RBC Mortgage
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RBC Homeline Plan
Pros
- competitive interest rates
- flexible repayment options
- access to a large line of credit
- potential tax benefits
Cons
- fees associated with the plan
- requirement for a strong credit history
- potential risk of accumulating debt
- interest rates may fluctuate over time
With the current prime rate at approximately 7.20%, now is a crucial time for Canadians to compare mortgage options and find the best fit for their financial situation. The RBC Mortgage is a popular choice among Canadians, offering competitive rates and flexible terms. Whether you're a first-time homebuyer or looking to renew your existing mortgage, it's essential to evaluate the features and benefits of the RBC Mortgage.
Key Features
- Competitive interest rates starting from 5.45% for a 5-year fixed term
- Flexible amortization periods up to 30 years
- Option to make prepayments of up to 15% of the original mortgage amount each year
- Access to RBC's Mortgage Payment Deferral program, which allows you to defer payments for up to 4 months
- Ability to port your mortgage to a new property, with no penalty
Pros & Cons
Pros:
- Established reputation and trust in the Canadian market
- Wide range of term options, from 1 to 10 years
- Option to convert to a different term or rate at any time
- Access to RBC's mobile banking app for easy mortgage management
Cons:
- Higher interest rates compared to some other lenders
- Prepayment penalties can be steep if you pay off your mortgage early
- Minimum credit score of 600 (Equifax) required for approval
How It Compares
| Product | Interest Rate (5-year fixed) | Prepayment Options |
|---|---|---|
| RBC Mortgage | 5.45% | Up to 15% per year |
| TD Mortgage | 5.50% | Up to 10% per year |
| Scotiabank Mortgage | 5.40% | Up to 20% per year |
Who It's For
The RBC Mortgage is suitable for a wide range of Canadians, from first-time homebuyers to seasoned homeowners. If you're living in provinces like British Columbia or Ontario, where housing prices are higher, you may want to consider the RBC Mortgage's flexible amortization periods and prepayment options. Additionally, RBC's extensive branch network across Canada makes it easy to access in-person support and advice.
How to Apply
To apply for an RBC Mortgage, you can visit the RBC website, call their customer service number, or visit a local RBC branch. You'll need to provide personal and financial information, such as your credit score, income, and employment history, as well as details about the property you're purchasing or refinancing.
FAQ
Can newcomers get an RBC Mortgage?
Yes, RBC offers mortgage options for newcomers to Canada, but you may need to provide additional documentation, such as a valid work permit or proof of income.
What credit score do I need for an RBC Mortgage?
RBC typically requires a minimum credit score of 600 (Equifax) for mortgage approval, but this may vary depending on your individual circumstances.
Can I port my RBC Mortgage to a new property?
Yes, RBC allows you to port your mortgage to a new property, with no penalty, as long as the new property is located in Canada and meets RBC's lending criteria.
How do I make prepayments on my RBC Mortgage?
You can make prepayments on your RBC Mortgage through RBC's online banking platform, mobile banking app, or by visiting a local RBC branch.
Is the RBC Mortgage insured by the Canada Mortgage and Housing Corporation (CMHC)?
Yes, RBC Mortgages may be eligible for CMHC insurance, which can provide additional protection for both you and RBC.
Not financial advice. Rates and offers change. Read provider terms.
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BGR evaluates Canadian mortgage products using a 6-factor model based on CMHC and FCAC guidelines, updated quarterly.
Data sources: FCAC, CMHC, issuer websites, Equifax Canada, TransUnion Canada. Last audit: June 2026.