RBC Royal Bank 30-Year Fixed
Mortgage
Mortgage Overview
A 30-Year Fixed mortgage product from RBC Royal Bank with competitive interest rates.
Key Features
- 3.75% Interest Rate
- 30-Year Term
- Apply online or in branch
- Special program: RBC Home Trust
Mortgage Details
Quick Facts
Estimated Monthly Payment
$1,389.35
On a $300,000 loan amount
Loan Range
$100,000.00 - $1,500,000.00
Origination Fee
1%
Rates & Costs
| Rate Type | Rate | Details |
|---|---|---|
| Interest Rate | 3.750% | Fixed for the life of the loan |
| Annual Percentage Rate (APR) | 3.875% | Includes interest rate plus fees |
| Term | 30 years | Fixed term length |
About APR
APR (Annual Percentage Rate) represents the true cost of the loan, including the interest rate and other costs such as origination fees, discount points, and mortgage insurance. The APR is typically higher than the interest rate.
Features & Benefits
Fixed Rate
Your rate of 3.75% is locked for the entire loan term.
30-Year Term
Consistent monthly payments for the entire 30-year loan period.
Flexible Financing
Down payments as low as 5% with competitive rates.
Home Ownership
Build equity with each payment as you work toward owning your home.
Loan Requirements & Application
Borrower Requirements
Basic Eligibility
Must be at least 18 years of age and a U.S. resident with a valid Social Security Number.
Credit Score
Minimum required credit score: 720
Income & Employment
Stable income and employment history. Generally, at least 2 years of employment verification.
Debt-to-Income Ratio
Typically, your debt payments should not exceed 43% of your income, though some loan types may allow higher ratios.
Property & Loan Details
Down Payment
Minimum down payment of 5% of the purchase price. Private Mortgage Insurance (PMI) required for down payments less than 20%.
Property Appraisal
Property must appraise for at least the purchase price or loan amount.
Loan Amount
Loan amounts from $100,000.00 to $1,500,000.00.
Application Process
The mortgage application process typically involves these steps:
Pre-Qualification or Pre-Approval
Determine how much you might be able to borrow based on your financial situation.
Formal Application
Complete the detailed mortgage application with financial documentation.
Loan Processing & Underwriting
The lender verifies your information and evaluates the property.
Closing
Sign final documents and pay closing costs to complete the transaction.
Ready to open a 30-Year Fixed?
Start enjoying the benefits of the RBC Royal Bank 30-Year Fixed today. The application process is quick and straightforward.
Or call RBC Royal Bank customer service for assistance