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[Royal Bank] RBC new 3-4-5 year mortgage rates

  • Last Updated:
  • Sep 29th, 2020 9:16 pm
[OP]
Member
Oct 27, 2009
286 posts
1319 upvotes
Montreal

[Royal Bank] RBC new 3-4-5 year mortgage rates

RBC has updated their new Mortgage rates and are competitive (for a Big bank) as of the 7th of August for amortization of 25 years or less. I am from Quebec but this should be nationwide.

These are the unnegotiated rates :
Variable P-0.60% = 1.85%
Fixed 3 years 1.94%
Fixed 4 years 1.99%
Fixed 5 years 2.09%, 60 days closing 2.04% (Only through mortgage rep)
Fixed 5 years high ratio 1.89% (Only through a mortgage rep)

Any banking advisor can give out these rates and do not need to be negotiated. These rates are equal or better than HSBC advertised rates which, I believe, exceptional. However, they can be easily brought down to these levels and will require very little negotiation:

Variable P-0.70% = 1.75%
Fixed 3 years 1.89%
Fixed 4 years 1.94%
Fixed 5 years 1.94%

Furthermore you will also get up to 2500$ in cash ONLY for purchases, no switch/transfer in: Your text to link here...
100 000 to 299 999 = 300$
300 000 to 499 999 = 500$
500 000 to 749 999 = 1000$
750 000 + = 2500$

As always, depending on your relationship with your branch or advisor, Notary fees and/or better rate can always be had.

Enjoy!

https://ibb.co/F0mhMQ9

(re added image)
(edit : added Quebec)
Last edited by MTLGuru on Aug 12th, 2020 1:58 pm, edited 4 times in total.
Financial and Debt Advisor
639 replies
Member
Jul 16, 2019
429 posts
242 upvotes
MTLGuru wrote: RBC has updated their new Mortgage rates and are competitive (for a Big bank) as of the 7th of August.

These are the unnegotiated rates :
Variable P-0.60% = 1.85%
Fixed 3 years 1.94%
Fixed 4 years 1.99%
Fixed 5 years 2.09%, 60 days closing 2.04% (Only through mortgage rep)
Fixed 5 years high ratio 1.89% (Only through a mortgage rep)

Any banking advisor can give out these rates and do not need to be negotiated. These rates are equal or better than HSBC advertised rates which, I believe, exceptional. However, they can be easily brought down to these levels and will require very little negotiation:

Variable P-0.70% = 1.75%
Fixed 3 years 1.89%
Fixed 4 years 1.94%
Fixed 5 years 1.94%

Furthermore you will also get up to 2500$ in cash : Your text to link here...
100 000 to 299 999 = 300$
300 000 to 499 999 = 500$
500 000 to 749 999 = 1000$
750 000 + = 2500$

As always, depending on your relationship with your branch or advisor, Notary fees and/or better rate can always be had.

Enjoy!
Is this for new mtgs or switches only ? For on-line renewal with loyalty discount I see 2.04% for 5 yrs fixed closed and 1.9% for 5 years variable closed. Without negotiating.
Sr. Member
Aug 31, 2010
869 posts
162 upvotes
Victoria
I am currently with RBC, what is the refinance rate? thanks
Member
Dec 26, 2015
381 posts
205 upvotes
Ottawa, ON
I wonder if I qualify I got a letter recently for high ratio mortgage I signed with RBC 2 month's ago and they indicated in the letter if the rates go lower in 3 months they would match it
Newbie
Aug 14, 2006
20 posts
25 upvotes
Richmond
Thank you for posting this OP.

I just called and spoke to Cody at RBC and got quoted prime -0.55% for a five-year variable. I asked about the -0.6 or .7 but Cody was not willing to budge and wanted a quote from a big bank to match.

However, this is for a rental property, so may explain the delta. I am also renewing with them and not a “new” customer.
Newbie
Nov 25, 2013
69 posts
43 upvotes
Markham
Thank you OP for posting these rates and cash back.
However, do you have a link or something with these posted rates? Couldn't find them on the RBC site.
Newbie
Aug 12, 2018
36 posts
20 upvotes
Anyone recently renewed with RBC. Mines is coming up (ending of a 2.84% 4 year fixed) Need an idea. I have a 2nd home I recently bought at 1.78 5 year variable. Both are high ratio
Newbie
Aug 12, 2018
36 posts
20 upvotes
Anyone recently renewed with RBC. Mines is coming up (ending of a 2.84% 4 year fixed) Need an idea. I have a 2nd home I recently bought at 1.78 5 year variable. Both are high ratio. Will they match the 1.78 I just recently got?
Newbie
Oct 9, 2019
62 posts
12 upvotes
I got mine renewed at RBC in December getting 5 year closed at 2.69. do you think it's worth to look into breaking the mortgage and locking in cheaper rates?
Sr. Member
Dec 24, 2017
820 posts
687 upvotes
Where do you actually see these rates?
Deal Addict
User avatar
Jul 5, 2005
2998 posts
909 upvotes
Toronto
Ninja.looter wrote: Thank you for posting this OP.

I just called and spoke to Cody at RBC and got quoted prime -0.55% for a five-year variable. I asked about the -0.6 or .7 but Cody was not willing to budge and wanted a quote from a big bank to match.

However, this is for a rental property, so may explain the delta. I am also renewing with them and not a “new” customer.
I have a rental and Scotia is offering me 2.06% 5 yr variable. What is the rate RBC giving you?
Newbie
Aug 14, 2006
20 posts
25 upvotes
Richmond
GSD wrote: I have a rental and Scotia is offering me 2.06% 5 yr variable. What is the rate RBC giving you?

2.45-0.55 = 1.9%
Deal Addict
User avatar
Jul 5, 2005
2998 posts
909 upvotes
Toronto
Ninja.looter wrote: 2.45-0.55 = 1.9%
That's a good rate. Scotia gave me the early renewal (due Jan 2021) offer of 2.06%. Also depends on insured mortgage or not.
[OP]
Member
Oct 27, 2009
286 posts
1319 upvotes
Montreal
vernonco wrote: Is this for new mtgs or switches only ? For on-line renewal with loyalty discount I see 2.04% for 5 yrs fixed closed and 1.9% for 5 years variable closed. Without negotiating.
These are for purchases and renewals.
Financial and Debt Advisor
[OP]
Member
Oct 27, 2009
286 posts
1319 upvotes
Montreal
Ninja.looter wrote: 2.45-0.55 = 1.9%
You can do better. As posted, the minimum you can get is P-60% without negotiating. Your banker has discretion without "requesting an exception".
Financial and Debt Advisor

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