Royal Bank of Canada (RBC)
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
Royal Bank of Canada (RBC): Partnering with RateShop Mortgages for Tailored Solutions
History as a Mortgage Lender in Canada
Founded in 1864, RBC is Canada’s largest bank, serving over 17 million clients worldwide. It has a strong reputation in the mortgage sector, financing homes across Canada for over 150 years. RBC is consistently ranked among the top 10 global banks by market capitalization, ensuring stability and reliability for homeowners.
Types of Mortgage Products & Programs
RBC offers a comprehensive range of mortgage solutions:
Residential Mortgages:
Fixed-Rate Mortgages: Lock in rates for 1 to 10 years.
Variable-Rate Mortgages: Adjustable rates with potential savings.
Cash-Back Mortgages: Receive a percentage of your mortgage amount in cash.
First-Time Home Buyer Programs: Special incentives, including down payment assistance.
Home Equity Line of Credit (HELOC): Borrow against home equity for flexible financing.
Commercial Mortgages:
Financing for commercial properties, including multi-unit residential, office, and retail.
Construction Loans: Tailored solutions for development projects.
Minimum Credit & Income Requirements
RBC provides flexible solutions based on borrower profiles:
Credit Score: Minimum 650 for conventional mortgages; options for lower scores with insured products.
Income Verification:
Salaried Employees: T4s, pay stubs, and employment letters.
Contract Employees: Consistent history and proof of contract renewals.
Self-Employed: Minimum 2 years of financial statements or stated income programs.
First-Time Buyers: Minimum 5% down payment with mortgage insurance.
We'll find great rates like this one from one or our several lending partners across Canada.
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5 Year - Fixed Term from
4.29%
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Everyone's rate is unique.What's yours?
It is our job to get your lowest possible rate. Your rate qualification depends on certain factors, such as credit score and home equity as per regulations.
*Advertised rates may not be offered by this lender. Mortgage lender offers are aggregated by RateShop & its Brokerage Network subject to change without notice. Speak with our mortgage broker about APR and qualification requirements.
Mortgage Underwriting Criteria for Approval
RBC’s underwriting focuses on:
Debt-to-Income Ratio (DTI): Typically up to 44%.
Loan-to-Value (LTV): Up to 95% for insured mortgages; 80% for conventional loans.
Stress Test: Qualify at the greater of the contract rate plus 2% or the Bank of Canada’s
benchmark rate.
Property Appraisal: Required to assess market value.
Locations Serviced and Branch Presence in Canada
RBC serves clients nationwide with over 1,200 branches and 4,200 ATMs across Canada. Mobile mortgage specialists and comprehensive online services ensure accessibility from coast to coast.
Mortgage Application Checklist
To apply for an RBC mortgage, gather:
Valid Government ID
Proof of Income: Pay stubs, T4s, or business financials
Credit History: RBC conducts a credit check
Property Information: Purchase agreement or listing details
Down Payment Verification: Bank statements or investment proof
How to Start a Mortgage Pre-Approval
Consult a RateShop Broker: Access exclusive RBC mortgage rates.
Submit Documentation: Provide income, credit, and property details.
Receive Pre-Approval: Lock in rates for up to 120 days.
How to Get Mortgage Rates
Online: Visit RateShop’s website for real-time RBC rates.
Broker Consultation: RateShop brokers negotiate the best terms tailored to your needs.
In-Branch: Schedule an appointment at your nearest RBC branch.
How to Get Mortgage Rates
RBC offers flexible pre-payment options to pay down your mortgage faster:
Annual Lump-Sum Payments: Up to 10% of the original mortgage amount.
Increase Regular Payments: Increase payments by up to 10% annually.
Double-Up Payments: Make additional payments equal to your regular installment.
Partnering with RateShop Mortgages, RBC provides innovative and personalized mortgage solutions. Their extensive experience, competitive rates, and national presence make RBC a trusted choice for Canadian homeowners. 🏠
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Contact Information
6 Indell Lane, Brampton ON L6T 3Y3, Canada
Local: 416-827-2626
Toll: 800-725-9946
RateShop Inc. is a Mortgage Brokerage offering lowest mortgage rates to Canadians. We are provincially licensed in the following provinces: Mortgage Brokerage Ontario FSRA #12733, British Columbia BCFSA #MB600776, Alberta RECA #00523056P, Saskatchewan FCAA #00511126, PEI #160622, New Brunswick FCNB #88426, Newfoundland/Labrador. Our Quebec Mortgage Transactions are serviced by Orbis Mortgage Group AMF# 181136.
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