Being one of the Big Six Banks, RBC has a number of other mortgage offerings to choose from.
Fixed-rate mortgages
RBC offers fixed-rate mortgages on various terms, including one, two, three, four, five, seven, and 10 years for closed mortgages and six months or one year for open mortgages. Currently, posted rates for one-year, three-year, and five-year fixed mortgages are 7.84%, 6.95%, and 6.70%, respectively. Its fixed, open mortgage rates for six-month and one-year terms both sit at 9.85%.
Variable-rate mortgages
RBC also offers mortgage rates that fluctuate according to the prime rate changes. It offers two variable-rate products: a five-year open term and a five-year closed term. The five-year closed is RBC’s prime rate, currently at 6.95%. The five-year open variable mortgage is prime plus 3.30%, totalling 10.25%.
Home equity line of credit (HELOC)
RBC offers a home equity line of credit (HELOC)—known as the RBC Homeline Plan—so homeowners can access their property’s equity for personal use. Consumers can borrow up to 65% of their home’s value, with a total debt limit of 80% of their home’s value. Interest rates are 5.19% on a four-year closed term, 5.14% on a five-year closed term and 6.49% (prime rate of 6.95% – 0.46%) on a five-year variable closed term.
U.S. mortgages
RBC also offers Canadians U.S. mortgages through its U.S. HomePlus Advantage product. When buying a home on U.S. soil, Canadians can access full-service support from RBC and choose from a three-, five-, seven-, or a 10-year fixed term with a 30-year amortization period.
