is a licensed professional who helps you connect with lenders and find the best mortgage offer based on your financial situation and goals. They’ll help you compare mortgage rates and products between different lenders, and also give you the opportunity to speak with an independent mortgage expert. Some lenders might not work with brokers but it might be beneficial for you to speak with one to see what else is available in the market.
How do I view my mortgage statements with RBC?
You can review the details of your mortgage, along with your bank loans and credit lines from within the RBC Online Banking portal. When you log in, choose “View all account balances” or “View business accounts” on the Online Banking Home page. Then select the account name under the “Loans/Mortgages” heading.
Are RBC mortgages portable?
Porting your mortgage is when you take your existing mortgage, including all of its terms and current rate, from your previous home to your new home. The option of moving your mortgage gives you the flexibility to keep your current rate and term while avoiding any prepayment charges. RBC offers portable mortgages, but it’s best to speak with your mortgage advisor to learn more.
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What is the RBC Homeline plan?
What are the benefits of the RBC Homeline plan?
Compared to other borrowing products, the Royal Credit Line portion of the RBC Homeline Plan comes with a lower variable interest rate.
2. Your available credit grows with your equity
The Home Line Portion cannot exceed 65% of the home value, however when combined with a mortgage portion, you can borrow up to 80%. You can increase your available credit on your Royal Credit Line as you pay down your mortgage.
3. Pay your line of credit balance on your terms
With the RBC Homeline plan, you get flexible repayment options and make interest only monthly payments on your Royal Credit Line. You also have the ability to pay off your balance in part or in full at any time.
4. Access credit when you need it
You have the ability to borrow repeatedly up to your available credit limit without having to re-apply.
How do I know if the RBC Homeline Plan is right for me?
1. Emergencies
Having access to funds in case of an emergency will help you manage through tough financial times, such as unexpected job loss, medical expenses, car repairs and more.
2. Home improvements
Boost your home’s value by investing in some renovations and getting those over due repairs done.
3. Debt consolidation
If you have multiple credit cards with high interest rates, consolidating your debts into a single lower interest rate can save you money.
4. Education
You can use your home’s equity to fund private or post-secondary education.
Are there any risks when it comes to using home equity as a borrowing option?
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