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RBC mortgages in Canada: What you need to know

Are you navigating through the rough Canadian housing and mortgage markets? Interest rate hikes over the past 3 years have undoubtedly caused concerns among Canadian households. However, the Bank of Canada’s (BOC) rate cut on June 05, 2024 brings a little bit of relief for first-time homebuyers and owners.

The Royal Bank of Canada’s (RBC) mortgage portfolio also witnessed the impact of BOC’s rate hikes between 2022 and 2023 but is holding strong as new and existing borrowers continue to show trust in their mortgage products. Following BOC rate cut on June 5, 2024, the Royal Bank of Canada readjusted its prime rate to 6.950%.

RBC is the largest bank in Canada and one of the 15 largest global banks by market capitalization. It provides a wide range of financial services, including retail banking, corporate banking, investment banking, mortgage loans, private banking, wealth management, credit cards, and insurance. With over 98,000 employees and operations in 29 countries, RBC serves more than 20 million clients worldwide. Its historical roots date back to 1864, and it continues to be a major player in the global banking industry.

As of April 30, 2024, RBC holds total consolidated residential mortgages in Canada of $433 billion, which includes acquired HSBC Canada portfolio.

RBC is offering limited time special offers for mortgage seekers, such as:

Switching your mortgage to RBC, for a limited time could get you up to $5,700 in value. That’s a cash bonus of up to $3,500, a rebate in your switching fees of up to $1,100 and 55,000 Avion points when you apply for a mortgage before June 30, 2024.
You can also get up to $4,600 in cash and Avion Points with an RBC Mortgage if you apply before June 30, 2024, and meet some of the bank’s terms and conditions.
If you open a new RBC Homeline Plan® account, you may be eligible to receive the cash offer component based on the total principal amount in the mortgage segment of the RBC Homeline Plan. This offer is limited to personal clients and new residential mortgages/RBC Homeline Plan mortgage segment mortgages on owner-occupied residential dwellings only.
Whether you’re buying your first home or your next, getting pre-qualified is a great first step. RBC helps you pre-qualify in a minute so you’ll know how much home you can afford based on your financial situation. Plus, you’ll be eligible for a cash bonus of up to $3,500 and 55,000 Avion points (equivalent up to $1,100 in travel—enough to take you anywhere in North America), when you get an eligible mortgage by June 30, 2024.

RBC is a leading retail bank in Canada and monitors its residential mortgage and broader retail portfolios closely. The bank performs stress tests for dramatic movements in house prices, GDP, interest rates and unemployment rates.

To get the lowest mortgage rates, you must compare rates by different financial institutions. The best way to do that is comparison shopping. At LowestRates.ca, we help you get quotes from different mortgage providers so you can take the decision that fits your financial needs.

Types of RBC mortgage rates

The Royal Bank of Canada offers a wide range of mortgage products, and competitive rates to best suit your budget, financial situation and goals. Some of the most common RBC mortgage products are:

Fixed Rate Mortgage

As the name suggests, fixed rate mortgage means you have the security of one fixed rate for the term of your mortgage. RBC, like other financial institutions, offers the borrower the security of locking in an interest rate for the term of the mortgage – which could range from 6-months to 10 years. Whether you are buying your first home, moving to a new home or renewing an existing mortgage, choosing a fixed rate gives you the peace-of mind that you don’t have to worry about future interest rate fluctuations.
With a fixed-rate mortgage from RBC, you’d know exactly what to expect, such as:

The interest rate of your mortgage
The amount of your regular (monthly, weekly, bi-weekly, etc.) mortgage payments
The amount of money that goes towards your interest and principal amount
The amortization of your mortgage

Depending on your risk appetite, you can choose from a closed, open and convertible fixed rate mortgage from RBC. You can select a term that helps you get a good night’s sleep, aka the level of security and interest rate that is best for you.

Variable Rate Mortgage

A variable rate mortgage product can help you save interest costs over the life of your mortgage. With an RBC Royal Bank Variable Rate Mortgage, your mortgage amount stays fixed for the term, but the interest rate will fluctuate with any changes in the Bank of Canada’s policy rate and the bank’s prime interest rate. If the prime interest rate reduces, more of the mortgage payment will go towards paying off the principal amount, and if prime rate increases, the payment will go towards interest cost.

