RBC Mortgage Rates
Below you'll find the best mortgage rates from RBC. Be sure to compare rates between lenders to get the best product for you.
|Provider||5 Year fixed||5 Year variable||3 Year fixed|
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Jamie David, Business Director Mortgages
RBC is one of Canada's biggest banks and has a strong offering of mortgage products. While RBC certainly offers rates that are competitive among the big banks, we strongly recommend you compare mortgage rates from multiple lenders before deciding on a provider.
To see if an RBC mortgage is right for you, read on to learn about their products.
RBC mortgage products
In addition to standard fixed and variable-rate mortgages, the Royal Bank of Canada (RBC) offers a variety of specialty mortgage products. These additional products consist of the RateCapper Mortgage, the RBC Homeline Plan, the EnergySaver Mortgage, a Cash Back Mortgage, and a Self-Employed Mortgage product. These products are all outlined below.
This is a variable RBC mortgage rate with a maximum "capped" rate for a five-year term. This provides protection from rate increases if mortgage rates go up beyond that maximum "capped" rate. If rates go down, your rate goes down just as it would with a variable RBC mortgage rate.
RBC Homeline Plan
The Homeline Plan is RBC's Home Equity Line of Credit (HELOC) offering. This plan allows you to consolidate existing debt to save on interest charges, then enjoy the benefit of both a mortgage and a line of credit in a single product.
Energy Saver Mortgage
The Energy Saver Mortgage is a financing solution with a rebate to help you reduce your home energy costs and improve your home's energy efficiency. It essentially provides a $300 rebate on a home energy audit with the choice of a residential mortgage or the RBC Homeline Plan.
RBC Cash Back Mortgage
RBC Cash Back Mortgage provides a cashback payment at the time your mortgage is advanced. The amount of money you receive is based on the size and term of your mortgage, up to 7% of its value.
RBC's Self-Employed Mortgage
If you're self-employed, getting approved for a traditional mortgage can be difficult. RBC's Self-Employed Mortgage is available for those who are self-employed and have difficulty obtaining competitive rates for buying, refinancing, renovating, and more. With this product, financing is available for up to 90% of the value of your home.
Vacation Home Mortgage
This plan is specially designed for vacation homes, letting you finance up to 95% of the value of a property primarily used for holidays.
Accessing RBC mortgage rates
You can access RBC mortgage rates by going to the bank directly. While RBC doesn't work with brokers, it's also worth speaking to a mortgage broker when comparing mortgages. This is because brokers work with multiple lenders, have access to exclusive deals, and can negotiate on your behalf. Even if you want to get a mortgage from one of the big banks, using a mortgage broker can still get you a better deal.
RBC mortgage pre-approval
After gathering the necessary background information such as annual income, employment information, existing assets and liabilities, and financial history, you can complete an online pre-approval application for your RBC mortgage rate in less than a few minutes.
RBC mortgage application checklist
As part of your mortgage application process, RBC will ask you questions relating to what you owe and own. These questions might include questions about: your current asset and debt mix; the projected expenses relating to the property you wish to buy (including taxes, heating costs, and condo fees); and whether you will be using the property to generate income. You'll need information on all of these issues before you start an application.
RBC will also require also be some basic information about you, your finances, and the property you're buying, including:
- Information that describes the property you're buying
- Confirmation of your down payment
- Employment verification
- Information that describes your existing property
Other RBC products
RBC offers various RBC credit cards (including rewards cards and low-interest cards), RBC GICs (available in a variety of terms), as well as various types of insurance. One of the benefits of getting a mortgage with one of Canada's Big 5 Banks is that you can combine many financial services with a single institution, so a full range of financial services may be something you want to consider.
More on the Royal Bank of Canada
The Royal Bank of Canada is Canada's largest bank as measured by assets and market capitalization, and is among the largest banks in the world, based on market capitalization. It is a diversified financial services company, offering personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services on a global basis. It employs tens of thousands of employees who serve close to 18 million personal, business, public sector, and institutional clients through offices in Canada, the US, and dozens of other countries.
Jamie David is the Business Director of Mortgages at Ratehub.ca. A graduate of the Systems Design Engineering program at the University of Waterloo, she has over 15 years of business, marketing, and engineering experience in the financial technology, banking, education, energy and retail industries. She has worked in top organizations like TD Bank, Trading Pursuits, Petro-Canada, and the TTC. Her passion for personal finance, investing, education, and business strategy brought her to Ratehub.ca where she heads a very talented, cross-functional team that is dedicated to providing Canadians with the best mortgage experience all the way through from online search to (keys-in-your-hand) funded mortgage.
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How are CanWise Financial and Ratehub.ca connected?
Both Ratehub.ca and CanWise Financial are owned and operated by Ratehub Inc. When comparing mortgage rates on Ratehub.ca, you’ll see rates from a number of lenders and mortgage brokers, including CanWise Financial. All products are sorted according to the rates available to you and the selection criteria you’ve shared with us.
We’re happy to send users to CanWise because of their great rates, trusted advice, and experienced mortgage team. Read any of their 3,300 five-star Google and Facebook reviews and you’ll see what we mean.