RBC is one of the big six banks and offers a variety of other mortgage products.
Fixed Rate Mortgages
RBC offers fixed-rate mortgages with a variety of terms, including 1-year, 2-year, 3-year, 4-year, 5-year, 7-year, and 10-year terms for closed mortgages, and 6-month or 1-year terms for open mortgages. Currently, posted rates for 1-year, 3-year, and 5-year fixed mortgages are 7.84%, 6.95%, and 6.70%, respectively. 6-month and 1-year fixed open mortgage rates are both 9.85%.
Adjustable Rate Mortgage
RBC also offers mortgage rates that change with fluctuations in the prime rate. They offer two variable rate products: a 5-year open term and a 5-year closed term. The 5-year closed term is RBC's prime rate, currently 6.95%, while the 5-year open variable mortgage is the prime rate plus 3.30%, for a total of 10.25%.
Home Equity Line of Credit (HELOC)
RBC offers a Home Equity Line of Credit (HELOC), known as the RBC HomeLine Plan, which allows homeowners to use the equity in their property for personal use. Consumers can borrow up to 65% of the home's value, with a total borrowing limit of 80% of the home's value. Interest rates are 5.19% for a four-year fixed term, 5.14% for a five-year fixed term, and 6.49% for a five-year floating fixed term (prime rate 6.95% – 0.46%).
US mortgages
RBC also offers US mortgages to Canadians through its US HomePlus Advantage product: when buying a home in the US, Canadians can get full-service support from RBC and choose from three-, five-, seven- or 10-year fixed terms with a 30-year amortization term.