RBC’s variable rate mortgage is convertible, which means that mortgage can be converted to another term at any time. This helps you with security and flexibility by allowing you to convert to a longer closed term if your rate no longer meets your need. When setting up your mortgage, you can choose from payment options including monthly, semi-monthly, bi-weekly, weekly, accelerated bi-weekly and accelerated weekly payment.

RBC allows you to select an amortization period between 5 and 30 years.

RBC Homeline Plan

The RBC Homeline Plan combines your mortgage (with RBC) and your Home Equity Line of Credit into one mortgage product that allows you to to access the equity in your home anytime. As your home equity increases with every mortgage payment, your line of credit also increases, giving you the flexibility to finance your next expenditure – a home improvement project, child’s education or to consolidate debt. This can be done at lower variable interest rate compared to other borrowing products. You only pay for what you use on your line of credit and have flexible repayment options.
RBC allows you to make interest-only monthly payments or pay off your balance amount in part of in full at any time. The equity in your home grows as you pay down your mortgage and/or the value of your home increases. The RBC Homeline Plan is available with a variety of fixed and variable mortgage rates and terms.

Cashback Mortgage

This mortgage product is a great option for first-time homebuyers trying to keep extra buck handy to pay for land transfer tax, lawyer fees, moving costs, closing costs and other expenses.

RBC Cash Back Mortgage product can help you get the money back that you could use to pay overhead expenses. The amount of money you receive is based on the size and term of your mortgage. For instance, on a mortgage of $200,000 you could get 4% cash back ($8,000), 5% cash back ($10,000) or 7% cash back ($14,000) depending on your mortgage term. The cash back amount is added on the date your mortgage is advanced so you can cover immediate expenses, expected or unexpected. The money you receive is yours to keep as long as the negotiated term of your mortgage.

As is with other mortgage products, you can choose your payment schedule for this cashback mortgage product as well. You can choose from several options, including monthly, semi-monthly, bi-weekly, weekly, accelerated bi-weekly and accelerated weekly payments. The amortization period at RBC is between 5 and 30 years. There are other add-on options you can choose from if you wish to pay down your mortgage faster.

RBC U.S. HomePlus Advantage

Are you a Canadian citizen looking to invest in the U.S. real estate market? The RBC U.S. HomePlus Advantage mortgage product is designed to provide full-service support to Canadian investors through every step of U.S. homebuying process.
RBC does not charge bank fees on U.S. mortgages, which could help you save up to US$4,500 (based on an average loan of $450,000) in closing costs.
Through this product, RBC provides access to experts in U.S. real estate, mortgage advisors, cross-border tax, legal and immigration experts who help you navigate the U.S. real estate market.

The U.S. mortgage process is very different than in Canada, including many banks charging you up to six mortgage fees when you close on a U.S. property. Financial institutions typically would charge foreign homebuyers in the U.S. fees including origination fee of 0.50% to 1% of the loan amount, application fee of US$950, processing fee of US$950, commitment fee of US$500, underwriting fee of US$500 and typical foreign national premium of 1% to 2% of the loan amount.

RBC, for a limited time, will not charge you any of the above bank-related fee if you have your mortgage application submitted by October 31, 2024.

You can get approved to buy in all 50 U.S. states with your Canadian credit history and you can reduce the impact of foreign exchange costs with a 20% down payment and closing costs.

Investment Property Mortgage

Real estate investors or individuals buying a rental property as an investment can take advantage of this mortgage product offered by RBC.
The RBC Investment Property Mortgage can provide financing for up to 80% of the appraised value of their rental property. You could consider this product if you are acquiring a rental portfolio of one or more properties to build income and equity, converting your current home to a rental property or purchasing a property for your child to live in. To qualify for this product, you need to have a good credit history, have a good history of incoming rental income, and have enough non-rental income to meet the obligations of the mortgage. To complete an investment property mortgage application you need to have at least 20% down payment, your most recent Notice of Assessment, T776 form, and current lease agreements and/or opinion of market rent.

