RBC fixed rate 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.