RBC Mortgage Rates

RBC Royal Bank offers mortgages in fixed and variable rate terms. Below you'll find the latest RBC mortgage rates.
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RBC fixed rate mortgages

RBC offers fixed rate closed mortgages in 1, 2, 3, 4, 5, 7, 10, and 25 year terms. These fixed rate mortgages offer you certainty in knowing that your mortgage payments won't increase even if RBC's prime lending rates rise.

If you want to have the flexibility to make extra payments or prepayments without limits, RBC offers a 1 year open term mortgage. The 1 year open term mortgage allows you to make additional lump sum payments against your mortgage principal at any time during the year. Open terms are a great option if you anticipate selling your home within the next year or expect enough cash flow during the year to pay off your mortgage.

RBC variable rate mortgages

RBC offers variable rate mortgages in 5 year open and 5 year closed terms. Variable rates are great if you believe interest rates will remain low during your mortgage term. However, you’ll take on the risk that if interest rates do rise, more of your mortgage payment will go towards interest charges, and less will go towards paying down the principal.

Other RBC mortgages

A 6 month convertible mortgage is available if you want to maintain short term flexibility and make your mortgage decision until you’re comfortable with interest rates. After the 6 month term is up, you can decide if you want to renew for another 6 months or convert to a long term fixed rate mortgage.

RBC also offers rates for mortgages with 30 year amortization periods (amortizations of over 25 years). 30 year amortization mortgages can help reduce your mortgage payments, but you'll end up paying more interest in the long term. Also, note that these 30 year amortization mortgages are only available to those who put at least 20% down payment on their purchase.

Payment options

RBC allows you to make your mortgage payments in monthly, semi-monthly, weekly, bi-weekly, accelerated weekly or accelerated bi-weekly installments.

In circumstances where you may want to skip a mortgage payment, RBC will allow you to skip a payment once a year on mortgages with terms of less than 10 years. You can skip up to four consecutive weekly payments, two bi-weekly payments, or one monthly payment every year.

Keep in mind that the interest portion of your skipped payments will be added to your principal amount for you to pay back later. And you’ll still be responsible for paying any home insurance premiums during your skipped payment periods.

RBC mortgage prepayments

Mortgage prepayment options are available on all closed term mortgages, to help you pay off your mortgage sooner. You can prepay up to 10% of the original mortgage principal amount every year.

RBC’s “Double Up” mortgage payments allow you to make an extra payment on top of your regular mortgage payment. You can pay from $100 up to your regular interest plus principal portion of your mortgage payment. The Double Up part of your payment will be applied to the principal balance of your mortgage, allowing you to pay off your mortgage quicker.

Unlike closed term mortgages, there are no prepayment limits on open term mortgages. You can make as much in extra payments towards your mortgage as you'd like, without penalty.

Home by RBC

RBC Royal Bank provides free personalized home buying tools and resources to its clients through its online portal called Home by RBC.

RBC True House Affordability

RBC provides a quick online assessment that will tell you the amount of mortgage you can prequalify for. RBC’s True House Affordability tool takes a few minutes to complete and doesn't affect your credit score.

Getting prequalified (as opposed to pre-approved) for a mortgage doesn't guarantee you will get a mortgage from RBC. It's only a way to gauge your ability to receive the mortgage amount you're looking for with RBC. You can also use MapleMortgage.ca's own home affordability calculator to help you better estimate your borrowing ability.

RBC Homeline Plan

The RBC Homeline Plan is an easy way for you to manage all your credit. If you have at least 20% equity in your home, you can use your home as collateral to help consolidate all your debt obligations. You can have your existing mortgage, car loans, and lines of credit payments streamlined under a much lower interest rate, saving you thousands of dollars in potential interest costs.

Using RBC’s Homeline Plan, you’re also able to diversity your mortgage interest rate into both a variable rate and a fixed rate. In other words, you’ll be able to separate your mortgage into a fixed rate portion and a variable rate portion. The variable rate portion helping you to take advantage of low interest rates and the fixed rate portion protecting you from interest rate hikes.

For example, you could choose to have 25% of your mortgage using a 5 year fixed rate and the other 75% of your mortgage using a 5 year variable rate. The exact percentage split between fixed rate and variable rate is up to you.

Mortgage pre-approval

By getting pre-approved for an RBC mortgage, you'll know exactly how much you can borrow and at what interest rate. Once you get pre-approved for a mortgage, your mortgage terms and interest rate will be honored for 120 days.

You can complete an online pre-approval application and have an RBC mortgage specialist contact you within 24 hours. You can also contact your local RBC Royal Bank branch to make an appointment to meet with a mortgage specialist to go over the mortgage pre-approval process.

RBC Mortgage Specialists

You can get pre-approved for an RBC mortgage and get help with the mortgage process from one of the 1,500 RBC Mortgage Specialists across Canada. Using RBC’s Mortgage Specialist locator, you can find and meet with a mortgage specialist at your convenience.

Renew your RBC mortgage

RBC makes it easy to renew an existing mortgage with them. You can start the renewal process up to 120 days before the end of your mortgage term. RBC also protects your renewed interest rate from unexpected increases during the renewal period. You'll automatically receive the lower rate should interest rates increase in the proceeding 30 days before your new term starts.

About RBC Royal Bank

RBC Royal Bank is the largest bank in Canada. With over 86,000 employees and over 16 million Canadian customers, RBC offers one of the most extensive financial services offerings in the country.

Ⓒ MapleMortgage.ca 2020

Disclaimer: MapleMortgage.ca strives to keep its mortgage rates and information up to date and accurate. The information and tools presented on MapleMortgage.ca are for informational and educational purposes only and does not constitute financial advice. At times the information you see when you visit a financial institution's or broker's website may be different. When looking for a mortgage, please contact the financial institution or broker directly for the latest terms and conditions.