Vacation Home or Second Home Mortgage

If you're looking to invest in a second home for year-round recreation, or a cottage for weekend or summer getaways, RBC’s Vacation Home Mortgage product could be for you. Through the RBC Vacation Home Mortgage, you can finance up to 95% of the value of your vacation home. However, that depends on the value of the vacation property as default insurance premiums may apply on financing. You can choose the type of mortgage rate, term, amortization, title insurance and make decisions that best suit your financial needs.

RBC's historical mortgage rates

As a borrower, it is important for you to understand historical mortgage rates for gaining insights into the present rates and making well-informed decisions when purchasing real estate. Although mortgage rates may fluctuate due to economic and policy changes or inflation, recognizing their historical trends can help you determine the right time for you to buy a house or refinance a mortgage.

Historically, mortgage rates have gone through significant fluctuations over the last four years. When comparing mortgage rates, it’s essential to consider other factors like home prices and inflation. When rates are low, it’s an opportune time to lock in a mortgage, while higher rates may warrant waiting or exploring other options.

Generally speaking, historical mortgage rates provide valuable context for borrowers, allowing them to navigate the housing market more effectively and make financially sound choices.

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How to pay down your RBC mortgage faster 

Here are a few ways to control your mortgage payments to help build equity in your home faster and save money on interest over the term of your mortgage:

Making Double-Up Payments
RBC’s Double-Up payment option allows you to prepay any amount between $100 and the equivalent of the principal and interest portion of your regular monthly mortgage payment on any or every payment date. The Double-Up payment is applied directly against the principal balance of the mortgage, which brings down the amortization of the mortgage and saves interest costs.
Making Principal Prepayments
If you wish to save on interest cost and pay down your mortgage faster, you can access different options that RBC has to offer for prepayments of mortgage principal amount. By choosing a closed mortgage, you can prepay up to 10% of the original principal amount once every year. The prepayment if applied directly to the principal mortgage. If you have an open mortgage, you can make a principal prepayment of $500 or as often as you like. In addition, you can make principal prepayments of any amount you wish on your mortgage principal at renewal time.
Increasing Your Monthly Payments
You can save interest cost by increasing your mortgage payment frequency. By selecting RBC’s accelerated weekly or bi-weekly payment option, you are making one additional monthly payment each year that will help pay off your mortgage faster. For instance, let’s take a mortgage of $350,000 with a fixed-rate term at 5%:
- The monthly amount calculated for this mortgage comes to $2,035.62, for amortization period of 25 years. An amortization interest cost of $260,0684 was calculated for this amount.
- Semi-monthly payment amount for this mortgage comes to $1,017.81 and the amortization reduces to 24 years, 11 months while interest cost goes down to $259,446.
- Bi-weekly amount comes to $939.52, amortization now is 24 years, 11 months but interest cost is $257,331
- Weekly amount would be $469.76, amortization goes down to 24 year, 10 months and interest cost is $256,767.
- Accelerated bi-weekly amount would be $1,017.81 and amortization for this period would be 21 years, 5 months with interest cost $216,864
- Accelerated weekly amount would be $508.91, amortization is 21 years, 5 months and interest cost paid for the amortization period is $216,384.

Your questions about RBC mortgages, answered. 

Looking for mortgage info? Check out our Home Buyers Guide.

What credit score is needed for a mortgage with RBC?

As a general rule of thumb, potential borrowers must have a credit score of 650 or higher to qualify for a mortgage with a prime lender like RBC. However, it is best to speak to a RBC mortgage agent to see if you are eligible.

How do I check my RBC mortgage balance?

You can either call your RBC mortgage advisor to check your mortgage balance or simply log into the RBC Mobile App or website to access your mortgage account and check the mortgage balance yourself.

Will RBC negotiate mortgage rates?

As a borrower, you have the right to negotiate for better rates. An RBC advisor will help workout the lowest rate available in the market. However, if you really want to compare who can offer the best rate to you, the way to go is to compare quotes from different lenders. LowestRates.ca can help you compare 50+ quotes from mortgage lenders.

Will RBC mortgage rates go down in 2024? 

Mortgage rate, especially variable rate mortgages, depend on the Bank of Canada’s policy interest rates. If the BOC makes a cut to its policy interest rate, RBC’s prime rate will do down and eventually variable rates will see reduction as well. Fixed rates are dependent on bond yields and the impact there is reciprocal.