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Mortgage Resources & Tools
Whether you are buying your first home, planning your next move, or managing your current home financing, there is a wealth of resources and tools available within our RBC website to help you.
With rates these days at historical lows, you may be wondering if it is the right time to break your current mortgage and lock into a new term to take advantage of these low interest rates.
However, remember that if you have a closed mortgage, you will incur what is called a pre-payment charge.
A very popular question, especially now that rates on fixed terms are so low these days.
The best place to start is to ask yourself: what are my financial and personal long-term and short-term goals? Another thing to consider is your tolerance to risk – in other words, does the thought of fluctuating interest rates keep you up at night? Do you need peace of mind knowing your rate is fixed?
Starting in 2009, the federal government introduced a new tax credit, based on a downpayment amount of $5,000, for first time home buyers that buy a qualifying home in the year the home is purchased.
With the federal government's Home Buyers' Plan, you can use up to $25,000 of your RRSP savings ($50,000 for a couple) to help finance your down payment on a home.
While you may qualify for a certain mortgage amount, you should also consider how it will impact your lifestyle and other things that are important to you.
Will you be able to maintain your current lifestyle with the mortgage payments you’re considering. Are there changes to your current spending that you can make to be able afford that new home?
RBC maintains forecast for a return to positive growth in 2009
