When you apply for a loan you will be asked to enter a personal information form to tell the lender about your income and assets. This is the form that verifies your ability to make your payments. The next piece of the application is where you enter your down payment for the new mortgage you are applying for. It’s common for first time buyers to put money down for their down payment. While it is not necessary to do so, banks and mortgage companies like it better if you do.
Your interest rates will depend on the information you have entered on your application including: your employment history, savings, investments, and whether or not you have ever been defaulter. The interest rates you receive on a federally-insured bank-issued loan (the type you use to repay your rent and other monthly bills), have a significant impact on how much money you pay for your fixed rate mortgage in the future. Over the past several years, APRs for fixed rate mortgages have been extremely low. This may mean you can save thousands of dollars on your monthly mortgage payments.
In order to get competitive interest rates you need to go through a realtor or other rbc mortgage rates broker who has knowledge of how different banks calculate their rates. The brokers do this for free because they receive their commission from the various banks; however, they are required to provide unbiased advice to you based on their own proprietary calculations. To ensure you’re getting an accurate quote the prepayment penalty, prepayment penalties, credit score differences, FICO scores, employment history, and other factors must all be researched before you sign anything.
The RBC Mortgage Corporation is Canada’s largest bank, and one of the most trusted financial institutions in the country. It boasts over seven million clients in Canada, and has branches in all of Canada’s provinces. As one of the largest banks in Canada, it can afford to offer competitive interest rates because it has a lot of business going on… a lot of business that usually translates into a lot of new business.
Like many other mortgage lenders in the country, the Bank of Canada requires that potential borrowers provide detailed information regarding their income, employment status, assets, debts and expenses prior to receiving a pre-approval on a mortgage rate quote. To qualify, borrowers must be at least eighteen years of age, own their homes, and have a job that pays at least forty thousand dollars a year. You don’t need to have perfect credit to qualify as well, but you do need to have steady employment and a Bank of Canada deposit account in good standing. Once you’ve filled out the application and received your acceptance notice, you can receive your very own mortgage pre-approved by banking officials within twenty-four hours. You can then apply for your mortgage online through the Bank of Canada website, or directly with the bank.
Many banks in Canada have mortgage products available to Canadians looking to purchase a home. With so many different mortgage options, there is bound to be a home loan product that will fit a prospective buyer’s needs and financial situation. RBC mortgage is just one of the many options available. For more information on all of the different types of bank mortgage products available to Canadian residents, contact any branch of the Royal Bank. They are available across all regions of Canada.