Review of RBC Mortgages

RBC (Royal Bank of Canada) is one of North America's leading diversified financial services companies and provides personal and commercial banking, wealth management, insurance, investor services, and capital markets products and services on a global basis.

RBC provides tailored financial solutions that meet the needs of diverse clients, including first-time buyers, new Canadians, and investors. Through comprehensive services like their HELOC and rental program, RBC offers flexible options for individuals and businesses.

• Type of Lender: Big Bank

• Relevant Links: Mortgage Calculator & Client Portal

Ideal Client

RBC is best suited for first-time buyers, investors, and new Canadians. With a focus on supporting various financial goals, RBC provides strategic loan services and investment opportunities despite the potential of harsh penalties.

Special Features:

RBC offers a variety of mortgage products designed to meet diverse needs. They provide Home Equity Lines of Credit (HELOC), allowing homeowners to access the equity in their property for various expenses. Their rental program is an excellent option for investors looking to finance rental properties, making it easier to manage cash flow. Additionally, their wide lending area means they can serve clients in many regions across Canada. While every lender has pros and cons, being aware of these features can help you make an informed decision that suits your financial goals.

Downsides:

When considering this mortgage lender, it's important to note that they have higher prepayment penalties compared to some other options. This means if you decide to pay off your mortgage early or make extra payments, you could face significant fees. Being aware of this can help you weigh your options and choose a mortgage that aligns with your financial plans. 

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