RBC is one of the largest banks in Canada. It has over 50 million clients across North America and employs over 70 thousand people. The bank has been around for over 230 years, so they know their stuff! In order to protect its clients, RBC has created a new mortgage rate program. It is called the RBC Homeline Plan and it offers variable-rate mortgages and line of credit options at Prime +0.5%. This is much lower than Scotia Bank’s HELOC plus Prime – 0.55% or TD’s HELOC plus Prime – 0.75%.
Mortgage Rate Update
The prime rate is set by the Bank of Canada and applies to many financial products, including mortgages. The prime rate has been 2.95% since October 2018. You can expect your mortgage rate to also be at that level for a fixed term as long as you qualify for it based on your credit history and income.
If you want to know what your mortgage will cost over a variable or fixed term, use our Mortgage Calculator to get an estimate that includes taxes and fees.
In order to protect its clients, RBC has created a new mortgage rate program.
The Homeline Plan provides an option for clients who want to protect themselves from rising interest rates by locking in their mortgage rate for two years at a fixed rate of Prime +0.5%. The plan also allows them to convert their mortgage after one year into an unsecured line of credit with access to funds up to 20% of the value of their home when they need them most: during periods of lower interest rates or if there are other financial emergencies that arise unexpectedly in life.
This is the lowest rate available anywhere.
RBC is one of the largest banks in Canada, and it’s no surprise that its mortgage rates are as competitive as they are. In addition to offering some of the lowest prime rates in Canada, rbc mortgage interest rate has also lowered its regular variable-rate mortgages by 0.20% and Prime – 0.50% for the HELOC rate.
The decision really comes down to whether or not you want to lock-in your mortgage interest rate or not
Let’s be honest—the decision really comes down to whether or not you want to lock-in your mortgage interest rate or not. If you’re someone who feels that the RBC Homeline Plan is a good fit for your needs and wants to lock in at a great rate, then it’s an excellent choice. However, if you are interested in refinancing at some point down the road and want to take advantage of fluctuating interest rates, then this plan may not be right for you.
RBC is one of the most trusted banks in Canada, with over 100 years of experience serving Canadians’ needs and financial situations. Their Homeline Plan has been around since 2002 and allows customers with high credit scores looking for competitive rates on their home loans while still enjoying flexibility through a variable rate structure (which means they can change as often as every month).