Prepayment Options at RBC
At RBC, you have a number of prepayment options to save interest costs:
- - double-up your mortgage payment on any or every payment date.
- - prepay up to 10% of the original principal amount of your closed mortgage once in every 12-month period. The prepayment is applied directly to the principal of your mortgage.
- - increase your mortgage payment up to 10% once every 12 months.
- - make a principal prepayment of $500 or more to your open mortgage as often as you like!
- - make weekly or bi-weekly accelerated payments instead of monthly payments. It's like making one extra mortgage payment per year, which can save you substantial interest over the lifetime of your mortgage.
Need help? Your RBC Mortgage Specialist can help.
Whether you're buying your first home, moving to a new home, or renewing an existing mortgage, you can count on your mortgage specialist for the adivce you need. We can help you choose the best rate, term and options for you, and discuss ways to pay down your fixed rate mortgage faster.
For further information and advice, fill in the sign-up form below and a mortgage specialist will contact you to discuss in detail. Your contact information must be correct for us to proceed.